Korean company Samsung SDS has introduced the Nexfinance platform, which combines blockchain technology, artificial intelligence and large data analysis. The initiators believe that this new launch will accelerate innovation and bring the “fourth industrial revolution” closer.

Samsung Finance Director Kim Yang-Kwon believes that financial firms are having a hard time enforcing innovation as new technologies emerge, but there are not enough skilled people.

“Only when different technologies and functionalities come together in one system can companies accelerate digital innovation,” said the expert.

Nexfinance offers its customers five services:

“Financial Concierge” will help AI (Artificial Intelligence) and Intellectual Process Automation (AIP) analysts analyze behavior patterns among financial services users and recommend trustworthy ones among them.

will help AI (Artificial Intelligence) and Intellectual Process Automation (AIP) analysts analyze behavior patterns among financial services users and recommend trustworthy ones among them. The “Digital Personality” service is intended to make the system for storing user data more secure.

is intended to make the system for storing user data more secure. KI-Secretary automates the work of registering insurances using chat bots.

automates the work of registering insurances using chat bots. The “automatic insurance compensation “ accelerates the process of damage determination and the payment of insurance amounts.

compensation accelerates the process of damage determination and the payment of insurance amounts. The service “digital payment” simplifies the process of transactions between customers.

Samsung SDS is part of the Samsung group of companies and develops innovations for cooperation partners. In 2017, Samsung SDS developed a system for identifying users through the blockchain. At the moment, the company is involved in a project of the Korean Banking Association. The aim of the initiative is to develop a national system for the identification of citizens.

Nexfinance is a modified version of another Samsung SDS platform. In 2017, the company already developed its predecessor Nexledger — a blockchain system for tracking goods around the world. The project also introduced digital identification of users and facilitated financial transactions.

Marko Vidrih @cryptomarks