KB Financial Group Detects Suspicious Transactions with AI... Promotes Digitalization of Internal Controls

KB Financial Group is embarking on a group-wide 'digitalization of internal control.'

KB Financial Group announced on the 18th that it held a 'Holding Company Internal Control Committee' meeting on the 15th at its new building headquarters in Yeouido, Seoul, to digitalize internal control. This initiative aims to protect customers from fraudulent transactions, voice phishing, and to prevent financial accidents and block unsound business practices in advance.

Yang Jong-hoe, Vice Chairman selected as the final candidate for the next chairman of KB Financial Group, is giving a brief interview on the 11th at the KB Kookmin Bank headquarters in Yeouido, Seoul. Photo by Kang Jin-hyung aymsdream@

Earlier, when Chairman Yang Jong-hee was selected as the final candidate for chairman in September, he emphasized, “I will digitalize the entire internal control system and processes.” Additionally, in his inauguration speech last month, he stated, “The true dignity of a financial professional comes from treating customers' assets as if they were one’s own and becoming a model financial institution without accidents.”

The Holding Company Internal Control Committee is a committee that discusses ▲ sharing internal control inspection results ▲ inspection and response plans for vulnerable areas in internal control such as financial accidents ▲ measures to enhance employees' ethical and compliance awareness. Attendees included Chairman Yang Jong-hee, the holding company’s audit and information security officers, and compliance officers from the holding company and each affiliate, where they announced the ‘Internal Control Digital Transformation Promotion Plan.’

Accordingly, KB Financial will build a system that detects abnormal signs that may occur throughout customers’ financial transactions in advance by utilizing artificial intelligence (AI) and robotic process automation (RPA), and will strengthen pre-inspections for jobs with a high possibility of incidents.

KB Financial explained, “Through this, we can quickly analyze customers’ abnormal transactions by type, design scenarios based on abnormal behavior patterns, and effectively prevent customers from financial accident damages,” adding, “It will also enable systematic monitoring of work areas that have not yet been digitalized.”

Furthermore, KB Financial plans to visualize key data related to internal control and provide it in real-time to raise awareness among all employees. In addition, it will actively review and incorporate best practices of internal control systems operated by advanced overseas financial institutions into its system.

A KB Financial official said, “At a time when customers’ anxiety is growing due to various financial accidents, it is important to have a strong internal control system that operates effectively to gain customers’ trust,” and added, “We will strengthen internal control based on digital and IT technologies to provide customers with flawless financial services and strive to become a financial institution that meets global standards.”

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