Woori Bank identified practical ideas to strengthen financial consumer protection with young AI talent.

Woori Bank on June 7 said it held the finals of the 'AI-Financial Consumer Protection Idea Contest' with trainees from Samsung Youth SW and AI Academy (SSAFY) at its Synergy Hall at headquarters on June 5.

The contest was designed to identify ideas that can be applied in practice to solve financial consumer protection issues using AI technology. It focused on reducing financial access problems for vulnerable groups that may arise in the digitalisation of finance and on pre-emptively preventing increasingly sophisticated new types of financial fraud.

A total of 116 teams entered the preliminary round, and 7 teams advanced to the finals. Participants proposed customer-focused ways to use AI in 4 areas: protecting the rights and interests of vulnerable groups, preventing misselling, preventing complaints and preventing financial fraud.

The finals were judged on the effectiveness, feasibility and innovation of the ideas. The grand prize went to the 'Woori Guard' team. Under the theme, 'Even if dementia comes, protecting myself is up to me,' the team proposed an AI-based pre-designated dementia finance protection system.

The top excellence award went to the 'Gyarados' team. The team presented a financial safety net in which AI protects WooriWON Mobile subscribers through calls, text messages and even transfers. The excellence award went to the 'Haejuri Fan Club' team, which proposed an AI service that first helps users take care of necessary financial tasks and prevents disadvantageous financial choices.

Yoon Seok-in (윤석인), deputy head of Woori Bank's Consumer Protection Department, said, "We will work to ensure the innovative proposals identified can be applied in the real financial field to create a safe and convenient financial environment."