- CJ, Shinhan Bank, and LG Uplus sign a joint My Data project memorandum of agreement (MOU) and develop hyperpersonalized digital services
- Combining CJ ONE member data, Shinhan Bank financial transaction data, and LG Uplus telecommunication data to conduct a data-centric project based on financial and nonfinancial data
- Maximizing customer value by offering customized personal lifestyle information and solutions with distribution, telecommunication, and financial data
[CJ OliveNetworks, November 18, 2020 (Wednesday)] CJ OliveNetworks, Shinhan Bank, LG Uplus, the major lifestyle, financial, and telecommunication corporations in Korea, respectively, will combine their member data to develop hyperpersonalized digital services.
On November 18 (Wednesday), CJ OliveNetworks has revealed that CEO Cha In-Hyeok signed an MOU for the joint My Data project with President Jin Ok-dong of Shinhan Bank and CEO Hwang Hyeon-Sik of LG Uplus at the headquarters of Shinhan Bank in Jungu, Seoul.
Details of the MOU include ▲ joint data collection, the establishment of a utilization system, joint customer behavior research by establishing a big data network and an alliance, ▲ the development of customized data platform through AI technologies (e.g., customer-oriented big data, machine learning, and deep learning), and ▲ the development of data distribution products and digital marketing collaboration for identifying and implementing new data businesses.
My Data is a service that ensures personal information rights and data independence by allowing individuals to decide perusal, limits, and access authorization on their data. Upon an individual’s agreement to provide his/her personal information, such as financial, telecommunication, or distribution data, a company collects, integrates, and analyzes this information in one place to provide customized products and services.
The three involved companies will provide personalized services, such as lifestyle, consulting, and solutions, to consumers through data-based strategic collaboration, including active data exchange and big data analysis between financial and nonfinancial sectors.
The service’s highlight will be the provision of a wide range of distribution, financial, and telecommunication lifestyle information services brought by combining the usage data of CJ ONE’s 27 million members, financial transaction data of Shinhan Bank’s 25 million members, and telecommunication data of LG Uplus’s 16 million members.
The companies will form a council that comprises big data experts from each company to continue close-knitted cooperation and discuss tasks and schedules. The goal is to establish the My Data platform infrastructure and identify joint project businesses by the end of this year. Then, the platform will be launched by the second half of 2021, after a pilot service that will start in the first half of the same year.
CEO Cha In-Hyeok of CJ OliveNetworks said, “Through this joint project, we expect to make a meaningful contribution to the enhancement of the data ecosystem, which is one of the digital new deal tasks pursued by the government.” He also claimed, “We will lead the new age of My Data with a new personalized service that maximizes consumers’ data independence and benefits based on our distribution, financial, and telecommunication data.”
“We expect to provide completely new and diverse services, as the joint My Data project will expand our business beyond simple financial services to big data,“ said Jin Ok-Dong, the president of Shinhan Bank. “We hope this project will revitalize big data transactions and uses pursued by the government and private sectors,” he added.
CEO Hwang Hyeon-Sik of LG Uplus said, “With this joint My Data project, we expect to provide an infrastructure for our customers to easily manage their scattered data and also offer various customized services.” (End)