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By Park Hyong-ki
Local banking groups are rushing to forge partnerships with tech companies both at home and abroad to develop new services and applications using artificial intelligence (AI).
For some banks such as Woori and KB Kookmin, Naver, the country's largest search portal, has become the most attractive AI partner.
Woori Bank and Naver's Line have agreed to set up an AI lab where both sides will use and integrate the latter's technology into Woori's banking services ranging from chatbots to recommendation functions.
KB Financial Group and KB Kookmin Bank have also joined forces with Naver to develop an AI search engine featuring voice control. It will be converged with KB's internal cloud computing system.
They are expected to unveil AI-based services in the latter half of this year.
Industry sources say the alliance in AI is part of a step toward developing customized services.
"With data analysis and cloud computing, AI will back companies to come up with services and products tailored to individual needs," said a financial industry source.
"AI does not have any boundaries to extending its reach. That is why it has the potential to be disruptive."
Technocrats such as Lee Kai-Fu, a Taiwanese tech venture capitalist, and Microsoft founder Bill Gates have said not to miss out on AI and embrace "the inevitability of the growth of AI and its phenomenal opportunities."
Naver is still considered a small player in AI, compared with its peers in the United States, and even China and Japan.
But the tech company holds the key to developing the technology, whereas local financial companies lack the resources to do something with AI, big data and cloud computing.
"Financial companies, at least the conventional ones, do not have the culture or the DNA to create something beyond their business borders. That is why they are recruiting professionals from the tech sector," said another industry source.
Shinhan Financial Group initially wanted to partner with Naver in internet banking using Naver's AI application, but the search portal was not interested in setting up an internet bank.
Shinhan has forged an alliance with Element AI, a Canada-based AI software developer, in an effort to digitally transform the group's business.
