Kyobo Life, Woori Bank, Hanwha General Insurance Join Forces to Build Financial Data Dam

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance announced on the 21st that it has signed a business agreement with Woori Bank, Woori Card, Mirae Asset Securities, Hanwha General Insurance, and NICE Information Service for joint research on financial trends based on financial data convergence.

They have agreed to closely collaborate to build Korea's first large-scale private financial data dam. A financial data dam refers to a type of platform that processes large volumes of data to create high-value data, which can then be utilized by users according to their purposes.

The six companies plan to simplify and regularize processes such as data collection, integration, analysis, and distribution, and cooperate closely in the emerging big data business as a new growth engine.

They plan to develop an integrated customer life dashboard covering finance, consumption, health, and more, as well as joint financial rating development. Additionally, they will collaborate to develop various indicators for customized customer service development.

Financial companies participating in the financial data dam will be able to collect, integrate, and analyze pseudonymized customer information held by each company, and the integrated data will be made available for purchase through platforms such as the Financial Data Exchange (FinDX) and Korea Data Exchange (KDX).

Using NICE Information Service's communication network, they aim to develop a system that can provide the information each company needs in real time and build a big data platform. Kyobo Life Insurance expects to enable customer-centric integrated data analysis by securing customer data, managing customer journeys, and establishing a customer understanding system.

A Kyobo Life Insurance official said, "By utilizing the financial data dam, we can create new growth engines and enhance future competitiveness," adding, "We will develop services that create higher-level customer value based on data and apply them to marketing, product development, and new businesses."

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