NH Agricultural Bank to launch AI banking service in partnership with WebCash (South Korea)

Fintech company Webcash Group and NH Nonghyup Bank have signed a memorandum of understanding (MOU) to develop next-generation banking services using generative AI (artificial intelligence).
This will make NH Nonghyup Bank the first Korean bank to introduce AI to its banking services.
We will cooperate with Webcash Group on the overall construction of management and information systems, expansion of AI customer services, etc. Webcash Group's financial AI agent platform
Form can be introduced without changing a company's existing systems, which means that the number of personnel required to build an AI system can be reduced by 80-90% compared to conventional methods, and the time required can be shortened to within six months.
In September, NH Nonghyup Bank will begin offering "Hanaro Branch," an integrated fund management service for businesses equipped with AI, and plans to begin building an AI internet banking system by the end of the year.
Once the system is complete, accounting staff will be able to carry out their work by issuing commands in natural language, such as "Send me this month's salary details."
Prior to this, Webcash Group announced that it would invest approximately 10 billion won (approximately 1.5 billion yen) in new shares in 2021.
The company has been investing ¥6.96 million (US$6.96 million) in AI-related R&D.