South Korean banks are increasingly integrating artificial intelligence into both lending and money transfer services. For instance, Koryo Savings Bank has adopted an AI screening system called AirPack, developed by PFCT, which uses non-financial data—like telecom bill payments and consumption behavior—to assess creditworthiness. This move helps banks reach customers such as young adults who may lack traditional credit histories.
On the money transfer side, KakaoBank has launched a new feature called AI Transfer, which allows users to perform conversational money transfers using natural language. With this feature, customers can request transfers by simply typing or speaking in everyday language, making transfers more intuitive and efficient. The AI asks follow-up questions if details are unclear and requires verification before executing the transaction.
AI is also being deployed for sophisticated risk assessment in business banking. For example, NongHyup Bank is working to use agentic AI—powered by large language models—for its corporate banking division. This means AI will help with tasks like analyzing client financials, conducting inquiries, and even facilitating corporate transfers with minimal human intervention.
Overall, South Korea’s major banks are taking a multi-pronged AI approach: improving speed and accessibility in retail banking, while enhancing risk control and automation in corporate finance. These innovations reflect a broader trend of digital transformation in Korean banking, aiming to serve more customers efficiently while managing risk more intelligently.
