Banksalad's AI interest-rate cut service doubles users in four months

Banksalad said Thursday that the number of customers using its AI-powered interest-rate cut request service grew 125 percent in July compared with the end of March.

The AI agent-based rate cut request service was created under the Financial Services Commission's inclusive finance policy to reduce the interest burden on financial consumers. It has been available through MyData operators since February.

Banksalad's AI agent handles the process on behalf of customers. When a customer's credit rating or credit score improves — due to higher income, loan repayments or other factors — the agent automatically submits a rate reduction request to the relevant financial institution and notifies the customer of the outcome.

A distinguishing feature of the Banksalad agent is that it applies a "credit score booster" function before submitting the rate cut request, increasing the likelihood of approval. In July, customers who successfully secured a rate reduction through the agent did so in an average of 1.7 attempts.

Banksalad offers a suite of loan management services, including a lowest-rate alert, the AI-based rate cut request tool and an interest reduction service. It recently launched an interest subsidy service that allows customers to recoup up to 100 percent of their monthly interest payments.

The company is also expanding its non-banking offerings, including an initiative to train insurance brokerage specialists using AI.

"The rate cut request right is something customers struggle to exercise on their own, even when they meet the conditions," a Banksalad official said. "Our AI agent manages the process for them, and we are seeing a growing number of cases where that translates into real interest savings." The official added that the company plans to enhance the loan management services it has rolled out this year, aiming to deliver a differentiated loan management experience in which customers maintain optimal loan conditions without any extra effort on their part.