Finance institutes such as banks, insurance companies and asset management companies are deeply invested in the underlying techniques of AI. Some of these include machine learning (ML), neural networks and evolutionary algorithms. AI implementation in the finance industry provides new capabilities such as accurate decision-making, automated customer support, and fraud detection among many other benefits. In this digital age, AI technology can help fintech companies address human challenges by taking over cumbersome tasks, freeing human resources and helping customers focus on their core businesses.
Undoubtedly, AI technology is poised for success; however, only a few realize the tremendous benefits of incorporating technology into other fields especially banking and finance. One among them is Jung Seok Kang, the founder and CEO of AIZEN—an AI platform purpose-built to enhance the adoption of AI in the finance industry. Kang, having experienced and closely been involved with the global and Asian financial crises, has grasped the crucial role financial institutions can play in the current business environment.
While working in his previous company, Kang uncovered enormous opportunities for AI in the banking sector. He deduced that an economy of US $ 1,000 billion could gain US $ 1 billion, for a mere 0.1% expense for cost improvements. In theory, the economy utilizing AI technology can save 1% of its economy resulting in benefits worth US $ 10 billion. Aiming to revolutionize the core functions of the banking system, and to serve more customers in this digital era, AIZEN was conceived.
AIZEN, empowered by a dedicated team of world-class and experienced experts in finance and AI, helps institutes arrive at accurate decisions. The company’s main objective is to enable affordable finance by utilizing the ever-evolving AI technology. “We believe AI technology will be ubiquitous in the next decades, and our core value is in incorporating it to real business problems”, says Kang. Their core approach lies in addressing these business problems by converting them into machine learning (ML) challenges.
Kang explains, “We provide easy-to-use plug-in AI business applications leveraged by domain specific-algorithms, industry-leading expertise and know-how in finance and AI”. For instance, utilizing behavior pattern recognition, AIZEN brings their clients closer to maximizing profit. By automating Big Data (study of complex data sets) analysis, the company provides an AI platform that dynamically improves in real-time. By providing proprietary business algorithms that automate and enhance any finance processes from data analysis to strategic decision making, the company strengthens clients in the areas of company expansion and risk management.
By focusing on the main functions of their clients’ middle and back offices, AIZEN is providing real value with optimal solutions. The company contributing to the entire financial ecosystem facilitating credit card acquisitions, sales, planning, risk management, asset management, compliance, and fraud detection. Kang goes on to say, “We aim to build a new financial ecosystem, using specialized AI modules built for different value chains in banking, insurance, and asset management”.
AIZEN’s ‘ABACUS’, an easy-to-use AI engine helps financial institutions experience ‘autonomous-driving’ by automating core processes. The engine is built using a world-class risk management framework scalable across the entire value chain (for e.g., across product development, risk management, digital marketing, and portfolio management, etc.). The engine is a lightweight and independent solution that enables a seamless integration with legacy IT infrastructure. Customers have benefited in addressing business challenges efficiently and quickly creating high-performance upgradable ML predictive models that reports in real-time.
One of AIZEN’s core AI modules is the Automatic Credit-Cycle Control Module (ACCM). ACCM can automatically sense, predict and control the fast-changing dynamics of customer behaviors. Also, ACCM provides business-focused AI applications operating across key value chains in finance.
Currently, the company is promoting their AI platform in the Asia-Pacific market. Kang voices his vision, “We will enter countries in APAC market one by one, using the same model and framework. Upon building key AI modules across the entire value chains in finance, we will cooperate with various types of regional banks to build a new fully-digitized financial ecosystem, connecting retail banking, insurance, and capital market.”
Recently, AIZEN’s services were granted authorization from Korea’s Financial Services Commission to conduct AI underwriting on behalf of Wooribank, one of Korea’s biggest banks. Wooribank is now one of the company’s investors. Having become an official partner of the Korean government, the company is looking to promote financial inclusion in the APAC market by providing affordable and individual-centric services. All things considered, customers see AIZEN as trustworthy.
Having been achieved a list of awards, AIZEN is looking unstoppable. Regarding the company’s future, Kang has said, “AIZEN is rapidly expanding its business across South Korea, Japan, and Hong Kong. With its own cutting-edge technology, AIZEN is leading the fourth Industrial Revolution along with global partner companies around the world”.
Quotes: We believe AI technology will be ubiquitous in the next decades, and our core value is in incorporating it to real business problems
AIZEN, empowered by a dedicated team of world-class and experienced experts in finance and AI, helps institutes arrive at accurate decisions
Customers have benefited in addressing business challenges efficiently and quickly creating high-performance upgradable ML predictive models that reports in real-time