NH Bank President & CEO Son Byung-hwan speaks at Digital Human Bank Talk Show held in July.

“NH Bank should contemplate what services we can offer to consumers,” NH Bank President & CEO Son Byung-hwan said. President Son made the remarks at Digital Human Bank Talk Show held in July.

NH Bank executives and staff members got together at the event and were engaged in discussions on how to explore digital financing services based on financial consumers that will make a difference.

The reason behind the event is that a third internet bank, dubbed Toss Bank, a consortium of 11 companies led by fintech firm Viv Republica, has obtained the go-ahead on its establishment from financial regulations, and open banking is predicted to be expanded. Three laws related to data have been revised.

NH Bank sees that amid swirling industry changes, the bank is expected to be facing fierce competition with other commercial banks and fintech companies down the road.

In this regard, NH Bank has designed “Consumers’ Experiences, being Moved Digitally” as its digital financing vision, and it has been adopting diverse digital transformation strategies.

NH Bank is implementing a two-pronged strategy: operating “All One Bank,” a convenient banking app for mobile banking services, and “NH Smart Bank,” a full banking platform designed to offer services ranging from banking to asset management.

What makes this service different is that All One Bank is not a solo venture by NH Bank, but includes affiliates under its financial holding company, including non-life insurance, savings banks, fintech companies and others.

NH Smart Bank is evaluated to be the top-ranking commercial banks in terms of the Monthly Active Users (MAU) index. NH Bank plans to transform itself into an innovative platform, which goes beyond an internet bank.

All One Bank is an experimental and innovative platform. Specialized services related to financial consumers’ daily lives will be expanded while data-based super personification marketing will be realized.

As open banking allows one bank to gain access to all accounts of other banks, NH Bank sees it as not only a crisis but also opportunities.

NH Bank plans to release corporate settlement services using open banking as well as an account-based integrated settlement platform. The bank also plans to release a new convenient settlement service on the global stage.

NH Bank is considered to boast top-rated application programming interfaces (APIs).

NH Bank has played a leading role in the establishment of integrated open API and open banking for Korean financial institutions. At the heart of Open Banking lie application programming interfaces (APIs). APIs traditionally refer to technical interfaces for software programs.

NH Bank established the NH Digital Innovation Campus to nurture fintech last year. The campus serves as a technology research center to make new technologies new assets. In particular, the bank plans to accelerate efforts to develop AI technologies.

NH Bank, a latecomer in the overseas business, also plans to step on the gas to tap overseas markets.

Idol group ‘Girls in the Park’ makes a pitch for NH Smart Banking, opened by NH Bank. (Photos: NH Bank)