Woori Bank Holds 'AI-Financial Consumer Protection Idea Contest' for Youth

Discovering AI-Based Solutions for Dementia Financial Protection and Fraud Prevention

Woori Bank announced on June 7 that it held the "AI-Financial Consumer Protection Idea Contest" at the Synergy Hall of its headquarters on June 5, together with trainees from the Samsung Youth Software (SW) and Artificial Intelligence (AI) Academy (SSAFY).

This contest was organized to discover practical ideas that address financial consumer protection issues using AI technology. Participants proposed a variety of solutions focused on improving financial accessibility for vulnerable groups caused by digitalization in finance and preventing increasingly sophisticated new types of financial fraud.

A total of 116 teams participated in the preliminary round, and among them, 7 teams advanced to the finals. The finalist teams presented AI utilization plans from the customer perspective, centering on four categories: ▲protection of the rights and interests of vulnerable groups ▲prevention of mis-selling ▲prevention of customer complaints ▲prevention of financial fraud.

The judging was based on effectiveness, feasibility, and innovativeness. The grand prize went to the "Woori Guard" team, which proposed an AI-based pre-designated protection system for people with dementia in financial transactions. The excellence award was given to the "Garados" team, which suggested a financial safety net where AI oversees the entire process of phone calls, text messages, and transfers for Woori WON Mobile subscribers. The merit award went to the "Haejuri Fan Club" team, which proposed a customized financial work support service that prioritizes necessary financial work and prevents regretful choices.

Winning teams received certificates and prizes. There was also a tour of the Bank History Museum and a special lecture on financial consumer protection for the participants.

A Woori Bank official stated, "Through the creative ideas of SSAFY trainees, we have confirmed the real potential for AI technology to contribute to protecting the rights and interests of financial consumers," adding, "We will strive to ensure that outstanding proposals can be applied in real financial settings."

This content was produced with the assistance of AI translation services.