NH Nonghyup Bank Partners with Seoul Credit Guarantee Foundation to Support Small Businesses Using AI Big Data

NH Nonghyup Bank announced on June 23 that it has signed a memorandum of understanding (MOU) with the Seoul Credit Guarantee Foundation to expand support for small businesses in Seoul through the use of artificial intelligence (AI) and big data.

Nonghyup Bank possesses data on card spending, bank deposits and loans, and consumption patterns from Nonghyup Hanaro Mart. The Seoul Credit Guarantee Foundation has been operating a data-driven commercial area analysis project. Under this agreement, the two organizations plan to conduct joint research and analyze consumer patterns and commercial area changes across different administrative districts in Seoul.

Based on the analysis results, they will develop a customized management diagnosis model for small businesses and support data-driven administrative initiatives for local governments.

Kim Tae-young, President of Nonghyup Bank, stated, "Through this agreement, we hope that many small businesses facing difficulties will have the opportunity to utilize more refined commercial big data. We will continue to share the value of financial data with society and expand practical support measures based on data."

Meanwhile, Nonghyup Bank aims to further enhance its AI capabilities to introduce various support measures for small businesses. Since the second half of last year, the bank has established a dedicated task force to assess its internal AI capabilities and explore ways to strengthen its competitiveness.