IBK Creates AX Committee to Speed AI Transformation

Industrial Bank of Korea (024110) has set up a separate decision-making body to accelerate its shift to artificial intelligence.

The bank recently created an AX committee and plans to put it into operation soon, financial industry sources said on the 20th. The body is dedicated to AI projects, reviewing initiatives and setting AX strategy and project priorities. It will meet at least once each quarter.

The bank moved to establish the committee out of a judgment that it cannot afford to fall behind in the AI race among lenders. Commercial banks are widening the range of AI-enabled services around group-wide platforms shared with their affiliates, while internet-only banks are expanding customer touchpoints through smaller AI services. Against that backdrop, IBK concluded that it also needed to move to a company-wide AI operating framework. The bank plans to unveil a "talking transfer" service in the first half of next year that lets customers send money by conversing with an AI. It also aims to make bold changes in how employees work, speeding its transition into an "AI native bank."