Woori Financial Group and KT Form New Business Alliance Through Finance and ICT Convergence

Taesung Sohn, Chairman of Woori Financial Group (left), Hyunmo Koo, CEO of KT

[Asia Economy Reporter Kim Hyo-jin] Woori Financial Group announced on the 29th that it will carry out various collaborative projects with KT to prepare for the 'post-COVID-19' era. The two companies plan to strengthen their alliance by discovering new businesses that combine finance and information and communication technology (ICT), promoting joint marketing for these ventures, and increasing transactions between them through strategic business partnerships.

As the novel coronavirus disease (COVID-19) has made contactless (non-face-to-face) environments the norm, the two companies plan to provide innovative non-face-to-face services to customers by building an artificial intelligence (AI) conversational platform and establishing a cloud-based remote work environment.

In particular, Woori Financial plans to enhance channel efficiency through digitalization linking face-to-face and non-face-to-face channels while establishing a customer convenience-centered business environment. They also plan to launch customized financial products suited to the hyper-personalization era by utilizing KT's data analysis technology.

Woori Financial Group also plans to reduce costs and expand customer touchpoints through joint marketing using KT's communication infrastructure and financial services, including mobile phone and internet information. To this end, the two companies are reviewing partnership rate plans, financial product development, overseas remittance, and currency exchange services.

Furthermore, the two companies have agreed to continuously expand transactions through strategic business partnerships. Woori Bank will support financial transactions such as retirement pensions and loans for KT employees, as well as KT's Asset Backed Security (ABS) issuance operations. KT plans to expand communication services and device distribution to Woori Bank to further enhance alliance synergy.

A Woori Financial Group official said, "The two companies will provide innovative services by utilizing the data and know-how accumulated in the finance and telecommunications sectors," adding, "Through this new business alliance, we will gain momentum to lead the data economy era and pioneer digital finance."

This content was produced with the assistance of AI translation services.