Shinhan opens AI-based investment advisory firm

Shinhan Financial Group Chairman Cho Yong-byoung talks to Shinhan AI employees at Shinhan AI headquarters on Yeouido in Seoul, Tuesday. / Courtesy of Shinhan Financial Group

By Park Jae-hyuk

Shinhan Financial Group opened the nation's first artificial intelligence (AI) based investment consulting company, Shinhan AI, in Seoul, the banking group said Tuesday.

The group, which has pushed ahead with the use of AI in its business since 2016, decided in December 2018 to establish the AI-based investment advisory unit.

In August, the financial regulator approved of the group having Shinhan AI as its subsidiary.

According to Shinhan Financial Group, its 16th subsidiary will offer advice on investments to any customers, not just wealthy ones, with its AI-based investment advisory platform NEO, which is powered by IBM Watson's analytical technology.

NEO, which stands for "new" and Shinhan's slogan of "ONE Shinhan," will analyze the global financial market and recommend the best portfolio and products to customers by analyzing global big data from the past 30 years.

The group plans to use AI technology in various fields including risk management, credit rating and compliance.

"We should think outside the box, create new value and enhance value, so that Shinhan AI can become an AI company having competitiveness and profitability," Shinhan Financial Group Chairman Cho Yong-byoung said.

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