During IBM’s annual technology business conference IBM Think 2019, Hyundai announced (Feb 13) a new partnership with IBM for two of its subsidiaries – Hyundai Card and Hyundai Commercial – to advance the use of cloud-based AI and blockchain technology respectively.
The aim is to improve customer experience and expand their financial services business globally.
Hyundai Commercial, which provides leasing and financial services for commercial vehicles and construction equipment, is working with IBM to apply blockchain and modernize its business model. IBM will focus on creating a new supply chain financing ecosystem using open source Hyperledger Fabric. The project aims to automate manual processes, reducing cost and lead time. Stakeholders such as dealers, distributors, and manufacturers will be able to commonly witness transactions happening in real-time, enhancing security and efficiency.
Hyundai Card, on the other hand, has introduced a new AI-based chatbot for customer service, claiming to be the first of its kind in the Korean finance industry. Called “Hyundai Chat Buddy,” the bot is based on IBM Watson’s AI, and is able to reply to customers using natural language processing and continues to learn at it operates.
“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,” said Andrew Chang, General Manager of IBM Korea.
Earlier this week, HyundaiPay signed a Memorandum of Understanding to promote the growth of fintech startups in Busan, South Korea’s second most populous city.