[Asia Economy Reporter Seulgina Jo] KT is partnering with Shinhan Financial Group, the No. 1 financial group in Korea, to create future financial business models based on digital platforms.
On the 8th, KT announced that KT CEO Koo Hyun-mo and Shinhan Financial Group Chairman Cho Yong-byeong signed an MOU for future financial DX business cooperation at the Shinhan Bank headquarters located in Jung-gu, Seoul. The two companies have been promoting the discovery of new business items by combining KT’s digital platform know-how with Shinhan’s financial capabilities, and through this cooperation, they plan to accelerate concrete business initiatives.
First, the two companies will jointly develop digital financial models and products based on data collaboration between the heterogeneous industries of telecommunications and finance. Leveraging KT’s ICT capabilities such as artificial intelligence (AI) and big data, as well as B2C and B2B customer channels, combined with Shinhan Group’s top financial capabilities, the companies expect to launch innovative products and services in various fields of digital finance and achieve meaningful market results.
Additionally, KT has linked Shinhan Bank’s non-face-to-face business loans to its big data-based commercial district analysis service platform ‘Jalnagage’. Going forward, they plan to expand the integration of Jalnagage services with Shinhan financial services, including the development of specialized loan models applying telecommunications data. Furthermore, they are also considering strengthening their commercial district analysis services through data collaboration between KT’s Jalnagage and Shinhan Card’s commercial district report ‘My Shop Partner’.
KT and Shinhan Financial Group are also reviewing joint research to improve work productivity and enhance customer convenience based on AI technology. The two companies are considering KT’s participation in the construction project of Shinhan Financial Group’s integrated AI Contact Center (AICC) and are exploring mid- to long-term cooperation in developing text, voice, and language models related to the AI Contact Center (AICC).
Moreover, comprehensive partnerships between KT Mobility and robot platforms and Shinhan’s financial infrastructure are actively being considered. For example, it is possible to build a simple payment platform on connected cars or link Shinhan Bank services to KT robots.
Both companies are also focusing on expanding their business into non-financial areas based on their respective B2C service platforms. Shinhan Life’s AI-based home training service ‘HowFIT’ is planned to be provided through Olleh TV within this year. The HowFIT service, previously available on mobile, will be accessible on larger screens such as TVs, allowing users to easily enjoy specialized home training services like AI posture correction and remote live classes at home.
Furthermore, KT is considering participating in digital platform businesses actively pursued by Shinhan Financial Group, such as metaverse, education, and pet care. It is expected that specialized services such as pet digital insurance partnership services using pet data and pet content linked with Giga Genie will be possible. In addition, they will expand the young customer base through joint marketing that links telecommunications and financial services targeting the MZ generation.
KT CEO Koo Hyun-mo stated, "We expect to introduce various financial DX models based on the synergy between the country’s largest digital platform company and a financial group," adding, “We will open a new paradigm of future finance with differentiated digital convergence services centered on customers.”
Shinhan Financial Group Chairman Cho Yong-byeong said, "The collaboration between KT and Shinhan will provide innovative experiences to customers of both companies, present a new face of future finance, and contribute to creating greater value for our society."
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