Shinhan Bank is using artificial intelligence to check key contents and item-by-item consistency in appraisal reports used for real estate-backed loan screening. Staff handle the final review and decision, and the system is currently applied first to condominium-type buildings.

Shinhan Bank said on Aug. 3 it has introduced an "Appraisal Report AI Check Agent" to support appraisal report review work. It described it as the first case in the financial sector to apply an AI agent to appraisal report checks.

The agent links a large language model (LLM) with robotic process automation (RPA) and optical character recognition (OCR) technology. After recognising the contents of an appraisal report, it analyses consistency between key items and matters that need additional confirmation.

A staff member in charge at headquarters checks the results presented by the AI again. Final review and judgment are also carried out by staff under the operating model.

Based on Shinhan Bank's internal measurements, the time to check a single appraisal report fell by about 70 percent from before, to about 30 percent of the previous time. The amount of work that can be processed in a day increased by about threefold.

It is currently applied to appraisal reports for condominium-type buildings. Shinhan Bank plans to expand the scope of application in stages depending on document formats and real estate types.

A Shinhan Bank official said, "It is an internal work tool introduced to support the person in charge's work during the appraisal report review process," and added, "We will expand the scope of application in a way that improves work convenience for customers and employees."