Focused Research on Financial AI Algorithms... Woori Bank Partners with Yonsei University

Research on the Application of Latest AI Technologies in the Financial Industry

Ok Il-jin, Vice President of Woori Bank Digital Strategy Group (right), and Cha Ho-jung, Dean of Yonsei University College of AI Convergence, signed a business agreement for artificial intelligence (AI) research and development on the 2nd at Yonsei University in Seodaemun-gu, Seoul, and are taking a commemorative photo. (Photo by Woori Bank)

[Asia Economy Reporter Minwoo Lee] Woori Bank is partnering with Yonsei University to develop artificial intelligence (AI) algorithms applicable to the financial industry.

On the 2nd, Woori Bank announced that it had signed a business agreement with Yonsei University for AI research and development. Accordingly, the two institutions will jointly research algorithms to apply the latest AI technologies to the financial sector and identify research projects for commercialization. They also plan to develop various sustainable collaboration models.

Specifically, they plan to promote ▲ advancement of AI-based Knowledge Management System (KMS) ▲ Optical Character Recognition (OCR) structure recognition ▲ Explainable AI (XAI) ▲ optimization of AI classification problems.

Through this, Woori Bank aims to realize innovative ideas for data utilization based on the latest technologies, while Yonsei University expects to use financial data, which has been difficult to utilize until now, for research and development. Woori Bank plans to expand data assetization based on the latest AI technologies to service utilization areas this year and use it as a foundation for building an AI banker in the future.

Meanwhile, Woori Bank is leading the ‘data assetization’ of unstructured data such as text, video, and documents that have not been previously utilized for AI training. Last year, it launched a ‘personalized marketing system’ that analyzes unstructured data for marketing purposes and won the ‘Special Award Big Data Guru (GURU)’ from the Ministry of Science and ICT at the 8th Korea Big Data Awards.

This content was produced with the assistance of AI translation services.