IBK Industrial Bank of Korea will use artificial intelligence to check for misselling risks that may arise after investment products are sold. It aims to boost the level of financial consumer protection by automating a post-sale management system that had focused on manual work.

IBK Industrial Bank of Korea said on Sunday it has introduced an "AI misselling detection system."

The system is a post-sale management solution that automatically identifies risk factors that could indicate potential misselling. It comprehensively analyses data on investment products sold at branches, customers' investment experience and unusual transaction patterns.

Previously, employees directly checked and inspected related transactions. The bank said it shifted to an AI-based automated system to improve the speed and accuracy of inspections.

The system detects risk factors by transaction type and identifies abnormal patterns in customer transactions. It is also designed to propose tailored response measures by employee so that post-sale follow-up procedures can be carried out more systematically.

The company said it expects the new system to help it identify risk factors more quickly that were difficult to detect under the previous inspection method. It plans to reduce the possibility of misselling and strengthen consumer protection after investment products are sold.

An IBK official said, "This system is an example of using AI technology to strengthen both inspection accuracy and financial consumer protection." The official added, "We will continue to expand the use of AI technology to increase financial consumer protection across the entire product sales process."

IBK is also running an "IBK Nara Sarang Card convenience store partnership event" throughout June to mark Patriots and Veterans Month. At GS25, customers who buy four types of Milkis drinks with the IBK Nara Sarang Card will receive a buy-one-get-one-free offer, and on Memorial Day, a 30 percent on-the-spot discount will apply when paying for participating items at Emart24.