Jeju Bank said on Wednesday it unveiled the first solution for its digital corporate finance-focused brand, DJ Bank, at Thezoin Eulji Tower in Jung-gu, Seoul.

The event was held under the concept of the “start of a Dynamic Journey” and was designed to present the foundation for an ERP-banking business along with the launch of DJ Bank.

The solutions unveiled include an alternative credit evaluation strategic model, the “DJ The-ju-neun corporate parking account”, loans to support AX solutions and ERP-linked receivables-backed loans. Jeju Bank plans to use them to improve problems such as face-to-face, procedure-heavy corporate finance processes, the burden of documents and processing delays, and to build an ERP-based integrated financial flow.

In particular, the alternative credit evaluation strategic model focuses on refining the existing credit evaluation system by combining ERP data with various non-financial information. It plans to strengthen both the identification of strong companies and the detection of potential risks, and to push to expand productive finance and inclusive finance.

The solution is significant in that it implements an ERP-banking model in which financial services enter companies’ work flows. Corporate customers can handle everything from opening an account to raising funds within the ERP environment without moving to separate financial channels.

Jeju Bank plans to develop it into an autonomous financial platform linking funding forecasts, recommendations and execution through an “AI CFO” function combining ERP data and AI.

Shinhan Financial Group Chairman Jin Ok-dong (진옥동) called ERP banking a new corporate finance model that links companies’ actual work with finance. He said he hopes Jeju Bank will use it to leap beyond the limits of a regional bank.

Jeju Bank CEO Lee Hee-soo (이희수) said DJ Bank is a new starting point where finance operates within companies’ work flows. He said the bank will realise productive finance and inclusive finance at the same time through an ERP-based strategic model.