The Financial Supervisory Service (FSS) declared a company-wide "digital transformation." The FSS pledged to innovate work processes and office environments using digital technologies by 2027.
On the 17th, the FSS held a "financial supervisory digital transformation declaration ceremony" at the FSS headquarters in Yeouido, Seoul, with the participation of all employees. On that day, FSS Chairman Lee Bok-hyun presented the necessity for digital transformation, the implementation strategy, and expected effects.
The FSS plans to establish a data-driven supervisory system. Currently, financial companies submit reports and data to the FSS through work reports and the CPC system, but the FSS intends to shift to a system that collects and analyzes source data. The application range will gradually expand, starting with corporate loans from banks and corporate financial information.
Moreover, the plan is to apply artificial intelligence (AI) technology, which has excellent pattern recognition capabilities, to detect transactions with unfair accusations. The FSS expects that once accurate risk monitoring is possible using AI, the stability of the financial market will also be enhanced.
The financial supervisory work process will also be entirely redesigned. The complaints processing process will introduce a system to classify complaints by issues and simultaneously review and process similar issues. Generative AI that understands complaint content will support complaint classification, suggesting similar cases, and drafting response letters.
In addition, the FSS plans to introduce and establish work tablet PCs and a cloud-based multi-party collaboration system. It will expand external disclosure scope by including specific factual details in penalty announcement contents and also promote system integration for information sharing between the Financial Services Commission and the FSS.
Chairman Lee noted, "There are limitations in identifying and responding to risks in a rapidly changing environment if we rely on manpower," and emphasized, "We must break free from inertia in everything from basic operations to decision-making in order to achieve our innovation goals."