Shinhan Bank will join the Kakao consortium as a financial sector partner in the Ministry of Science and ICT-led "AI for All" project.

Shinhan Bank said on Wednesday it will participate in the Kakao consortium in the AI for All project and take charge of identifying artificial intelligence services in finance.

AI for All is a government project that applies AI to various industries and services. The ministry selected 3 lead consortia to carry out the project.

Shinhan Bank plans to review ways to make it easier to provide financial information and services by combining KakaoTalk's customer touchpoints and LG Uplus' AI models and telecom infrastructure with its financial expertise and customer consultation experience.

It will seek ways to use AI to explain financial concepts and systems and guide customers to the financial information and services they need based on their questions and circumstances. It will focus on improving convenience in the information-search process, considering that financial products and systems contain many technical terms and have complex structures.

In the future, it plans to review expanding its use to supporting customers in exploring needed financial services while reducing the process of directly searching for and comparing financial information, and to guiding related solutions in line with customers' financial needs.

A Shinhan Bank official said, "We will continue to identify ways for customers to use financial information and services more easily by combining our financial expertise and consultation experience with AI technology and the accessibility of a lifestyle platform."