Hana Bank said on Tuesday it has developed an in-house generative AI-based corporate credit evaluation review opinion generation system to accelerate AX in corporate finance and has introduced it at all branches.

The bank said the new system automates the drafting of comprehensive credit evaluation opinions needed in the corporate loan review process using generative AI. It said this sharply reduces work time and increases productivity. It explained that the change will help staff in charge of corporate lending reduce the burden of repetitive writing and focus on deeper analysis of companies' financial conditions and the industry environment.

The corporate credit evaluation review opinion generation system analyses various data such as corporate financial statements, company information and industry trends to automatically generate draft review opinions needed in the credit evaluation process for audited and non-audited firms.

Previously, staff took an average of more than 30 minutes to analyse corporate indicators and write narrative opinions. With the system, the bank can now generate a draft review opinion in about 10 seconds. Hana Bank expects the change to save more than 27,000 work hours a year across audited and non-audited corporate credit evaluation work that totals about 70,000 cases annually.

The bank said a key feature is that the system is an in-house model for which Hana Bank designed and implemented the algorithm itself. It said cooperation among internal departments reflected evaluation guidelines used by lending experts in the algorithm, improving the standardisation and effectiveness of the generated review opinions.

Hana Bank said it plans to expand the scope of automation across overall reviews for household and corporate lending to accelerate AX in lending processes. It also plans to build a more accurate and faster intelligent loan review system.

An official at Hana Bank's AI Data Strategy Department said, "Developing this system is meaningful in that it maximises work efficiency through AI to increase productivity and helps employees understand customers and companies more deeply." The official added, "We will continue to reflect voices from the field to apply AI to various 업무 areas and develop it in a direction that provides practical help to branches and customers."