Korea University (KU) Human-Inspired Artificial Intelligence & Computing (HI AI & Computing) Institute researches and develops Artificial Intelligence (AI) models by imitating human intelligence. The institute expects that its research will contribute to industrial development, enhance national competitiveness, and promote happiness to human lives. On February 25, the HI AI & Computing Institute helped one of the biggest financial companies in South Korea—Woori Bank. The institute is playing a significant role in the new project by providing promising technology.
KU HI AI & Computing Institute and T3Q Corporation (Corp.) made an agreement with Woori Bank on developing and applying Regulatory Technology (RegTech). According to Woori Bank, “The usage of innovative technology will strengthen the competitiveness of the company.” Through this agreement, Woori Bank will soon be at the cutting edge of regulatory compliance.
Utilizing RegTech enables a company to comply with regulations in the financial industry. RegTech automizes companies’ process of identifying and conforming to financial restraints with various information technologies such as AIs, blockchain, big data, and cloud computing. The RegTech that Woori Bank will adopt uses AI technology to control them to abide by the law. Through this process, the company aims to protect the financial industry and consumers at the same time.
The KU HI AI & Computing Institute not only carried out research to develop a new AI model, but tried to apply that technology to the real world. Professor Lim Hee Seok (Department of Computer Science and Engineering), the head of the HI AI & Computing Institute, said, "As modern society becomes a 'smart digital era,' more and more industries and businesses should introduce AI technologies to gain competitiveness." Therefore, the introduction of RegTech to Woori Bank will help them create more profits in the near future.
In addition, HI AI & Computing Institute, Woori Bank, and T3Q Corp. made industry-academic cooperation agreements. HI AI & Computing Institute has made numerous research achievements about Natural Language Processing (NLP) and machine learning. Therefore, the institute will be in charge of developing a model based on NLP and Machine Reading Comprehension (MRC) and will share the technology with the other two companies. Woori Bank will then apply the technique with their financial knowledge, and T3Q Corp. will provide the AI platform and services.
Using RegTech is expected to make the compliance process faster and more cost-efficient. The selection of the HI AI & Computing Institute as Woori Bank’s cooperator indicates that the public has acknowledged the institute’s research accomplishment. Through this cooperation, they can experience unique interdisciplinary research on finance and technology, satisfying the purpose of their research. KU’s research institute will assist Woori Bank to innovate their compliance process. KU will arrange another academic-industry cooperation in the future and continue their research on new technologies.