Jeonbuk Bank and Gwangju Bank placed under JB Financial Group are strengthening their competitiveness in Robotic Process Automation (RPA). RPA is a technology in which robots replace formalized and repetitive tasks.
Jeonbuk Bank, an affiliate of JB Financial Group, said on Dec. 21 that it has expanded RPA technology from headquarters to some of its branches to reduce employees' work and improve customer service.
This is the first time that RPA technology has been applied from bank headquarters to branches.
Major application tasks of RPA are to offer various certificates, confirmation certificates, and transaction records to customers through fax or e-mail. Customers who use voice and visible automatic response systems (ARS) can also get related data through RPA instead of counselors.
Customers who do not subscribe to Internet banking or smart banking can request various certificates through ARS. Jeonbuk Bank expects to reduce working hours by 36,000 hours a year with the introduction of RPA.
Meanwhile, Gwangju Bank, a subsidiary of JB Financial Group, has been implementing a smart banking robo-advisor fund recommendation system called 'KJ Mybot' since October.
Robo-advisor is an asset management service that provides services that are appropriate for customers' tendencies through big data analysis.
Kwangju Bank has been providing RoboAdvisor asset management service at its branch offices since 2018. While untact work is becoming a daily life due to the prolonged COVID-19, the RoboAdvisor asset management service can also be used in smart banking systems.
In particular, Kwangju Bank introduced a "Three Bucket" operation strategy that recommends products to be invested by calculating three levels of risk-budget (risk-bucket) in consideration of investors' risk propensity.
"We plan to continue to expand business innovation projects, including RPA, to proactively respond to changes in financial environment," said an official from JB Financial Group.
