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Woori, KT join hands to upgrade ‘untact’ financial services

July 29, 2020 - 17:20 By Kim Young-won
Woori Financial Group Chairman Sohn Tae-seung (Woori Financial Group)

Woori Financial Group said Wednesday that it plans to collaborate with telecom giant KT to upgrade its contactless retail services.

The partnership followed an agreement signed last month by Woori Financial Group CEO Sohn Tae-seung and KT CEO Koo Hyun-mo, who pledged to strategically deal with market changes triggered by COVID-19.

The companies will develop artificial intelligence-powered chatbots for untact -- non-face-to-face contact -- services. With the advanced customer service technology, the financial firm aims to improve its operational efficiency and build systems that seamlessly connect its online and offline services.

Woori Financial Group will also use KT’s big data analytics solutions to launch tailored financial products. The network operator, on the other hand, will use its partner’s financial data to market its mobile devices and internet services. New money exchange and remittance services, as well as mobile plans and internet services linked to financial products, will likely be rolled out in the near future and benefit customers of both companies.

Woori and KT are both linked to internet-only bank K bank. Woori Bank, a banking business unit under Woori Financial Group, and BC Card, a card processing firm and a subsidiary of KT, are two of the online bank’s biggest stakeholders.

BC Card, which currently owns a 10 percent stake in K bank, plans to raise its stake to 34 percent, while Woori Bank holds 13.79 percent.

By Kim Young-won (