By Park Hyong-ki
Shinhan Bank is seeking to open an internal digital control room with the latest technology to help it mine and process massive amounts of customer and market data.
The bank said Tuesday this would mark the first time for a local bank or financial company to attempt to create such a big data room.
It did not specify the development timeline, but noted the bank would be legally required to open bids to set up a system that can process big data using statistical tools and algorithms.
Samsung SDS, LG CNS and SK C&C are notable system integrators and developers in big data.
"The big data room is aimed at helping the bank make better decisions for its customers," a Shinhan Bank spokesman said, noting that the bank could build it within the first quarter of the year.
This comes as Shinhan Financial executives' interest in big data has been running high, which led to the creation of an internal big data team.
The team, in its nascent stage, is tasked with analyzing the bank's overall customer transaction patterns and coming up with statistical premises such as banking characteristics of customers in their 30s. Tools including data visualization are used in the process.
Big data based on statistical analysis is an imperative part of decision sciences, and Korea's adoption of big data technology has been relatively behind that of the U.S. and China.
For instance, traditional manufacturers and food chains such as GE and Taco Bell have used big data for a long time to revamp their customized services, supply chains and risk management as part of their digital transformation.
Tech and entertainment companies, including Google, Amazon, Disney and Tencent, use big data to gain insight into content searching, sharing and purchasing and come up with new services.
Compared with overseas adoption, the local industry is a latecomer when it comes to big data, as well as fintech.
Shinhan said it has been actively preparing to embrace the technology.
Its credit card subsidiary Shinhan Card has forged academic ties with Seoul National University in the field of statistics, the basic discipline for mining big data and analysis.
Also, the card company joined hands with the Bank of Korea to improve market and economic forecasts via data analysis and foster statisticians.
Shinhan Bank is seeking to open an internal digital control room with the latest technology to help it mine and process massive amounts of customer and market data.
The bank said Tuesday this would mark the first time for a local bank or financial company to attempt to create such a big data room.
It did not specify the development timeline, but noted the bank would be legally required to open bids to set up a system that can process big data using statistical tools and algorithms.
Samsung SDS, LG CNS and SK C&C are notable system integrators and developers in big data.
"The big data room is aimed at helping the bank make better decisions for its customers," a Shinhan Bank spokesman said, noting that the bank could build it within the first quarter of the year.
This comes as Shinhan Financial executives' interest in big data has been running high, which led to the creation of an internal big data team.
The team, in its nascent stage, is tasked with analyzing the bank's overall customer transaction patterns and coming up with statistical premises such as banking characteristics of customers in their 30s. Tools including data visualization are used in the process.
Big data based on statistical analysis is an imperative part of decision sciences, and Korea's adoption of big data technology has been relatively behind that of the U.S. and China.
For instance, traditional manufacturers and food chains such as GE and Taco Bell have used big data for a long time to revamp their customized services, supply chains and risk management as part of their digital transformation.
Tech and entertainment companies, including Google, Amazon, Disney and Tencent, use big data to gain insight into content searching, sharing and purchasing and come up with new services.
Compared with overseas adoption, the local industry is a latecomer when it comes to big data, as well as fintech.
Shinhan said it has been actively preparing to embrace the technology.
Its credit card subsidiary Shinhan Card has forged academic ties with Seoul National University in the field of statistics, the basic discipline for mining big data and analysis.
Also, the card company joined hands with the Bank of Korea to improve market and economic forecasts via data analysis and foster statisticians.
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