Hyundai Card Partners with IBM for Further Progress on AI and Blockchain Technology

IBM has been frequently in the news lately as they form new partnerships with companies that want to broaden their reach in technology. One of the most recent announcements is of their collaboration with Hyundai Card Commercial, announced on PR Newswire on February 13th.

The press release shows that the intention of the collaboration is to improve how AI and blockchain technology is used in Hyundai. The main focus is on

“improving the customer experience and expanding their financial services business globally.”

Their announcement was released at the annual conference that IBM hosts for technology and business called IBM Think 2019.

Before now, there has been no AI-based chat bot available for customer services in the financial industry of Korea, making Hyundai Card an innovator in the space. The service, called “Hyundai Card Buddy,” is capable of answering various questions with great speed that customers frequently ask. The Hyundai professionals are then available to more complex concerns that the AI bots cannot answer at this point. Considering the substantial use of the internet in Korea, Buddy is a great way to service customers, which has already begun to do.

The AI-based system is programmed to learn through the interactions it has, using the machine learning technology that IBM Watson provides. It is capable of interpreting the meaning of questions, understanding the hidden meanings of the interactions, and provide answers to these questions.

Hyundai Commercial, as the press release states, is

“a corporate finance company that provides leasing and financial services for commercial vehicles and construction equipment, is collaborating with IBM to apply blockchain and modernize its business model.”

The network reduces the lead times and costs for financial transactions with the implementation of Hyperledger Fabric. The commercial financing network aims to offer a complete view of the transactions presently occurring, which happens alongside the securing of transaction data and automation of manual processes.

Ted Chung, CEO of Hyundai Card, said,

“It's almost impossible to fully understand or memorize the benefits, limits, or conditions of a finance product. Customer services employees' turnover rate and training cost is very high while the customers demand high quality service. So, we introduced IBM Watson and it became a very powerful tool to help our employees and helped us to lower our employee turnover rate to less than 10%.”

The general manager of IBM Korea, Andrew Chang, also spoke on the benefits of this collaboration, saying,

“Korea enjoys a digital-first financial services industry in which the rapid adoption of technologies such as artificial intelligence, analytics, blockchain and cloud are improving the customer experience and helping expand into new opportunities. Working with IBM, Hyundai Card ∙ Hyundai Commercial has pioneered these new technologies and has been a strong innovator in the industry.”

To learn more about the events transpiring at Think 2019, visit the Newsroom at http://newsroom.ibm.com/think.

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Publication date: 
02/13/2019 - 21:46
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