On September 13, Kwon Joon-hak, president of NH Bank, visits the Integrated IT Center in Uiwang to listen to explanations about the system. (Photo: NH Bank)

NH Bank’s strategic goal for this year is to become a customer-centered comprehensive financial platform company.

Digital financial innovation is accelerating in order to expand NH Bank’s businesses into the fintech and information technology (IT) businesses, going beyond the traditional banking business.

“Digital financial innovation is a top priority for the future survival of NH Bank,” said Kwon Joon-hak, president of NH Bank.

“Let’s change NH Bank into a customer-centered digital finance leading bank by implementing a differentiated digital living finance platform based on the understanding of customer.”

Since Kwon took office, NH Bank has been speeding up its digital transformation. The number of “cells” created by the previous NH Bank president in 2020 has increased to 15 this year. The cells main task is digital transformation.

The goal of personal finance-related cells is to make financial services convenient for customers by lowering the number of times they have to visit bank branches in person.

Corporate finance-related cells are focusing on improving non-face-to-face processes while making efforts to enhance the convenience of non-face-to-face transactions for small business owners.

NH Bank cites an improvement in the intermediate payment loan process and strengthening the platform competitiveness of its mobile app “All One Bank” as representative achievements of the agile organization.

Recently, NH Bank has been stepping up efforts to promote its MyData customer credit information management business at the level of NH NongHyup Financial Group.

It plans to be reborn as a comprehensive financial service platform, and expand its functions as a living financial platform and a sustainable win-win platform.

NH Bank has also actively started to upgrade functions such as services that pay various fees through the use of iPhone as a transportation fee payment device.

Investment at the holding company level is also on the rise. NH NongHyup Financial Group has also come up with a plan to invest 500 billion won in the information technology sector for the stable operation of its digital system.

Using NH Bank’s All One Bank as a gateway, it plans to build an integrated platform that encompasses NongHyup’s membership program, “NH Members.”

NH Bank’s future focus is on strengthening corporate digital finance. Corporate Digital Financial Cells in charge of digital affairs related to corporate customers is creating the most suitable financial platform for companies through interviews with corporate accounting managers.

Big data services are also considered a strength of all of NH NongHyup Financial Group’s digital financial services. NH Bank runs a credit card business and can secure distribution data through NH Members.

NH Bank regularly holds a meeting of the Big Data Council and is making all-out efforts to discover related businesses through enterprise-wide data utilization.

“All executives and employees will strive to grow NH Bank into a customer-centered digital financial leading bank with a sincere attitude,” President Kwon said.

In a related development, NH Bank announced on Oct. 7 that it has passed a MyData service functional suitability review by the Financial Security Institute for the first time in the Korean banking sector ahead of the full-scale implementation of MyData services in December.

The MyData service function suitability review is a procedure to examine the eligibility of MyData services in accordance with rules set by financial authorities under the supervision of the Financial Security Institute.

The NH MyData Service consists of NH Asset+, which manages customers’ assets and consumption status by collecting transaction information from all financial companies.

Also, Year-End Tax Adjustment Consulting provides tax savings tips through year-end tax adjustment simulations; Financial Planner helps charge the balance of payment accounts by predicting the amount of payment shortages according to customers’ payment schedules; My Car Management is for selling used cars, dealing with unpaid tolls and traffic fines; Customized Government Benefits recommends subsidies from the central and local governments.

NH Bank is planning to launch the NH MyData Service through NH Smart Banking and All One Bank Application on December 1.