APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • FinTech
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • FinTech
    • AIZEN Global
    Previous
    Next

    AIZEN Global: Artificial Intelligence for better Banking Practices

    Jung Seok Kang,CEO, AIZEN GlobalJung Seok Kang, CEO
    The banking industry has always been seeking new technology for the last few decades. Banks now start to realize the importance of Artificial Intelligence (AI) to incorporate into their business processes. Especially in Retail Banking sector, there are huge opportunities to improve the efficiency of the process, by combining banks’ data, business-customized algorithms, and by improving processing power.

    Due to the benefits from AI technology, strong demands are expected across the industry, at the same time, shortage of supply is also expected for the foreseeable future. Banks are trying either to hire AI expertise or to train Bankers to learn AI. However, finding an expert in both areas takes substantial resources. AIZEN Global based in Korea uses AI and expert financial knowledge to create predictive models in key functionalities in real-time, applied for U$400B size of financial institutions with its ABACUS platform.

    “In the retail banking sector, huge opportunities can be created if data scattered around the organization is gathered in one platform,” says Jung Seok Kang, CEO of AIZEN Global. “Like key autonomous vehicle technology is changing the automobile industry, our vision is to provide key autonomous technology in Finance by applying AI to core business decision-making process,” continues Mr. Kang. Currently AIZEN’s AI business service is offered as an on-premises basis, and is actively working to transform it into a Cloud platform.

    The firm’s ABACUS AI platform specializes in retail banking and insurance, helping them automate and improve efficiency in key business value chains.

    The firm’s ABACUS AI platform specializes in retail banking and insurance, helping them automate key business value chains


    Today, most banks continue to use legacy systems that are often off-limits to providers. ABACUS, however, allows for smooth implementation into the bank’s legacy systems. The platform uses an API structure that helps the banks to interact with its database, which is kept on-premises so that the legacy systems can just hook into it to upload the data. ABACUS then extracts the variables from the data to create derivative parameters that are based on the existing parameters set by the bank.

    On top of private sector, AIZEN provides combined predictive models for the Korean government’s guaranteed loan program. The government spends around $400 million per annum to support the low-income profile through traditional banking system. From the bank’s perspective, even if the loan defaults, the government will provide funds to them, which can prove to be costly for the latter. AIZEN creates sophisticated predictive models for the program which helps the government in either reducing its expenditure or utilizing the same amount of money for expanding a beneficial loan program which can help the people. AIZEN sees that almost all countries face the same issue.

    AIZEN is ahead of the competition in terms of technology, experience and its talent eco-system. It has implemented its AI system into one of Korea’s largest banks, with $400 billion in assets. By applying AI predictive models in their core value chain using AIZEN ABACUS, to the value chain, partner bank cut its data analysis time, improved acceptance rate and created new business process using AI predictive models. Multiple business applications is under developing.

    AIZEN has a lot of potential to diversify its business applications, functions, and portfolios. The firm is currently focusing on the personal lending space which has been valued at $5 billion, and as it is working on standardizing its products, it will increase the ease of expansion into other products like mortgages, small and medium-sized enterprise loans and car loans.

    The firm is moving to Asset Management and Digitized Bank using same AI technology. AIZEN is either creating or merging small-sized banks and converting them into digitized banks. The organization is also improving its algorithm to have it standardized to scale up, which will also allow for functionally expanding its service model.
    Previous
    Next
    Share this Article:
    Tweet

    AIZEN Global Info

    Company
    AIZEN Global

    Headquarters
    ..

    Management
    Jung Seok Kang, CEO

    Description
    Provides a platform with expert financial knowledge and Artificial Intelligence to create predictive models in real-time for analysis

    2017

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    CIO Speaks

    Previous Next
    IT Service Delivery Models Evolving with Business

    Todd Larson, CIO, Sentinel Benefits & Financial Group

    E-Mortgage, The Next Big Thing is already here: Make it Bigger

    Nafees Ahmed, CIO, Indiabulls

    Technology and Business Conscience Collision

    Winston Benedict, CIO, Dentsu Aegis Network ANZ

    eMortgage, The Next Big Thing is Already Here: Make it Bigger

    Nafees Ahmed, CIO, Indiabulls

    The Right Technology And Reliable Partners; The Business Next Frontier

    Luke O'Brien, CIO, ISS Facility Services Australia & New Zealand

    Service Organisations Make Great Places To Work, And Deliver Better Value

    Matthew Perry, CIO, Orora Limited [ASX: ORA]

    How Have Recent Advancements in Big Data Been Impacting Businesses?

    Marc Solomon, CIO, Bvn Architecture

    BI & Analytics in Aquaculture

    Matthew Leary, CIO, Tassal Operations

    BI and Analytics

    Gary Peel, CIO, SYNERGY (ASX:IS3)

    A Blend of Six Technologies to Enhance Teaching-Learning Processes

    John Hui, CIO, The Education University of Hong Kong

    Creating Integrated Workflows for an Evolving Company

    Mike Everly, CIO, D&H Distributing

    Modern Software Development Methodologies

    Kevin Glynn, VP and CIO, DSC Logistics

    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://fintech.apacciooutlook.com/vendor/aizen-global-artificial-intelligence-for-better-banking-practices-cid-2714-mid-139.html