By Kim Bo-eun
Adopting artificial intelligence (AI) is now no longer a choice but a must for companies as it not only increases efficiency but also saves money.
This is especially so for card firms, which face declining profits.
Most card firms have AI chatbots for customer inquiries. These provide answers to questions on paying bills, expenditure and reports on missing cards. They also enable cards to be issued and recommend customized products.
Shinhan Card was the first to introduce an AI chatbot in February 2017.
"Because the chatbot operates 24 hours, it is better able to attend to customers needs, especially those who are overseas," a Shinhan Card official said.
"It also saves costs in comparison to employing call-center workers."
Call-center costs include training and wages. There also is a high turnover of workers.
Shinhan upgraded its chatbot "Fani" last October so it is able to grasp the meaning of questions that are asked casually. Previously, the chatbot provided answers based on certain keywords in the questions.
Hyundai Card was among the first to introduce a chatbot service. It launched "Buddy" in 2017, which was based on IBM's question-answering computer system Watson.
Buddy was the first Watson-based chatbot in the local finance industry.
Hyundai Card last month introduced its AI-based call-center service, which directly connects callers with an AI agent.
Lotte Card, meanwhile, began its chatbot service "LOCA" in April last year. LOCA was the first chatbot to enable customers to sign up for card products.
Woori Card launched "DAB" in January. The chatbot not only answers questions from customers, but also recommends products based on their spending habits.
Samsung Card began operating "Sam" in March. "As Sam's data accumulates, we expect it to be able to carry out a greater range of ― and more advanced ― tasks," a Samsung Card official said.
KB Kookmin Card began a trial chatbot service last month called "QD." BC Card, Hana Card and NH Nonghyup Card plan to introduce chatbot services soon.