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South Korea’s IBK launches an AI-based review system for real estate

Author : Saipriya Iyer | Published Date : 2020-09-23 

IBK (Industrial Bank of Korea), a renowned Korean industrial bank, has reportedly launched its new AI-based real estate review system known as ‘AI Real Estate Automatic Review System’. This would be the first such review system launched in South Korea. The bank unveiled the system on 22nd September, highlighting its ability to evaluate the amount of real estate based mortgage loans available.

This newly introduced system automatically evaluates the amount and availability of loans using AI by performing rights analysis, regulation review, and document issuance, on the basis of public data gathered by the court, the Ministry of Land, Infrastructure, and Transport, as well as Korea Land Information Corp.

While working on a real estate mortgage loans, bank employees can easily get preliminary screening outcomes, like the available loan amount, in less than three minutes, by simply entering the address. Moreover, the systems can be used to review real estate such as an officetel and a residential complex.

An IBK official stated that there are several regulations and documents that need confirmation for mortgage loan consultation of existing real estate. This process could take as little a time as an hour or as much as a few days for completion. Which requires the customers to revisit the bank several times. However, by using AI-based system operation, this time can be reduced drastically, while increasing the work efficiency of employees, and improving customer convenience.

The new AI-based real estate review system was developed in cooperation with the Tanker Fund, a fintech company as well as a tenant firm of IBK's 1st Lab (First Lab).

In future, the South Korean bank intends to cover other real estate such as land, factories, and commercial complex buildings. Additionally, the bank also plans to expand system use towards non-face-to-face real estate mortgage loans along with the consulting branches.

An IBK official also stated that the bank has neatly verified the preliminary screening outcomes’ accuracy and all other technical aspects.

Source credit: http://www.lcnews.co.kr/news/articleView.html?idxno=8716

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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