New Financial Foundation
As fintech and Internet banks are having their time in the sun, financial IT services, which have been classified as a special area in the past, are now emerging as the mainstream business of banks. In particular, presidents of banks are personally taking part in and competing over financial IT services.
According to financial industry sources on Sept. 9, KB Kookmin Bank and Woori Bank are competing over offering banking services without ActiveX. In addition, they are competing for new smart banking services under the command of their presidents.
Woori Bank launched a mobile-only bank service called “WiBee Bank” on May 26 this year, and its President Lee Kwang-goo made an appearance in the advertisement, drawing attention.
Industrial Bank of Korea (IBK) has also launched “i-ONE Bank” on June 18. It offers mobile platforms where customers can access around 200 financial services around the clock, including deposits, installment savings, funds and loans, through a smartphone application. Also, IBK CEO Kwon Seon-joo showed up at the launching ceremony in person, attracting notice.
Moreover, there is competition between banks to create a fintech ecosystem. NH Nonghyup Bank announced that it was building an NH Fintech Open Platform at the end of March in order to support fintech firms, and has been striving for the project since then. On Aug. 26, NH Nonghyup Bank and NH Nonghyup Mutual Finance signed MOUs with 20 fintech companies, and its President Kim Ju-ha took part in the ceremony.
Previously, Shinhan Financial Group announced an official launch of Shinhan Future’s Lab on May 26, and has been putting group-level efforts into the cooperation program with fintech firms. The launching ceremony was attended by top executives of its subsidiaries such as Shinhan Bank. President Cho Yong-byoung, Cho Yong-byoung, Shinhan Card President Wi Sung-ho, and Shinhan Investment CEO Kang Dae-seok.