KB Financial Group Combines Financial, Telecom, and Commercial Big Data to Support Small Businesses

Kim Myung-guk, head of Industrial AI at SK Telecom, Choi Hang-do, chairman of the Seoul Credit Guarantee Foundation, Park Hyung-joo, head of AI & DT Promotion at KB Kookmin Bank, and Lee Sang-yeol, executive director of AI Data Business Group at KB Kookmin Card, pose for a commemorative photo during the signing ceremony for the MOU to enhance the competitiveness of small businesses based on big data, held on June 16 at KB Kookmin Bank's new building in Yeouido. [Photo=KB Financial Group] — Kim Myung-guk, head of Industrial AI at SK Telecom (from left), Choi Hang-do, chairman of the Seoul Credit Guarantee Foundation, Park Hyung-joo, head of AI & DT Promotion at KB Kookmin Bank, and Lee Sang-yeol, executive director of AI Data Business Group at KB Kookmin Card, pose for a commemorative photo during the signing ceremony for the MOU to enhance the competitiveness of small businesses based on big data, held on June 16 at KB Kookmin Bank's new building in Yeouido. [Photo=KB Financial Group]

KB Financial Group is launching a big data collaboration that combines financial, telecom, and commercial data. The initiative aims to analyze the management environment of small businesses in detail by linking financial data with public and private information, ultimately supporting the development of region-specific assistance policies.
On June 16, KB Kookmin Bank and Kookmin Card announced that they signed a memorandum of understanding (MOU) with the Seoul Credit Guarantee Foundation and SK Telecom at KB Kookmin Bank's new building in Yeouido.
The agreement focuses on integrating financial data with telecom and commercial data to conduct a comprehensive analysis of local markets and the management environments of small businesses. This analysis will help formulate effective support measures to revitalize the local economy.
The participating organizations plan to establish a big data collaboration framework that combines their respective data and analytical capabilities, while also developing standards for data consistency and management. They aim to expand tailored market analysis and policy impact analysis services for public institutions and local governments, and will operate a working group to support small businesses.
During the signing ceremony, the organizations shared analysis results regarding the development status of specific markets in Seoul, utilizing their respective data. The comprehensive analysis included information on foot traffic, consumer spending, and business openings and closures, enhancing the reliability of data usage and the applicability of policies.
A representative from KB Financial stated, "Financial data is a key asset for understanding changes in local economies and markets. Through this agreement, we will organically link financial, consumer, telecom, and commercial data to create analytical and support models that provide tangible benefits to small businesses and the local economy."

* This article has been translated by AI.