South Korean banks are increasing their use of AI to streamline services like money transfers, credit checks, and loan evaluations.

KakaoBank, the country’s largest internet-only bank, has launched a generative AI-powered money transfer feature that allows customers to send funds using conversational language.

The bank plans to expand AI to group account management in December.

Kbank has introduced an AI-based customer support assistant, while Toss Bank uses AI to identify self-employed borrowers at risk of delinquency and offer debt relief options.

Traditional banks are also adopting AI tools. Woori Bank provides an AI housing subscription adviser that estimates a customer’s likelihood of securing a unit and recommends suitable opportunities.

Shinhan Bank uses AI for credit evaluations and loan decisions, and NH NongHyup Bank has deployed AI across all its branches and corporate lending reviews.

Banks are shifting to algorithm-driven finance, using big data and automation to assess credit and manage loans.

🔗 Source: The Korea Times