The National Credit Union Federation of Korea (NACUFOK), World Council’s direct member organization in South Korea, this summer launched its new 'Shinhyup ON Bank Corporate' mobile banking service that caters to its credit unions' business clients.
Working with a fintech company for nearly a year, NACUFOK revamped its existing corporate internet banking services, taking into account the demands of their existing customers.
Shinhyup Corporate ON Bank is characterized by its intuitive interface and convenient non-face-to-face services. It features a user-centric UI/UX (User Interface/Experience) to make it easily accessible for new customers. NACUFOK actively uses its representative character, 'Eobuba,' the piggyback, and has organized frequently used menu options by businesses on the main screen to enhance visual and physical convenience.
Furthermore, they have diversified their credit union service offerings, such as account openings and various certificate issuances, to enhance the completeness of the non-face-to-face services for business customers.
Especially considering the nature of business clients, where visiting a physical branch may be difficult, NACUFOK has made provisions for sole proprietors to sign up and issue digital OTPs (One-Time Passwords) through mobile devices. For sole proprietors, they have also simplified the authentication process for transactions of up to 3 million won (roughly US $2,200) per day by introducing convenient authentication methods like easy passwords, patterns, Face ID and fingerprints.
Additionally, the service supports payment processing and inquiries for administrators and users in service-like transfers, ensuring that various financial transactions can be safely conducted on mobile platforms.
Since its initial construction in 2012, NACUFOK’s corporate internet banking had become somewhat inconvenient and complex for business customers to efficiently manage their tasks after 11 years in operation. However, with this upgrade, it is expected that both existing and new customers will find it easy to use, thanks to a screen layout that presents at-a-glance information.
NACUFOK has also significantly reduced unnecessary menu options that were no longer in use and now provides tailored full banking services for businesses, including the opening of deposit products and the issuing of corporate check cards. They have also partnered with "iQuest Corporation" to offer ERP services (service name: "How much is it?"). This all-in-one service will enable business customers to perform all the necessary tasks on the internet banking platform.
Jung In-cheol, the head of NACUFOK’s Digital Finance Bureau, expressed his expectations that this corporate banking upgrade will greatly enhance the convenience of financial transactions for business customers.
"Electronic financial services for businesses have lagged behind compared to those for individuals, in terms of convenience. However, at a time when we need to attract and retain new customers, we plan to actively support the convenience of business customers by adding the warmth of NACUFOK through digital, human-centered services, making it more convenient for local business owners and other business customers to trust and use our services," said In-cheol.