Post Office Finance to Switch to Cloud... '24-Hour Service'

On the 28th, as the number of confirmed cases of the novel coronavirus infection increases, residents are purchasing masks at Munsan Post Office in Paju, Gyeonggi Province. Photo by Kang Jin-hyung, Paju aymsdream@

[Asia Economy Reporter Junho Hwang] The Post Office is embarking on a digital transformation to provide financial services without interruption 24 hours a day. In response to the Fourth Industrial Revolution era featuring artificial intelligence, big data, and cloud technologies, it will invest 206.4 billion KRW to introduce a 'Next-Generation Integrated Financial System.' Major information technology (IT) service companies are expected to fiercely compete for the construction project contract.

The Ministry of Science and ICT's Postal Service Headquarters posted a bid announcement on the 3rd to promote the next-generation integrated financial system construction project.

This project aims to digitally transform all systems, from the customer-facing channel system to the account system that processes financial transactions such as deposits and insurance.

To build a new technology-based open platform, a flexible cloud environment for business expansion, including Infrastructure as a Service (IaaS) and Platform as a Service (PaaS), will be introduced. In particular, all financial systems, including core systems such as the account system and information system, will be housed within the cloud. This is an area that other financial companies that have adopted cloud technology have yet to approach.

On the 2nd, postal workers who completed a safe driving pledge ceremony on Sejong-daero, Seoul, are parading in micro electric vehicles. Photo by Moon Honam munonam@

Through this, Post Office Finance users will be able to access financial services 24 hours a day, 365 days a year. Through an omnichannel approach, consultations and product subscriptions will be possible seamlessly across face-to-face and non-face-to-face channels such as counters and mobile. With the introduction of a machine learning-based chatbot, consultation services will also be available 24/7. Especially, users can receive personalized services such as asset management and recommendations for customized products based on big data.

Employees will also apply digital technologies such as big data, artificial intelligence, and RPA to their work, enabling faster consultations and operations. It is expected that paperwork will be significantly reduced with paperless digital counters.

The Postal Service Headquarters will invest 206.4 billion KRW in this project and select a contractor by October. Industry insiders expect IT service companies such as SK C&C, Samsung SDS, and LG CNS to enter the bidding competition.

Jongseok Park, head of the Postal Service Headquarters, said, "While preparing for this large-scale project, we will select contractors transparently and fairly, and strive to become a Post Office Finance that makes both customers and employees happy by building a next-generation financial system that prepares for the future."

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