NH Nonghyup Bank announced the establishment of 'NH Credit On' on July 16.
This initiative is an alternative credit assessment alliance aimed at supporting financially marginalized groups, involving NH Nonghyup Bank, NH Nonghyup Capital, Agile Soda, Honest AI, Kakao Pay, Korea Credit Bureau, Crepas Solution, and Korea Evaluation Information, among others.
The participants plan to jointly explore ways to enhance alternative credit assessments for those lacking financial information, including young people and small business owners.
Key areas of collaboration include sharing alternative data such as platform usage, consumption history, and information based on the National Tax Service, quantifying unstructured data using generative artificial intelligence (AI), and developing and pre-validating a joint alternative credit assessment model.
In particular, NH Bank aims to develop an AI-based credit assessment report agent that will also suggest ways to improve credit scores. The bank plans to actively align with the financial authorities' guidelines for 'improving the credit assessment system' as part of a broader shift toward inclusive finance and will continue practical discussions on the matter.
Kang Tae-young, president of NH Nonghyup Bank, stated, "We will combine the competitive edge of alternative information, modeling capabilities, and innovative AI technology to establish a fair and differentiated alternative credit assessment system. We are committed to ensuring that no customer is marginalized due to a lack of financial history, thereby realizing true inclusive finance."
This initiative is an alternative credit assessment alliance aimed at supporting financially marginalized groups, involving NH Nonghyup Bank, NH Nonghyup Capital, Agile Soda, Honest AI, Kakao Pay, Korea Credit Bureau, Crepas Solution, and Korea Evaluation Information, among others.
The participants plan to jointly explore ways to enhance alternative credit assessments for those lacking financial information, including young people and small business owners.
Key areas of collaboration include sharing alternative data such as platform usage, consumption history, and information based on the National Tax Service, quantifying unstructured data using generative artificial intelligence (AI), and developing and pre-validating a joint alternative credit assessment model.
In particular, NH Bank aims to develop an AI-based credit assessment report agent that will also suggest ways to improve credit scores. The bank plans to actively align with the financial authorities' guidelines for 'improving the credit assessment system' as part of a broader shift toward inclusive finance and will continue practical discussions on the matter.
Kang Tae-young, president of NH Nonghyup Bank, stated, "We will combine the competitive edge of alternative information, modeling capabilities, and innovative AI technology to establish a fair and differentiated alternative credit assessment system. We are committed to ensuring that no customer is marginalized due to a lack of financial history, thereby realizing true inclusive finance."
* This article has been translated by AI.
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