BC Card announced on the 27th that it has received new designations for two artificial intelligence (AI)-based "innovative financial services" from the Financial Services Commission. BC Card is the only credit card company to be designated with two innovative financial services related to AI. Through its proprietary generative AI technology, BC Card has simultaneously achieved "automation of card processing tasks" and "enhancement of merchant information."
First, the "generative AI-based optical character recognition (OCR) service" refers to the automatic extraction of text from image files of card product brochures of 11 member companies of BC Card, which are then organized into databases. By automating the previously manual tasks of entering, registering, and reviewing product information, it minimizes errors. It enhances the searchability and consistency of member company product information.
The "consumer-friendly inference data generation service" fundamentally updates the merchant information held by the card company with the latest information using generative AI technology. This overcomes the challenge of updating information that was previously difficult without the merchants' own reporting. It now enables the provision of differentiated financial services based on accuracy and timeliness.
This service is useful not only for domestic but also for securing information on overseas merchants. Previously, overseas merchant information relied on global payment brands, but it can now be obtained directly. It has laid the groundwork for providing customized, specialized products and marketing strategies for the increased overseas payment transactions.
The services designated as innovative financial services will operate as temporary services for the next two years. Testing will be conducted before the official service launch. BC Card plans to apply this service by the end of this year and continue to improve it.
Choi Won-seok, CEO of BC Card, said, "This designation of innovative financial services is a significant achievement that incorporates BC Card's proprietary AI technology into actual financial operations," adding, "In the future, BC Card will consistently promote digital financial innovation centered around consumers, fulfilling its role as a leading financial institution in financial AI technology."