Complete Overhaul of IT System
"Worth Several Hundred Billion Won"
On December 29, LG CNS announced that it has signed a contract with NH NongHyup Bank to build the next-generation system (Project NEO).
This project represents the largest single contract in the financial sector's next-generation business, amounting to several hundred billion won. The exact amount has not been disclosed, as it is subject to agreement between the two companies. The project period is set for 27 months, from January next year to April 2028.
LG CNS will completely rebuild NH NongHyup Bank's core IT system, which handles customer accounts, financial transactions, and financial products, with a focus on digital transformation.
First, NH NongHyup Bank's financial transaction system will be separated by work units and converted into a structure that allows for independent operation. The plan is to streamline the system by reducing redundant or unnecessary services and reallocating functions.
To respond to the growing demand for digital services such as mobile and internet banking, a dedicated non-face-to-face core banking system will also be established. LG CNS will design the system using a layered architecture, which structures functions by layers, enabling NH NongHyup Bank to update and modify services at any time.
Various in-house solutions, proven through multiple projects, will also be introduced. LG CNS will enhance NH NongHyup Bank's next-generation system by utilizing its AI security solution "SecuXper AI" and its system verification solution "PerfectWin."
An LG CNS representative stated, "Our comprehensive competitiveness-including the know-how and technological expertise accumulated through previous NH NongHyup Bank projects, our AX business based on the latest technologies such as AI and cloud, and our global banking business capabilities-was the background for winning this contract."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
