Woori on­line bank­ing to of­fer fin­tech ser­vice

The Korea Times - - FINANCE - By Lee Kyung-min [email protected]­re­atimes.co.kr

Woori Bank has strength­ened its data shar­ing sys­tem with 14 fin­tech firms to bet­ter help cus­tomers use new and in­no­va­tive ser­vices on its on­line plat­form WiBee Bank, the bank said Wed­nes­day.

The ser­vices in­clude ways to avoid voice phish­ing, and rec­om­men­da­tions on auto in­sur­ance, auto prices and promis­ing stocks, among oth­ers.

This is part of “Open Fi­nance,” de­fined by closer in­te­gra­tion be­tween Woori and promis­ing fin­tech com­pa­nies to share data, func­tions and cus­tomer bases, a key ini­tia­tive of bank CEO Sohn Tae-se­ung who dou­bles as Woori Fi­nan­cial Group chair­man.

The bank said cus­tomers will be able to use the ser­vices on the on­line plat­form with­out hav­ing to in­stall new apps. It also plans to in­crease the num­ber of ser­vices avail­able on the plat­form.

“Fin­tech firms do not have a com­pre­hen­sive mar­ket­ing and dis­tribut­ing chan­nel to pro­mote and make new fi­nan­cial prod­ucts avail­able,” a Woori of­fi­cial said.

“Our WiBee Bank in that sense will be of great help to the fin­techs with po­ten­tial for growth,” he added.

The data shar­ing is part of longterm strat­egy to en­hance “open bank­ing,” a new fi­nan­cial data man­age­ment and op­er­at­ing sys­tem set to go into ef­fect in Oc­to­ber.

Open bank­ing is a com­pre­hen­sive joint pay­ment sys­tem based on an ap­pli­ca­tion pro­gram­ming in­ter­face (API), an in­ter­me­di­ary pro­gram that en­ables var­i­ous soft­ware to in­ter­act.

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