KB Kookmin Bank wins science ministry award for AI-based banking services

Exterior view of KB Kookmin Bank in Yeouido, Seoul / Korea Times file

By Yi Whan-woo

KB Kookmin Bank has won an award from Minister of Science and ICT Lee Jong-ho for offering innovative banking services using up-to-date technology, the lender announced on Thursday.

The award was presented during an annual ceremony co-hosted by the Korea IT Service Industry Association and Korea Society of IT Services this week to honor individuals and entities that have contributed to the improvement of the IT service sector in Korea.

KB Kookmin Bank has capitalized on artificial intelligence (AI) to pioneer its digital banking services.

Accordingly, it set up a research center focusing on AI-based finance and developed a wide range of services. Among them was optical character recognition (OCR), a technology that automatically converts an image of text or characters into a machine-readable text format.

“We'll continue to make efforts to provide leading banking services using AI and innovate in the financial market,” the lender said in a press release.