LG CNS Accelerates MyData Platform Business for Financial Companies

[Asia Economy Reporter Buaeri] LG CNS announced on the 16th that it will intensify its platform construction business targeting financial companies promoting the MyData business.

Since the end of last year, LG CNS has consecutively secured MyData platform construction projects from various financial sectors such as cards, banks, and securities. Over the past five years, it has built next-generation financial systems more than 20 times.

The MyData service will be launched nationwide for all citizens in August this year. MyData is a service that collects customer data scattered across financial companies, telecommunications companies, online shopping malls, electronic financial companies, and more, allowing users to view and manage it at a glance.

MyData business operators collect various data with customer consent and provide new services through data analysis. On January 28, 28 companies obtained the first round of MyData business operator licenses, and last month, 31 companies applied for the second round of licenses.

LG CNS is building MyData platforms for companies that have received or applied for MyData business operator licenses, focusing especially on financial companies.

LG CNS offers both system integration (SI) type services that build new MyData platforms according to client requirements and solution purchase types that provide LG CNS's self-developed MyData platform. It is also preparing a cloud-based subscription model in the form of Software as a Service (SaaS).

LG CNS implements MyData platform functions such as ▲identity verification and consent for credit information provision ▲data transmission and collection from data providers ▲data analysis for generating customized customer services.

LG CNS creates systems that allow financial companies holding customer credit information to obtain data provision consent from customers and manage it securely. Next, it establishes a system for data transmission and authentication between data providers and MyData business operators. Through this, MyData business operators can collect customers' credit information, bank and card usage information, telecommunications and smartphone usage information, shopping mall payment information, and more. LG CNS builds a data analysis platform to provide customized services to customers who have consented to data provision.

Through MyData, customers will receive services such as financial management, efficient card usage, consumption coaching relative to assets, lifestyle-tailored loan services, insurance product comparison, real estate information provision, and shopping product recommendations.

LG CNS also built the MyData testbed platform for the Financial Security Institute. Both MyData business operators and data providers can test safe and smooth data authentication and transmission processes on the MyData testbed and receive development guides according to standard APIs.

LG CNS is preparing to form the 'MyData Test Alliance (MTA)' together with clients who have built MyData platforms. It plans to lead collaboration so that tests similar to actual services can be conducted before the official launch of the MyData service in August.

Hong Seung-yong, head of Financial Innovation at LG CNS DTI Business Division, said, "We will make every effort to ensure safe and transparent personal credit information management, which is the core of MyData," adding, "We will contribute to the activation of the MyData industry by providing data analysis using artificial intelligence (AI) technology and services with various added values."

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