LG CNS Co., an IT solution unit of South Korea’s LG Group, is seeking to expand its digital finance business with its artificial intelligence (AI) platform specializing in financial transactions.

The company said on Tuesday that it would bolster its digital finance business in the latter half by adopting upgraded AI-based conversational technologies and blockchain system from rivals’ technologies during a press conference at the FKI Tower in Yeouido, Seoul.

LG CNS unveiled its new chatting robot service that is capable of not only providing financial information but also having conversations with users. For instance, if a customer says, “I want to check my account balance,” in the chat room, the chatbot immediately brings up balance information. It can answer questions posed in natural language and also recommend financial products that could meet the customer’s preference and demands. Users can sign up financial products and transfer money in the chat room. If they want to visit a bank, it informs where the nearest bank is and even tells estimated waiting time.

The company also showcased its blockchain platform specializing in financial transactions. Blockchain is a type of distributed ledger where all participants share encrypted data without a central administrator. The company’s blockchain platform based on the world’s biggest blockchain consortium R3’s Corda technology provides greater security and reduces transaction time as it allows only the parties involved in a certain transaction to share data privately, according to LG CNS.

To expand its presence in the digital finance field, LG CNS plans to open a digital finance center on July 1 and expand its existing team devoted to digital finance business by adding more employees to the center from current 30 to 100 by the end of this year and 200 by next year.

By Oh Chan-jong

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