KB Financial introduces ethical criteria on AI-based banking

University professors and KB Financial Group executives are joined by the banking group's tech staff during a ceremony to mark the introduction of ethical criteria concerning artificial intelligence (AI) at the group's data center in Yeouido, Seoul, Friday. Courtesy of KB Financial Group

By Yi Whan-woo

KB Financial Group has introduced a set of criteria to ensure ethical rules are observed when developing and using artificial intelligence (AI), the company announced on Monday.

KB Financial Group will be Korea's first financial services firm to address ethical guidelines on AI, as the banking sector's reliance increases on cutting-edge technologies.

The criteria deal with values that should be taken into account in the development, operation and maintenance of AI. Among the values are fairness, tolerance, cooperation, transparency and a safety-first mindset.

“The banking sector deals with vast amounts of data and capitalizing on AI is increasingly needed,” the company said. “But using AI requires heavy responsibilities, because it can lead to serious consequences if AI is developed to learn biased and other undesirable information.”

The lender held a ceremony at its data center in Yeouido, Seoul, Friday, with its tech staff announcing their commitment to the criteria.

The ceremony was attended by university professors and KB executives who worked together on the criteria.