AI provides deposit, savings, and loan consultations...Nurturing startups with 'DINNO lab'

Woori Financial Group's Digital Innovation

Woori Financial Group is making a full-fledged push for digital innovation utilizing artificial intelligence (AI) technology. In his New Year's address this year, Chairman Lim Jong-ryong of Woori Financial Group emphasized the delivery of differentiated experiences based on unique digital platform competitiveness.

As part of this strategy, Woori Financial Holdings expanded and reorganized its Financial Tech Division into the AI Strategy Center last May, taking charge of the overall AI strategy for all subsidiaries. The AI Strategy Center plans to share AI technology know-how pursued by each group company and conduct trend research.

Last June, Woori Financial held 'ChatGPT Utilization Training' at group headquarters and the bank’s training institute to strengthen digital financial leadership. Executives from the holding company and subsidiaries, including Chairman Lim, voluntarily participated in the training, increasing their understanding of generative AI and exploring strategic uses.

Woori Bank, a core subsidiary of Woori Financial Group, established an AI business department in July 2020. In December 2023, the department was renamed to the AI Platform Department. In December last year, the number of teams under the AI Platform Department expanded from four to five, and in May of this year, it was reorganized into seven teams. Currently, Woori Bank's AI Platform Department consists of the following: △AI Strategy Team △AI Utilization Promotion Team △AI Service Operation Team △AI Customer Contact Team △AI Model Validation Team △GenAI Solution Team △AI Business Support Team.

Woori Financial has already introduced a variety of generative AI-based services. In April last year, it launched 'AI Banker', the first generative AI-based deposit and savings consultation service in the financial sector, and in November, it unveiled the in-house developed 'AI Loan Consultant'. The 'Chatbot Laboratory' is currently in operation to pre-test new generative AI-based services. There are also plans to launch a personalized subscription consultation AI service, 'AI Subscription Consultant', in the future.

Woori Financial is actively utilizing AI not only in customer services but also in internal control systems. Last May, the company began upgrading its 'Anomaly Detection System (FDS)' powered by AI technology to prevent potential financial incidents. The goal is to open the system in the first half of next year, introducing an AI-based behavioral pattern analysis method to expand detection range while enhancing accuracy.

Woori Financial is also focusing on discovering promising startups for the future. The group's startup nurturing program, 'DINNO lab', represents a cradle of digital innovation designed to help startups grow into large-scale enterprises. Over the past nine years, DINNO lab has discovered and developed a total of 199 startups. Woori Financial's direct and indirect investments amount to ₩3,710,000,000,000.

Currently, Woori Financial operates a total of six domestic DINNO lab centers in Seoul (Gangnam and Gwanak), Gyeongnam, Chungbuk, Busan, and Jeonbuk. Including the Vietnam Hanoi Center, there are seven in total. The DINNO lab Gangnam Center, which opened in Samseong-dong, Seoul, this January, serves as a hub for connecting startups nationwide. The center houses temporary offices and meeting rooms for DINNO lab companies outside the capital region, as well as dedicated IR rooms for investment-linked consultations, providing facilities tailored to each stage of startup growth.

A representative from Woori Financial said, "We will further expand win-win cooperation with startups possessing innovative technologies and services through DINNO lab," adding, "Beyond simple business collaboration and investment, we will strengthen practical training such as legal, accounting, tax, and patent to help startups develop into unicorn companies."

Jeong Eui-jin, reporter justjin@hankyung.com