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Woori Bank introduces robo advisers

Woori Bank has launched an artificial intelligence-based financial adviser, or “robo adviser,” as well as robots built for customer assistance at local branches.

The nation’s fourth-largest commercial bank announced Wednesday the AI-based program “Woori Robo-Alpha” will reach out to customers to offer asset management portfolios “tailored to their investment propensity,” starting Wednesday. Woori Robo-Alpha also suggests users balance investment portfolio through social networking tools, including WibeeTalk run by the banking institution.

The bank is also expected to introduce the motionless robots featuring voice-recognition functions to branches in Seoul’s Myeong-dong and Yonsei University areas, as well as its head branch in Jung-gu, starting Thursday afternoon. 

Woori Bank CEO Lee Kwang-goo poses at a counter with a robot run on AI-based financial service Woori Robo-Alpha in a head branch located in Jung-gu, Seoul Wednesday. (Woori Bank)
Woori Bank CEO Lee Kwang-goo poses at a counter with a robot run on AI-based financial service Woori Robo-Alpha in a head branch located in Jung-gu, Seoul Wednesday. (Woori Bank)
The robots, run on Woori Robo-Alpha, will advise customers about the daily stock market quotations and customized investment portfolios, the bank explained.

The beta version of the robo adviser, launched in March 2016, has averaged 4.52 percent of yearly rate of return in a test by the Financial Services Commission in April, according to the bank.

“A dawn of new asset management platform nears with Woori Robo-Alpha,” said President of Woori Bank Lee Kwang-goo in a release Wednesday. “Robo advisers will help publicize asset management services.”

This came about six months after Shinhan Bank, the nation‘s largest bank, employed the first AI-run financial service, dubbed “MFolio,” in South Korea in November 2016.

By Son Ji-hyoung (consnow@heraldcorp.com)
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