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| KEB Hana Bank employees hold a banner promoting the bank's deployment of Hanabot. Courtesy of KEB Hana Bank |
By Park Hyong-ki
KEB Hana Bank has deployed a machine-learning software program that will automatically carry out 19 key tasks, the commercial lender said Tuesday.
The program called Robotic Process Automation, internally known as Hanabot, will be able to review and examine personal credit ratings before the bank extends household and corporate loans
It will also assess risks concerning such loan services, as well as help the bank detect any suspicions of money laundering for early prevention.
The software will check for such financial irregularities by mining data, and keep track of its derivatives trading for bank customers.
The robot will help reduce the time and cost human employees previously took to carry out the 19 tasks.
Hanabot will precisely reduce working time by 80,000 hours and save 3.2 billion won ($2.7 million) in costs a year, according to KEB Hana.
The program will also provide a search engine, enabling its employees to find solutions to specific tech and financial problems.
The development is in line with Hana Financial Group's digital transformation initiative.
"In the digital age, people need to collaborate with robots as much as people need to help each other," said Kwon Gil-joo, vice president of KEB Hana Bank's innovation in a press statement.
"We will continue to pursue innovation for our customers."
KEB Hana completed its first test of Hanabot in March with an aim to deploy it before June.
Hana Financial Group said it will begin to expand Hanabot for all its subsidiaries next month.
Hana Financial established its data center in Incheon on Oct. 30 last year.
This is where it will comprehensively manage its customers' data with its partners to develop and provide convenient and customized services.
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