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KB Kookmin Bank Testing New Type of Branch
A Branch Run by IT Personnel
KB Kookmin Bank Testing New Type of Branch
  • By Yoon Young-sil
  • October 28, 2019, 11:04
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KB Kookmin Bank president Heo In (left) visits the bank’s InsighT branch in Yeouido on Oct. 25.

KB Kookmin Bank opened KB InsighT Yeouido on Oct. 27. It is the first bank branch in South Korea that is run solely by information technology personnel.

“This branch, which starts with 10 engineers and has few precedents worldwide, is to deal with process-related complaints without delay and without intermediate steps,” the bank explained, adding, “Here, every banking service will be handled by the IT personnel, and they will test various digital banking products and services while communicating with customers, which means banking services as we know can be provided exactly in the same way and new and experimental services can be provided at the same time.”

The branch comes with tech desks so that startups with financial ideas and technologies can make direct business propositions at the branch. This function is expected to replace contest-based applications for business model suggestion.

In addition, the branch will function as a test bed for new digital financial products and services. In other words, innovative techniques such as vein matching will be tested at the branch before application to the other branches and the personnel at the branch will analyze such techniques in the interest of customer convenience.