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LG CNS to Tap into Digital Financial Market with Finance Bots, Blockchains
Digital Finance
LG CNS to Tap into Digital Financial Market with Finance Bots, Blockchains
  • By Michael Herh
  • June 28, 2017, 01:45
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Kim Young-sup, president of LG CNS.
Kim Young-sup, president of LG CNS.

 

A demonstration of LG CNS’s artificial intelligence-based interactive robot service
A demonstration of LG CNS’s artificial intelligence-based interactive robot service

 

LG CNS announced in a press conference at FKI Tower in Yeouido, Seoul on June 27 that the company will strengthen its digital finance business beginning in the second half of the year, focusing on interactive systems and blockchain services.

"The financial sector is at the center of the fourth industrial revolution," said Kim Yong-seop, president of LG CNS. "We mapped out plans to lead financial companies’ digital transition based on our accumulated capabilities in the field of financial information technology."

LG CNS also introduced a blockchain platform specialized in finance as well as an interactive system. A blockchain called a digital public ledger refers to a distributed ledger created by an agreement among trading partners in a peer-to-peer (P2P) network.

LG CNS’s blockchain platform is based on the "Corda" distributed technology of the world's largest financial chain Consortium R3. Unlike existing block chains which require a consensus among all participants, only trading partners share information, which is highly secure and can save trading partners a lot of time required for striking a deal.

LG CNS is planning to establish a digital financial center on July 1 by expanding its existing digital finance organization. The company will also ramp up the number of experts to 100 from current 30 by the end of this year and 200 next year.

LG CNS also took the wrap off an AI banking agent robot that the company developed in collaboration with LG Electronics on the day. Robot consultant 'Alpha' has been tentatively operating at three branches including the branch of Woori Bank since July 25. Alpha is the first robot consultant in the Korean banking industry. Alpha handles paperwork, analyzes investment trends and recommends good products.