In a speech at the 2017 Branch Managers Meeting on Feb. 10, Chairman Kim Do-jin of the Industrial Bank of Korea (IBK) said banks have allow customers the opportunity to handle transactions in the palms of their hands, foregoing the old-fashioned brick-and-mortar business plan where customers simply visited bank branches nearest to them.
At the meeting where some 1,000 IBK branch managers and heads of affiliates were gathered, the CEO warned that banking outlets closing down one after another, with personnel departing and paper bank books disappearing. He stressed several times the necessity of the reform of the banks’ banking channels. IBK declared 2017 to be the initial year for the Fintech Promotion in its operation, and has been experimenting with Fintech-related technologies and ideas to adapt them in its operation.
The bank began with changes in its organization. It set up the Future Channel Group in charge of the non-face channel, followed by the reform of the Enterprise Fintech Channel Dep’t to push the IBK Dream Factory Project designed to seek the Fintch business firms intensively and connect them with the bank’s operation.
IBK’s Fintech introduction bid has been divided into three areas largely along the lines of the purposes. The first area is to speed up the introduction of Fintech into the bank’s operation as soon as possible, which will be handled by the Fintech Application Council to decide where in the bank’s operation Fintech will be introduced following discussions among the council members with the most likely areas being security, cloud funding and simple fund remittance, among others.
The second area is on seeking the profitable areas of banking where Fintech would be most effective. The most likely Fintech will be picked out in building a model of banking business that would generate great profits. Such Fintech technologies as Big Data, Blockchain, P2P Loans and overseas fund remittance would be among the most likely technologies to be selected for introduction in the bank’s operation.
The bank also decided to develop an open platform to help the related business clients so they can be nurtured as partners for growth, with the bank in the ecological systems suitable for their cooperative operations through the IBK Fintech Dream Solution. IBK has already been providing diverse banking services to corporate clients, including the Enterprise Investment Information Garden, the IBK Commercial Sphere Information Service and others.
The Industrial Bank of Korea (IBK) has recently launched the IBK mobile application for financial management that can check the flow of funds. This is a mobile service that relays to its business owner simple profit and loss reports on business operations, the details of sales on credit cards, expected tax refunds and others that are needed in day-to-day business management, which can be provided at pre-arranged hours daily.
The bank named the service a Mobile Management Secretary and any customer who has the app registered can get all kinds of information on banking transactions, including deposits and withdrawals from bank accounts. At the beginning of a new month, users can see profits and losses in cash management.
The mobile application, downloadable from smartphone maker or telecom service providers’ app store’s, offers general banking services to include account balance checking, money transfers, credit cards, funds and foreign exchanges.
“Since our establishment on August 1, 1961, we have constantly expanded our corporate client base,” according to the firm. “Although it took us 44 years to secure more than 500,000 corporate clients, a monumental threshold in our own right, it only took eight more years to cross the historic one million mark on Dec. 19, 2013.”
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