Economic Essay Contest Lost in translation at bank: Foreigner’s view on financial AI in Korea
Moving to Korea two years ago came with a series of challenges. Opening a bank account should have been a simple stress-free process; however, it was anything but. I found myself sitting in a customer service chair, receiving form after form to sign, not understanding a single word and with the unsettling feeling that, at some point, I might have signed away my organs!
It may sound dramatic, but that confusion is a feeling shared by many of the more than two million foreigners living in Korea, as of 2024. As we enter the age of AI, stories like mine, albeit told with humor, reveal a deeper problematic: the difficulty of accessing essential services in an environment that, although highly technological, has not yet adapted those tools to adequately serve its growing foreign population.
In a country with where technological advances are widespread, it is troubling that the service sector, and banking in particular, has yet to integrate these innovations to make life easier for those who do not speak the language or are unfamiliar with local processes. Korea is a world leader in connectivity, robotics, and AI; however, opening a bank account as a foreigner can feel like navigating a maze without a map, without signs, and in a completely different language.
One of the biggest obstacles is language. Many banks do not offer costume service in English or other languages, either in person or though their apps. Mobile platforms, which should in theory, make transactions easier; fare available almost exclusively in Korean, making even the simplest tasks, such as checking balances or transferring money, a constant source of frustration. Additionally, administrative processes are often rigid, with forms requiring very specific information, and lots of documentation that in many cases, are not even translated. For newcomers, or those with very little Korean language knowledge, this can be overwhelming.
Beyond language barriers, there is a lack of cultural adaptation in services. The Korean banking system is clearly designed for those who already know how it works, like permanent residents and Korean citizens, who understand the implicit context. For foreigners, this context often does not exist, creating a sense of isolation: for example, the fact that foreign names are significantly longer than Korean names. It is not a matter of poor treatment or rejection, but rather a lack of infrastructure that takes into account the country’s growing diversity.
This is where AI has the potential to become a transformative tool. We are no longer talking about a distant future because current technology allows for the development of multilingual virtual assistants, applications that translate in real time, and systems that learn to offer personalized solutions based on the user’s profile. In the banking context, this could mean an app that automatically detects the costumer’s language and offers a systematic guide to completing procedures. Additionally, a platform that allows foreign documents to be uploaded and automatically verified, without the need for verified translations or repeated visits to the branch.
Furthermore, intelligent chatbots could be trained could be trained to answer questions in multiple languages, adapt to the costumer’s knowledge level, and guide foreign users in a more humane, war, and efficient manner. The goal is not to replace banking staff, but rather to complement their work so that no one is left out of the system for not speaking Korean or not understanding the process.
However, for this to happen, more than technological will is needed, institutional support is needed. The Korean government could play a key role by establishing accessibility standards in banking services, incentivizing the adoption of inclusive technologies, and fostering collaborations between banks and AI developers. It would also be useful to promote awareness campaigns about the importance of creating a variety of open services, especially in a country that is increasingly attracting more foreign students, workers, and families.
Of course, AI will not solve all problems overnight. Technological integration takes time, requires investment, and poses ethical challenges. But if it is implemented responsibly and with a human focus, it can make a real difference in the daily lives of millions of people.
I often think about that day at the bank, with my forms, my doubts, and my nervous smile. I remember it, not with anger, but with hope that, in the future, someone in my place can complete the same process in minutes, guided by a clear application, with the understanding of its content, without fear of having signed something not advantageous. Korea has all the potential to become not only a technological leader, but also an example of digital inclusion; it just needs to be willing to take that step.
Hermayonie Centeno is a student at Kyungpook National University.