The establishment of internet-only banks offering financial services without branch offices and using only the Internet, mobile apps and ATMs is actively under discussion in Korea now. (image: Korea Bizwire)
SEOUL, May 17 (Korea Bizwire) — As Internet-only banking services are expected to lead the Fintech industry, SK C&C, the IT arm of SK Group, will support internet-only banks by developing a customized IT platform with premium services.
SK C&C announced on May 13 that it would set up a specialized IT service business model for internet-only banking with its premium service team.
The establishment of internet-only banks offering financial services without branch offices and using only the Internet, mobile apps and ATMs is actively under discussion in Korea now.
As it costs massive amounts of money to install core banking systems for loans and deposits and financial channel systems, SK C&C plans to resolve low profitability by offering them with exclusive IT services.
In SK’s premium service team, financial IT service experts in core banking, mobile banking, big data, financial solutions, and platforms will be deployed to develop core platforms for financial services and to operate a system for the internet-only banks.
As its first step, SK C&C will focus on developing a “Fintech Banking Platform,” reducing initial costs for the establishment of internet-only banks this year.
Baek Hyung-duk, director of the strategic project sector of SK C&C, noted “Firms in the U. S. offer related IT infrastructure and software financial services to internet-only banks without their own IT system. We will help Korea’s internet-only banks offer their own differentiated service using our Fintech Banking Platform.”
By John Choi (johnchoi@koreabizwire.com)
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