Woori Bank Participates in Financial Data Exchange's '2021 Financial Data Expo'

[Asia Economy Reporter Kwangho Lee] Woori Bank announced on the 26th that it will participate in the '2021 Financial Data Expo' hosted by the Financial Security Institute and operate an online booth introducing data products and services, as well as data utilization cases.

The 2021 Financial Data Expo, held to commemorate the 1st anniversary of the launch of the Financial Data Exchange, will be held online for three days from the 11th to the 13th of next month. A total of 12 companies from various sectors including banking, cards, and distribution are expected to participate.

Woori Bank established a safety system for data openness by simultaneously acquiring international standards and nationally certified personal information protection certifications for the first time in the financial sector in June last year.

Since January this year, based on abundant financial data and its own data analysis capabilities, the bank has been conducting big data-based personalized marketing that analyzes customer behavior information with artificial intelligence to recommend customized products, the first in the banking sector.

In addition, in partnership with the Korea Financial Telecommunications & Clearings Institute, Woori Bank is actively promoting the combination of internal and external data, such as discovering big data-based neighborhood commercial district support models.

Currently, Woori Bank registers subscription-based sales data every month on the Financial Data Exchange, including nationwide small business loan status by industry based on bank credit and nationwide regional and industry card sales performance based on merchant performance, and plans to continuously expand this.

A Woori Bank official said, "We are actively promoting data commercialization that expands the data spectrum through data partnerships with different industries and creates new business opportunities through data transactions," adding, "We will actively respond to building a data ecosystem through participation in this Financial Data Expo."

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