"Financial Sector Moves Swiftly... KB Kookmin Bank Deeply Embracing Agile"

KB Kookmin Bank, 'Agile Coaching' in Product Development Department

[Asia Economy Reporter Song Seung-seop] KB Kookmin Bank is accelerating the formation of an ‘Agile’ organizational culture. Even the financial sector, which has been regarded as slow to change and conservative, appears to be moving quickly to adapt to the rapidly changing environment.

According to the financial sector on the 16th, KB Kookmin Bank recently decided to implement the ‘KB Agile Coaching Program’ for KB Star Banking product development. To select a company to carry out the program, the internal DT (Digital Transformation) Strategy Department completed the proposal submission process by 3 p.m. on the 14th. The selected company will be matched one-on-one with internal personnel for the purpose of developing KB Star Banking products.

‘Agile’ is an English word meaning ‘nimble’ and refers to departments, methods, or organizational cultures that work flexibly. It involves various personnel coming together around projects regardless of their affiliated departments to perform tasks. Agile organizations are characterized by small, flexible groups that assemble and disperse, commonly used in startups or IT companies. It is the opposite concept of ‘Waterfall,’ where decisions are made at the top and tasks are delegated downward to lower departments.

This program was proposed to make the product development process of KB Star Banking more agile and nimble. The intention is to create excellent products by receiving advice from external companies proficient in Agile development methodologies. A KB Kookmin Bank official explained, “We implemented this to further advance the existing Agile organization,” adding, “We are receiving coaching to establish an Agile program unique to KB Kookmin Bank.”

The introduction of Agile organizations at KB Financial Group began around 2017. This is several years ahead of other financial groups that started reviewing Agile culture at the end of last year or early this year. KB Kookmin Bank has also utilized Agile methodologies through its dedicated Agile organization called ‘ACE.’ Last year, it established the ‘KB Agile Center,’ which is responsible for creating Agile methodologies and teaching the operation of Agile teams. KB Kookmin Bank has significantly reduced the decision-making stages within Agile organizations to promote horizontal and creative idea exchanges.

KB Kookmin Bank’s interest in Agile organizations stems from the rapidly changing financial environment, unlike in the past. As digital finance becomes mainstream, swift decision-making is essential to promptly deliver products and services that customers want.

There are also digital innovation projects and items completed using this approach. Representative examples include ‘Liiv Talk Talk,’ equipped with conversational banking and internal messenger functions, and ‘Liiv Mobile,’ a financial and telecommunications service based on a Mobile Virtual Network Operator (MVNO). When the Liiv application was completely revamped in 2020, a team of 10 deputy and manager-level employees formed an Agile organization.

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