AI assistant helps 160,000 South Koreans save $440 each in interest

South Korea's financial sector is leveraging artificial intelligence to significantly reduce interest burdens for citizens. Over the past five months, an AI-powered service has helped around 160,000 individuals lower their loan interest rates, saving them an average of 610,000 won each.

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Thanks to the AI assistant, about 160,000 people have reduced their interest burden by an average of 610,000 won per person in five months.

The initiative, launched in February, is an extension of the MyData service, which allows users to consolidate and manage their scattered financial information. Previously, MyData primarily focused on displaying financial data. Now, with AI, it proactively acts on behalf of consumers.

When a MyData operator detects an increase in a customer's income, assets, or creditworthiness, the AI automatically requests a rate reduction from the lending institution. This pilot program, running until July, saw 4.07 million service applications, with 162,000 users benefiting from a total of 100.3 billion won in interest savings.

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The Financial Services Commission announced 'MyData Development Plan in the Age of Artificial Intelligence' on the 25th, containing these contents.

Building on this success, the Financial Services Commission intends to broaden the range of consumer rights that MyData operators can manage. This expansion may include debt adjustment requests, applications for government-backed loans, and demands for credit card fee reductions. The commission also mandates that AI's decision-making processes must be transparent to consumers, detailing the reasons for actions and outcomes.

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The Financial Services Commission plans to expand the scope of rights that MyData operators can exercise on behalf of consumers.