'Generative AI for Loan Consultation' Woori Bank Expands Service Scope... First Case in Financial Sector

Woori Bank will be the first in the financial sector to apply generative artificial intelligence (AI) technology to loan consultation services starting from the 9th.

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On the 8th, Woori Bank announced that following the industry-first launch of the ‘AI Banker’ service in April, which applied generative AI technology to savings and deposit product consultations, it has now expanded the service area to enable non-face-to-face loan consultations, one of the most complex banking tasks.

The ‘AI Banker’ loan consultation service provides a natural experience that feels like consulting with an actual employee, unlike existing chatbot consultations, by answering questions that arise during the loan application process. This service is always available through the NEW Woori WON Banking app during consultations for mortgage loan products.

Existing chatbot services have provided general answers based on pre-prepared scenarios. In contrast, this time, the generative AI accurately searches for the necessary information based on learned knowledge to provide customers with reliable answers.

For example, even for difficult questions like “Does the loan amount change depending on the repayment method?” it answers precisely, “The principal equal installment repayment method allows for a larger loan amount than the equal principal and interest installment repayment method.” This is evaluated to be at the level of an employee who has been in charge of personal loan operations for several years.

Loan services are a challenging area requiring responses to policy changes and judgment by examiners. Through this service, Woori Bank plans to enhance the convenience of financial consumers in the rapidly changing financial environment and establish itself as a digital pioneer (First-Mover) in the financial sector.

The ‘AI Banker’ loan consultation service is equipped with the highest level of security so that customers can use it with confidence. Customer data is securely protected through encryption, and guardrails (safety devices) are applied to completely block external attacks and the possibility of information leakage. Additionally, since the system was developed as an in-house project by Woori Bank’s dedicated AI team rather than outsourced development, it has the advantage of easy future advancement by building the system internally.

A Woori Bank official emphasized, “Accuracy and safety are important in financial services,” adding, “We have thoroughly inspected all systems to create an environment where customers can use the service with peace of mind.”

Meanwhile, last year, Woori Bank was the first in the financial sector to establish a generative AI-based ‘AI Knowledge Consultation Service’ to improve employee work productivity. Going forward, the bank plans to further advance the ‘AI Knowledge Consultation Service’ and actively utilize generative AI by opening services such as ‘Automatic Corporate Report Generation’ and ‘Post-Consultation Process Automation’ within this year.

A Woori Bank official stated, “We are comprehensively utilizing generative AI to simultaneously enhance customer experience and employee work efficiency,” and added, “We will continue to expand its application to specialized areas such as housing subscription and investment products to maintain an innovative and leading approach.”

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