Korea’s Kookmin Bank Selects IBM to Implement Next Generation Banking System

Platform will integrate business processes and systems, enhance customer satisfaction and speed time to market

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SEOUL, Korea & ARMONK, New York - 15 Oct 2008: Kookmin Bank (NYSE: KB), Korea’s largest financial services institution, has selected IBM (NYSE: IBM) to implement its Next Generation Banking System (NGBS). This new bank-wide NGBS will consolidate all of the company’s different business units across the world, providing a highly flexible platform to transform Kookmin Bank into a leading global bank of the future.

This multi-millions-dollar implementation agreement, signed in September 2008, includes 20 projects in the areas of Application Integration, Application Management Service and System Integration. It is to be completed in early 2010. Once accomplished, the bank will be able to operate on financial business processes based on well established banking best practices. 

This will enable Kookmin Bank to adapt quickly to the rapidly evolving, diverse needs of customers worldwide as well as respond accurately to market dynamics and challenges. It will also be able to raise the bar on customer satisfaction by providing clients with fast and reliable access to innovative banking solutions 24x7. 

“With this implementation, Kookmin can now focus on what they excel at, which is to deliver world class banking services to customers worldwide,” said Sukyoung Kang, Director of  Financial Services Sector, IBM Korea. “Our work with Kookmin is another example of the unique capabilities of IBM’s services model to deliver software and high-value consulting anywhere in the world.” 

Kookmin started the first phase of the project in September 2007. IBM used its “Component Business Modeling” to “componentize” the bank’s business, and provided Architecture Design and Core System Transformation Analysis and Design services for the bank. Kookmin anticipated the move to a component model would help it become more agile and responsive to its customers. The second phase of the project, conducted from January this year, defined the framework of the project. This project will see IBM deploy a customer-centric, user-friendly system to increase product development and delivery, enable the bank to leverage new technology, devices and media to provide cutting-edge services to its customers globally, and support a highly responsive 24x7, customer support infrastructure. 

About Kookmin Bank
Kookmin Bank is the largest financial services company in Korea specializing in retail banking and has been listed on the New York Stock Exchange in 2001. Headquartered in Seoul, with branch offices in Tokyo, Auckland, New York, Guangzhou, Harbin, Hong Kong, London and a representative office in Almaty, Ho Chi Minh, Kiev Kong, Kookmin Bank offers a wide range of financial products and services, from retail, corporate banking and credit card to private banking, asset management, mobile banking, and bancassurance. For more information about Kookmin Bank, please visit www.kbstar.com

 About IBM
For more information about IBM, please visit www.ibm.com

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