Samsung SDS invents a platform

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Samsung SDS invents a platform

Samsung’s IT service unit unveiled its first blockchain-based platform aimed at helping financial companies digitize their business during a press briefing Monday at company headquarters in Jamsil, southern Seoul.

Samsung SDS has been working with the Korea Federation of Banks, which represents 22 banks in Korea, and Samsung’s financial affiliates like Samsung Card to develop blockchain-based user authentication systems. This is its first integrated platform that financial companies can build various applications on.

Samsung SDS says it applied the latest digital technologies including a decentralized distributed ledger system that boasts security and transparency, as well as artificial intelligence and big data analysis to establish the new platform, which is dubbed “Nexfinance.”

While more applications can be added to the platform depending on the needs of financial companies, SDS introduced five applications Monday, which include a digital concierge service and insurance claim service.

The digital concierge application recommends insurance products or funds that best fit a user’s income level and consumption patterns.

“If customers have their financial data dispersed in various financial institutions, the platform collects it using blockchain technology,” said Kim Young-kwon, leader of the digital finance strategy team at Samsung SDS. “Then users can consult with AI chat bots within the application and even subscribe to a new finance program all at once.”

The insurance claim application makes it easier for customers to make claims without the hassle of faxing or filing documents like application forms, according to the company.

“If we link data from hospitals and insurance companies via blockchain technology – with the users’ consent – none of the institutions nor the customer would have to physically gather and type in data to claim insurance money,” Kim added.

Currently this service only works with big name university hospitals with top notch data management systems, the Samsung’s IT service arm said, but it plans to expand partnerships with other hospitals.

“We plan to actively engage in the digital finance business with the launch of Nexfinance, even in overseas markets,” said Ryu Hong-jun, head of the finance business division at Samsung SDS.

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