Korean Tech’s Kakao Bank Floats to the Clouds

Kakao Bank is going to fully introduce Cloud services to all of its businesses with the purpose of improving convenience and security of internet banks.

 Financial authorities recently revised regulations for electronic financial supervisory to enable financial data operation in an external cloud service environment. Starting from January of this year, full-scale use of cloud service in the financial industry has become legally acceptable. Kakao Bank is quickly introducing Cloud service in line with South Korean government’s regulation.

Under the revised regulations, personal credit information and unique identification information are also available through the cloud service. Financial institutions can use Cloud service to provide services such as AI counseling, product development, and data analysis. It is also possible to innovate financial services through MyData and others at low cost. 

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Kakao Bank, which follows a ‘mobile first’ strategy uses branch-less banking. By introducing Cloud service, it will be easier to create an environment that can not only improve work but also proactively respond to security threats such as disasters and hacking. In addition, smart IT systems such as big data and AI will be better suited for use in the cloud.

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