Economic Essay Contest Bridging borders in banking: Foreigner’s perspective in AI era

As a Ghanaian student studying AI and Big Data at Woosong University, arriving in Korea was a dream come true. Everything from the vibrant cities to the advanced technology felt like a new world.

But my first visit to a bank brought me back down to earth. I stood at the counter, papers in hand, trying to understand forms written entirely in Korean. The teller smiled politely but spoke quickly. I left empty-handed, confused, and slightly discouraged.

That moment stayed with me. If Korea is globally known for its digital innovation, why do foreign residents still face such basic barriers to financial access? The answer, I’ve learned, lies not in a lack of technology but in how it’s used. And this is where AI comes in.

Language, for one, is an obvious but powerful barrier. While some banks offer limited English options, they rarely go far enough. That’s why Shinhan Bank’s “Banking for Everyone” AI-powered translation kiosk amazed me. It turns spoken Korean into real-time multilingual text like English, Chinese, and Vietnamese breaking the wall between staff and foreign customers. Kwangju Bank supports 38 languages through AI tablets. Hana Bank’s counters now come equipped with 13 language translation systems. These are not just tools. They’re signs of a more inclusive future.

Another step forward is digital identity. The traditional Know Your Customer (KYC) process requires multiple physical documents that many new arrivals may not have. But Korea’s 2025 launch of the mobile alien registration card changed that. Now, I carry my ID on my phone and yes, banks like Toss and Hana accept it. Imagine pairing that with AI-based facial recognition, document scanning, and real-time verification. Foreigners could open accounts in minutes, with no in-person visit needed. It’s fast, secure, and equalizing.

Access is only one part of the equation. AI can help banks serve foreigners more intelligently. Most of us lack local credit history, making loans or credit cards hard to get. But we still pay rent, phone bills, and send money home. AI can analyze that data to evaluate creditworthiness in a fairer way. Shinhan Bank plans to offer foreigner-specific loans soon. That’s a great step but AI can take it further by tailoring products like remittance services or flexible savings plans, based on individual behavior.

Then there’s financial literacy. I’ll be honest: when I first used a Korean banking app, I accidentally locked my money in a fixed deposit. I didn’t understand the terminology. Imagine if the app came with a smart AI assistant one that explains, in your language, what each button means, guides you through transactions, and teaches you how the Korean financial system works. That kind of tool would empower thousands of foreigners to manage their money independently and confidently.

Of course, technology alone won’t fix everything. The government plays a crucial role in making sure innovation includes everyone. The new AI Basic Act is a good start. It’s focused on improving people’s lives. But more can be done incentives for banks developing AI-driven inclusion tools, multilingual access mandates for financial platforms, and collaboration with fintech startups that serve foreign communities.

Public private partnerships are already showing promise. JB Financial Group recently launched a platform tailored to foreign customers "Bravo Korea (tentative name)" — a comprehensive living platform for foreigners. The Ministry of Justice has made digital ID data available for financial verification. These are smart, strategic steps, but we need more: regulatory sandboxes to test inclusive financial tools, grants for startups working on AI for underserved groups, and AI-powered education tools integrated into immigration support programs.

In the end, what I’ve learned is that AI doesn’t replace people, but it brings people together. It bridges gaps. It breaks down barriers that often feel invisible yet are deeply felt by those of us living away from home. My hope is simple that someday, every foreign resident and visitor in Korea can walk into a bank or open an app and feel like they belong.

With AI as the engine and empathy as the compass, Korea can lead the world in building a financial system that welcomes everyone not just as customers, but as equals.

Marwuko Felix is a student at Woosong University.