On June 5, Woori Bank held the 'AI-Financial Consumer Protection Idea Contest' in partnership with students from the Samsung Software-AI Academy (SSAFY).
The contest aimed to generate practical ideas that utilize AI technology to address issues in financial consumer protection. Participants proposed various solutions focused on improving financial accessibility for vulnerable groups and preventing new forms of financial fraud amid the rapid digitalization of finance.
A total of 116 teams entered the preliminary round, with seven teams advancing to the finals. The finalists presented AI applications in four areas: protecting the rights of vulnerable groups, preventing mis-selling, avoiding complaints, and preventing financial fraud.
The grand prize was awarded to the 'Woori Guard' team for their proposal of an AI-based pre-designated protection system for individuals with dementia. This solution was highly regarded for its potential to safeguard consumer rights even in situations of cognitive decline.
The excellence award went to the 'Garados' team, which suggested an AI safety net that protects financial transactions for Woori WON mobile subscribers, covering everything from calls and texts to transfers. The 'Haejuri Fan Club' team received the merit award for their proposal of a customized financial support service called 'Woori On Fit AI,' which suggests necessary financial tasks and helps prevent unfavorable choices.
Following the finals, additional programs were held for participants, including a visit to the bank's museum and a special lecture on consumer protection.
A Woori Bank official stated, "We have confirmed that the ideas from young people can significantly contribute to protecting the rights of financial consumers through AI technology. We will support the implementation of these proposals to create a more convenient financial environment."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.