BGF Retail Collaborates with KB Financial Card on Distribution and Financial Big Data

[Asia Economy Reporter Minyoung Cha] BGF Retail, which operates CU, announced on the 19th that KB Kookmin Card is embarking on a business collaboration by combining big data from the retail distribution and financial sectors.

This collaboration is a strategic partnership for the recently expanding cross-industry digital transformation (DT), aiming to provide optimal products and services to convenience store and credit card users by utilizing the big data held by both companies.

BGF Retail can support customized convenience store operation strategies by analyzing the operational status of over 14,000 stores nationwide through KB Kookmin Card’s platform-based monthly data analysis service.

Both companies expect this partnership to deepen the understanding of customers' diverse lifestyles and consumption needs, derive highly efficient convenience store operation strategies, develop differentiated financial products, and further enhance the practical use of big data in daily life.

Meanwhile, BGF Retail recently signed a business agreement with the Financial Security Institute and is selling various convenience store big data collected through CU for the first time in the distribution industry via the Financial Data Exchange. Over 20 types of data are registered, including sales by region, age, time period, and product.

Yoon Seok-woo, head of BGF Retail’s Big Data Team, said, “Convenience stores are ideal for data collection, storage, and analysis, and have wide related fields, making the value of big data utilization limitless,” adding, “We will continue to actively fulfill our role as a big data infrastructure that can improve consumers’ quality of life and national industrial competitiveness.”

Meanwhile, BGF Retail established the industry’s first data analysis and strategy department, the Big Data Team, in 2013 and provided stores with about one million store analysis reports over the course of a year.

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