Ernest AI (CEO Sanghoon Seo), a financial AI transformation (AX) specialist, has signed a contract with Jeju Bank (CEO Heesoo Lee) to supply its AI lending decision-making engine, ‘Lending Intelligence’, and is making a full-fledged entry into the first-tier financial market.
This contract is one of the key projects promoted by Jeju Bank to advance non-face-to-face financial services.
Jeju Bank is simultaneously applying 'Lending Intelligence' to three major non-face-to-face financial services, including SOHO credit loans, employee credit loans, and credit card issuance. Through this, the bank aims to precisely control the risk of each product and provide stable and wide-ranging financial opportunities to a wider customer base.
Ernest AI provides its self-developed AI engine, ‘Lending Intelligence’, to Jeju Bank in the form of a subscription service (SaaS). Lending Intelligence is a core AI engine embedded in the financial institution’s lending process that supports key decision-making from risk management to profitability maximization.
Jeju Bank applies six AI specialized models that precisely analyze complex risks that were difficult to capture with existing credit rating models, according to the characteristics of each product. For example, it maximizes discrimination in areas where existing evaluation methods had limitations, such as customers with insufficient credit history (thin-filers), customers with irregular income patterns, and potentially fraudulent financial applications. The sophisticated risk discrimination secured in this way becomes a solid foundation for achieving high-level business goals, such as maximizing profitability and increasing the approval rate of new products.
Beyond simply providing engines, Earnest AI also provides close consulting from the initial stage of introduction so that Jeju Bank can achieve two goals simultaneously: reducing bad debt expenses and increasing approval rates. In addition, it provides a web-based dashboard with various analysis functions to respond to the rapidly changing market environment. Through this, Jeju Bank internalizes sophisticated portfolio management capabilities based on data, such as stress tests for each macroeconomic scenario and prediction of future delinquency rates for the portfolio, accelerating AI financial innovation.
Seo Sang-hoon, CEO of Earnest AI, said, “We are very pleased to participate as a key partner in the AI innovation of Jeju Bank, a strong pillar of the regional economy.” He added, “Based on Earnest AI’s unrivaled AI technology and financial expertise, we will spare no technical support to help Jeju Bank leap forward as a bank that provides the most sophisticated and stable non-face-to-face financial services in Korea.”
Jeju Bank CEO Lee Hee-soo said, “This collaboration with Earnest AI is an important step toward providing customers with a better financial experience,” adding, “We will continue to strengthen our competitiveness to proactively respond to the rapidly changing financial environment, such as by establishing a sophisticated lending process based on the latest AI technology to increase the accuracy of customer credit assessments.”
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