Shinhan opens 1st group-wide data platform in banking industry

The logo of Shinhan Bank, Shinhan Financial Group's flagship affiliate, is seen on the entrance of the group's headquarters in central Seoul in this file photo. Korea Times file

By Yi Whan-woo

Shinhan Financial Group officially launched its first group-wide network connecting the data of all its major affiliates, the company announced on Monday.

It said the launch of the One Data network comes after running a six-month test operation, during which it received feedback from more than 1,700 employees, both executives and regular employees.

The network is now optimized for its goal of standardizing data across its major affiliates, including Shinhan Bank, Shinhan Card, Shinhan Securities and Shinhan Life Insurance, the group explained.

“We expect our customer-oriented digital banking services will accelerate with the launch of the One Data network,” it said in a press release. “We also expect to expand support for customers, both individuals and corporations, by fully capitalizing on a wide range of available data.”

The country's second-largest banking group, Shinhan posted a net profit of 2.62 trillion won ($2 billion) in the first half of the year, down 2.1 percent from a year earlier.

Concerning quarterly performance, its net profit fell 10.8 percent year-on-year to 1.23 trillion won in the April-June period.