Samsung's IT division, Samsung SDS, has launched a blockchain and artificial intelligence (AI) technology platform for financial institutions and enterprises as part of its plans to innovate the digital finance industry.
The platform, named Nexfinance, combines existing and new technologies to provide solutions for financial services and issues of digital identity and security. It includes features such as big data analytics, intelligent process automation, an AI virtual assistant, and an AI finance concierge service. It will be used to support companies as they begin or continue to digitize their operations.
The first completed application is for the insurance industry; the AI virtual assistant will provide an insurance claim service that automates work and promises convenience for customers.
For its wider user base, Nexfinance could track and integrate personal finance records from different institutions, provide product recommendations, and manage loyalty programs via the virtual assistance and concierge features.
"New technologies such as biometric, AI, and blockchain are bringing out the urge for a fundamental innovation in the finance industry," said Samsung SDS CEO Hong Won-pyo.
The South Korean company gave details about the endeavour at a media day held on at its Jamsil Campus in Seoul on June 4, 2018, and explained that the platform is aimed at increasing competitiveness in digital financial services, according to BusinessKorea. It has been developed via collaboration with Samsung's "financial sister companies."
"Nexfinance is a platform that allows the easy application of new IT technologies and various external solutions, allowing financial institutions to actively and flexibly respond to a rapidly changing financial IT environment," said a Samsung SDS official.
The Nexfinance platform will use blockchain technologies to store and transmit personal information, harnessing the technology's potential to prevent fraud and deliver additional authentication. According to Samsung SDS, it will be an open platform that allows clients to apply third-party solutions. Nexfinance uses a private blockchain system ran on the Nexledger Consensus Algorithm.
Samsung SDS commercialized its blockchain-based transactions platform Nexledger in 2017. In the latter part of that year, the company won a contract with the city of Seoul to produce a blockchain-secured municipal administrative platform.