0
This image was generated by AI.

Generative artificial intelligence (AI) services such as ChatGPT and Gemini are emerging as new customer touchpoints for financial companies. As the number of consumers using AI to search for financial information grows rapidly, financial companies are increasingly revamping their financial content and websites to make their information and products more likely to be cited in AI-generated responses.

Behind these efforts is a strategy to attract consumers through AI-generated answers and encourage them to visit company websites and apps and sign up for financial products. Competition among financial companies to attract customers, previously centered on online portals and mobile apps, is now expanding into the AI ecosystem.

According to financial industry sources on Nov. 3, NH NongHyup Financial Group recently launched a proof-of-concept project to assess generative engine optimization (GEO) and develop response strategies. GEO refers to optimizing specific brands, content and information so that they are naturally cited or featured in responses generated by AI when answering users' questions.

NH NongHyup Financial plans to measure how frequently its content appears in responses from three major AI engines — ChatGPT, Gemini and Claude — and develop pilot financial content using GEO to evaluate its effectiveness.

"The purpose is to explore the potential of generative AI as a new customer touchpoint, given the significant increase in its users," an NH NongHyup Financial official said.

"Based on the results of the pilot project, we will consider whether to formally adopt GEO and expand it to our affiliates. We also plan to develop our approach so that NH NongHyup Financial's official information can be used as a major source in AI-generated answers," the official added.

Other financial companies are also increasingly adopting GEO-based marketing.

Shinhan Bank launched its open financial content platform, Shinhan SOL-git, on Oct. 7. The platform features an improved content structure designed to make it easier for search engines and AI systems to understand and use its information, in line with how generative AI searches for information.

KB Kookmin Card has also incorporated GEO strategies into its credit card product content and applied them to its own channels, including blogs. BC Card is pursuing plans to make information from its lifestyle financial platform, Paybooc, more widely available on the web to increase the likelihood of being cited in AI searches.

Some companies have already achieved tangible results.

KB Financial Group said its financial content platform, KB's Thoughts, launched in February 2024, surpassed 50 million cumulative views within two years of its launch. In March this year, the number of keywords associated with content appearing in or cited by AI search services had increased approximately fourfold compared with May last year.

Financial companies regard AI search as a third non-face-to-face customer touchpoint, following online portals and mobile apps. This is because more consumers are using generative AI to compare and analyze financial products or receive recommendations.

According to a survey conducted in August by the Korean Academic Society for Public Relations and Prain Global, 36.2% of 1,000 generative AI users said they had received AI recommendations in the financial sector. Among respondents who had purchased products through AI, 17.8% said they had purchased financial products based on AI recommendations.

In the United States, a Deloitte survey found that 58% of AI tool users said they had used AI to research banking products.

However, experts point out that financial companies must also verify the accuracy of information and strengthen consumer protection measures as AI searches become more widespread.

"Financial companies need to regularly check how AI presents their information," said Jung Yoo-shin, a professor of business administration at Sogang University.

"Because finance involves reputational risks, people need to review the content and appropriate safeguards must be put in place in areas involving direct contact with customers," he said.

                                                                                                          Han Sang-wook