Banks are rushing to adopt artificial intelligence (AI)-based programs to help facilitate digital transformation.

The collective initiative pursued among many financial services firms is part of long-term efforts to relieve workers from menial yet necessary tasks, thereby sparing them time and effort to better focus on higher-value creative work.

The computerized program will improve banks’ work processes through fast and accurate reviews with lowered possibility of careless mistakes.

Shinhan Bank said Thursday that it will launch AI Moli project, a virtual chatbot-assisted communication channel platform.

Moli, one of the bank’s online banking service platforms, will function as a “personal secretary” by showing advanced search results on related information required to carry out certain tasks.

By entering a few keywords, AI Moli will show relevant results in a speedy manner, helping boost work productivity and efficiency.

Search history will be preserved for future reference to help with similar requests later.

The program will be available on desktop, mobile and tablet, helping workers with instant searches and improving real-time customer services.

The bank will begin a trial run of the program in November on receiving financial fraud reports, financial transaction approval, sending copies of bank work records and sending promotional mobile messages to customers.

Similarly, KEB Hana Bank has deployed Robotic Process Automation (RPA), an automated machine-learning software program that will manage repetitive tasks accounting for a substantial bulk of its daily work.

Nicknamed Hanabot, it will handle tasks including personal, household and corporate lending as well as credit card transactions.

Risk assessment on loan services will be among its key functions, as well as preventing suspicious financial transactions.

The bank said Hanabot will save workers 80,000 working hours and 3.2 billion won ($2.7 million) a year.

Hana Financial Group, the holding company of KEB Hana, said it will begin to expand Hanabot for all its subsidiaries in June.

Meanwhile, a similar RPA-based program is already in full operation at NongHyup Bank in Seoul.

Its work includes an automated extension of maturing debt, prior review for credit or debit card issuance and online business operation inquiries.

The system will be expanded to include tasks such as accounting, internal protocol management and foreign currency exchange, usually undertaken by branch staff.

Approval of each review undergoes a final check with relevant department officials.

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