Woori Bank Signs MOU for Digital Financial Innovation with Lotte Members

Maximizing Synergy in Finance-Retail Convergence through Big Data-Based Financial Product Development and Digital Platform Construction

Kwon Kwang-seok (right), President of Woori Bank, is taking a commemorative photo with Jeon Hyung-sik (left), CEO of Lotte Members.

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 16th that it has signed a 'Strategic Business Agreement for Digital Innovation' with Lotte Members, an affiliate of Lotte Group.

At the signing ceremony, attended by key officials from both companies including Kwon Kwang-seok, President of Woori Bank, and Jeon Hyung-sik, CEO of Lotte Members, they agreed to accelerate cooperation for digital financial innovation, from developing convergence financial products combining financial and distribution data to building digital platforms.

Lotte Members, which signed the agreement this time, has about 40 million L.Point members and is a big data consulting and marketing company that provides the L.Pay simple payment service.

Based on financial and distribution data, the two companies plan to actively promote new business partnerships in various fields through building digital platforms that develop big data-based financial products reflecting the latest trends and provide customized recommendation services optimized for customer needs.

Utilizing the overseas networks and sales channels of Woori Bank and Lotte Members, they will carry out joint marketing such as developing specialized products for local customers to maximize the synergy of the two companies' convergence.

President Kwon stated, "Through this agreement, we can provide optimized financial benefits tailored to customers' lifestyles through a new financial platform that integrates the data infrastructure of both companies," and added, "We will continue to enhance customer satisfaction and convenience by providing lifestyle-oriented financial services through the combination of finance and distribution."

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