With the emergence of Internet banks in Korea getting closer, Korea’s commercial banks are stepping up their level of cooperation with mobile communication firms.
KB Financial Group, for one, launched the Live Mate, its financial and communication fusion service on Nov. 21 for the first time in Korea, which will be used by its seven financial affiliates including Kookmin Bank, KB Fire and Marine Insurance, KB Kookmin Card and Kookmin Investment and Securities. The new mobile financial service uses the digital contents of LG U+ to make its customers more comfortable in using the mobile financial service platform.
The customers will be able to download new movies and live sports broadcasts, among the selections from the mobile communication firm’s mobile TV service.
The customers will also be able to buy online content offered by LG U+ with their membership points. They will also be allowed to use points they collected from LG U+ from paying their fees to get a preferred interest rates on loans from Kookmin Card.
From next year, they will be able to pay LG U+ charges with membership points they earned from Kookmin Card.
LG U+, which has designated the Internet of Things (IoT) as a new growth engine, is stepping on the gas to explore new services in the IoT sector, getting more involved in people’s daily lives.With determination and focus, LG U+ has a strategy zero in on such core business segments as video and electronic settlements, in order to make them sustainable profit models.
The Korean financial information company FnGuide said on Feb. 18 that LG U+ posted 632.3 billion won in operating profit in 2015, up 9.7 percent over the previous year, as well as 351.2 billion won in net profit, a 54.5 percent jump. The telecom service provider’s operating profit is projected to grow to 701 billion won this year. LG U+ promises to take an omnidirectional approach to diversify the IoT business arena.
In the latest move to make an aggressive foray into the IoT field, LG U+ has released the LTE Magic Mirror that can analyze types of human skins via IoT technologies in cooperation with the full-scale interior company Hanssem. The LTE Magic Mirror can recommend skin management tactics and cosmetics tailored to meet a customer’s particular needs according to the measured skin type.
LG U+ plans to nurture such industry IoT segments as smart factory and smart building as growth engines that can create value for customers by differentiating itself from other rivals in the industry and public fields.
The company strives to develop IoT services with diverse service developers and manufacturing companies while building an IoT ecosystem with SMEs and venture companies. LG U+ has invested $2 million and acquired a stake in Jibo, a U.S. intelligent robot venture company, which is developing the world’s first commercial social robot, “Jibo.” If the development of the robot with intelligence and emotions is completed, it will be commercialized in the United States early next year. The company is working on the launch of such new businesses as IoT total solutions outfitted with electric vehicles and electric ships in collaboration with U.S. EV developer, Leo Motors, Inc.
“The LoT market is now expanding into diverse services based on big data, and innovative changes will like take place in such areas as self-driving, robots, other systems and sensor-based IoT platform solutions in the years to come.” LG U+ officials said.
LG U+ plans to realize IoT services closer to customers’ daily lives by collaborating with diverse fields.
The company plans to launch services controlling refrigerators, air conditioners, air purifiers, washing machines and microwave ovens regardless manufacturing companies, including LG Electronics and Samsung Electronics.
“With the expanding of alliances on IoT services into all industries, LG U+ plans to release intelligent IoT services in the second half of this year with a focus on the upgrading of platform and system development to establish such core areas as engine areas as office-to-office (O2O) and settlement as future growth engines.” they said.
LG U+’s strategies to offer lower prices to customers and lead the IoT market have paid off, as more IoT services are put on the market. Financial investment companies said LG U+, expanding into the IoT business area with a focus on home IoT services, is forecast to maintain growth momentum.
In particular, they said LG U+ will likely make a splash with a positive business performance in the home IoT business this year. The telecom service provider has made a feat of attracting more than 100,000 subscribers in six months since releasing home IoT services. LG U+ plans to double the number of IoT service subscribers by reinforcing marketing activities to such B2B areas as construction companies.
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