Hyundai Capital to develop AI-based finance services
Lee Byung-hui, right, senior vice president of the capital division at Hyundai Capital, and Lee Pill-jae, senior executive vice president who heads the marketing group for KT, hold a written agreement for their business cooperation in AI-based finance services during the agreement ceremony held at Hyundai Capital's headquarters on Yeouido, May 8. / Courtesy of Hyundai Capital
Hyundai Capital has signed a business agreement with KT to develop finance services using voice recognition-based artificial intelligence (AI) devices for cars.
The agreement ceremony took place at Hyundai Capital's headquarters in Yeouido, May 8, with Lee Byung-hui, senior vice president of the capital division at Hyundai, and Lee Pill-jae, senior executive vice president who heads the marketing group for KT, participating.
Under the agreement, the two firms plan to develop the “in-vehicle infotainment” (IVI) device based on KT's AI platform, GiGA Genie.
The device will be applied to cars bought on installments or leased from the financial arm of Hyundai Motor Group.
The two firms will then make efforts to develop tailored services for individuals and specialized financial products based on accumulated user data.
The companies will also push for introducing new services including an AI-based car-sharing service in cooperation with Delivery Car to increase customer convenience.
Last year, Hyundai Motor launched its own car-sharing service Delivery Car with Hyundai Capital.
Hyundai Capital said unique capabilities of the financial firm and the telecommunication company will be actively used in their business agreement, and this will lead to distinguished services.
KT is the nation's biggest fixed-line internet operator and the second-largest mobile carrier.
Through the business agreement, Hyundai Capital plans to offer financial benefits, including a discount of rental fees, to customers who drive safely. The firm will also offer various information, such as scheduling vehicle maintenance, for its customers by analyzing their driving habits.
The firms will also introduce new service using voice recognition technologies and a car-sharing platform by applying Delivery Car's platform to KT's GiGA Genie. This will enable users to book a car at home through voice command.
The service will allow those with KT membership to use their KT membership points when using Delivery Car's car-sharing service.
“We have joined hands with KT so that car finance can make a new leap forward in the rapidly changing car market,” said an official from Hyundai Capital. “Beginning with this business agreement, the two firms will consistently develop services and content to advance finance and car-sharing services.”
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