Hyundai Card — a financial subsidiary of South Korea automotive manufacturer Hyundai and Kia Motors — has announced that it is partnering with IBM to drive its business transformation.
Through the partnership, Hyundai Card hopes to use cloud-based artificial intelligence (AI) and blockchain technology in a bid to improve the customer experience and expand their global financial services business.
Using IBM’s technology, Hyundai Card has introduced an AI-based chatbot called ‘Hyundai Card Buddy’ which answers common customer questions quickly and allows professionals to handle more complex customer service needs.
The chatbot uses natural language processing and machine learning technology from IBM which allows it to understand questions and enhance the customer experience.
Additionally, Hyundai Commercial — a finance firm that provides leasing and financial services for commercial vehicles and construction equipment — will also work with IBM.
Hyundai Commercial plans to use IBM's blockchain technology to create a new supply chain financing ecosystem.
In doing so, it hopes to “reduce lead times and costs in financial transactions among dealers, distributors, and manufacturers,” according to IBM.
"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,” said Andrew Chang, General Manager, IBM Korea.
“Working with IBM, Hyundai Card ∙ Hyundai Commercial has pioneered these new technologies and has been a strong innovator in the industry.”