Honest AI, Jeju Bank Partner to Enter Main Banking Market

Jeju Bank, in Partnership with Honest AI, Accelerates AI Loan Innovation… Opening a New Horizon for Non-Face-to-Face Financial Services Honest AI, a company specializing in financial AI transformation, has successfully supplied its innovative AI loan decision-making engine, ‘Lending Intelligence,’ to Jeju Bank, thereby officially entering the Tier 1 financial market. This agreement is central to Jeju Bank's strategy to advance its non-face-to-face financial services, aiming to improve customer experience and strengthen financial competitiveness. Jeju Bank plans to simultaneously apply Honest AI's ‘Lending Intelligence’ to three core non-face-to-face financial services: SOHO credit loans, employee credit loans, and credit card issuance. Provided as a SaaS (Software as a Service) solution, this engine plays a role in meticulously supporting key decisions across the entire lending process of financial institutions, from risk management to maximizing profitability. Specifically, Jeju Bank will introduce six types of AI-specialized models developed to suit the characteristics of each product. These models demonstrate excellent performance in meticulously analyzing complex risks that were difficult to identify with existing credit scoring models. They will exert overwhelming discriminative power in areas where traditional evaluation methods had limitations, such as thin-filers with insufficient credit history, customers with irregular income patterns, and potentially fraudulent financial applications, thereby maximizing the accuracy of customer credit evaluations. Beyond simply supplying the engine, Honest AI provides close consulting from the initial implementation phase to help Jeju Bank simultaneously achieve both reduction in loan loss provisions and expansion in approval rates. In addition, they will supply a web-based dashboard equipped with various analytical functions to proactively respond to rapidly changing market environments, thereby supporting Jeju Bank in internalizing advanced, data-driven portfolio management capabilities, such as stress tests for various macroeconomic scenarios and prediction of future delinquency rates for portfolios. Seo Sang-hoon, CEO of Honest AI, expressed his delight in participating in the AI innovation of Jeju Bank, a pillar of the regional economy, stating his ambition: “Based on Honest AI's unique AI technology and financial expertise, we will spare no technical support to help Jeju Bank leap forward as the bank offering the most sophisticated and stable non-face-to-face financial services in Korea.” Lee Hee-soo, President of Jeju Bank, also emphasized, "By establishing sophisticated lending processes based on the latest AI technology, we will provide customers with a better financial experience and continuously strengthen our competitiveness to proactively respond to rapidly changing environments." This partnership is expected to be a significant turning point where Honest AI's unique AI technology and financial expertise meet Jeju Bank's digital innovation, realizing safer, more efficient, and customer-centric future financial services.