Woori Bank to Invest 11.7 Billion KRW in Building Generative AI Infrastructure

Building the Gen-AI Platform
Planning and Developing Related Services
From Subscription Product Consultation
to Investment Portfolio Proposals

Woori Bank is creating a platform that enables the development of generative artificial intelligence (AI) services within the bank and is building the related infrastructure. Based on this, the bank plans to introduce various services in the third quarter of this year, such as AI providing consultation on subscription products or managing assets. This move is a strategic step to take the lead in the generative AI competition within the financial industry.

According to the financial sector on the 20th, Woori Bank recently launched the ‘Gen-AI Platform’ construction project. The project budget is approximately 11.7 billion KRW, with work starting within the first quarter and completion scheduled for the third quarter. This platform allows employees to plan, develop, and operate services based on generative AI.

Woori Bank also plans to release services utilizing the Gen-AI platform in the third quarter. First is the ‘AI Subscription Consultant,’ a subscription product consultation service based on Retrieval-Augmented Generation (RAG) technology. This service adds subscription product consultation functions to the ‘AI Banker’ service, which applied generative AI technology to savings and deposit product consultations in April last year. Last month, loan consultation functions, including mortgage loans, were also added. RAG is a technology that enables AI trained on large language models (LLM) to search for additional information not contained in the LLM before generating a response and incorporate it into the answer. It allows real-time data searches to reflect the latest information easily and can additionally learn data it has not been trained on. This service can be experienced through the mobile application Woori WON Banking.

Woori Bank also plans to advance its robo-advisor service. A robo-advisor is an asset management service where AI constructs and manages portfolios. The bank will launch a new robo-advisor based on MyData in the second quarter of this year. Subsequently, through the Gen-AI platform, functions such as portfolio diagnosis and suggestions, as well as investment product prospectus summarization, will be enhanced. Additionally, the performance of ‘W-Sketch,’ a 3D image creation model, will be improved. This tool allows employees to create desired images for use, maximizing work efficiency and accelerating digital transformation, according to Woori Bank.

Meanwhile, Woori Bank has introduced many generative AI services for the first time in the financial industry. Representative examples include AI Banker, which provides financial consultations, and W-Sketch. The ‘AI Knowledge Consultation System,’ a generative AI trained on regulations and official documents to answer inquiries, is also the first of its kind in the industry. It selects explanatory materials and documents that match the questioner's intent and includes automatic classification and summarization services for customer consultation content. It also automatically generates corporate analysis reports.

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