NH Nonghyup Bank will join hands with the Seoul Credit Guarantee Foundation to expand support for small merchants based on AI big data.

NH Nonghyup Bank said on June 23 it signed an agreement on June 22 with the Seoul credit guarantee foundation at NH Nonghyup Tower in Jongno-gu, Seoul, to promote support for small merchants based on AI big data exchange.

The agreement was designed to strengthen tailored support for small merchants in Seoul who are struggling due to an economic downturn. It combines card consumption, bank lending and deposits, and Nonghyup Hanaro Mart retail consumption data held by the bank with the Seoul Credit Guarantee Foundation’s data-based commercial district analysis capabilities.

Under the agreement, the two institutions will conduct joint research and analyze consumption patterns and changes in commercial districts by Seoul administrative district. Based on the analysis, they will develop customized management diagnostic models for small merchants and also support efforts to promote data-driven administration by local governments.

NH Nonghyup Bank CEO Tae-young Kang (강태영) said, "I hope small merchants gain opportunities to use more sophisticated commercial district big data." He said the bank will share the value of financial data with society and continue to expand practical data-based support measures.