▲ OliveNetworks CEO In-hyok Cha (first on the right) after signing the MOU for a joint project with Shinhan Bank CEO Ok-dong Jin (middle) and LG U+ CEO Hyeon-sik Hwang at Shinhan Bank’s main branch in Jung-gu, Seoul.
- CJ, Shinhan Bank and LG signed an agreement for a joint MyData project to develop hyper-personalized service
- Will combine financial and non-financial information, such as CJ ONE members data, Shinhan Bank financial transactions data, and LG U+ mobile communication data, to carry out a data-focused project
- Can maximize customer values by providing customized personal lifestyle information and solutions with data on retail, communications, and finance
[CJ OliveNetworks=November 18, 2020 (Wed)] CJ OliveNetworks, Shinhan Bank, and LG U+, which are the three major companies representing lifestyle, finance, and communications, set out to develop hyper-personalized digital service by combining their members’ data.
CJ OliveNetworks announced on the 18th (Wed) that it has signed a business agreement for a joint MyData project at Shinhan Bank’s main branch in Jung-gu, Seoul, with the attendance of major officials including CEO In-hyok Cha, Shinhan Bank CEO Ok-dong Jin, and LG U+ CEO Hyeon-sik Hwang.
They selected three major tasks for the project: 1) jointly collecting data by building a big data network and alliance, establishing a utilization system, and conducting joint research on customer behavior; 2) developing a customized data platform through AI such as machine learning and deep learning based on big data focusing on consumers; and 3) developing data distribution products to develop and conduct new data business and collaborate in digital marketing.
MyData is a service in which individuals personally decide the search, provision, and access approval of their own data, thereby ensuring the rights to use personal data as well as data sovereignty. If they agree to provide their personal information, such as financial, communications and retail data, the company then collects, integrates, and analyzes the data in one place and provides customized products and services.
The three companies will be able to provide customized services for consumers in lifestyle, consulting, and solutions based on active data exchange between the financial and non-financial sectors and strategic cooperation focused on data.
In particular, they will be providing extensive lifestyle services in retail, finance, and communications by combining the data of 27 million CJ ONE members, financial transaction data of 25 million Shinhan Bank users, and 16 million LG U+ mobile communication users.
The three companies will organize a council composed of big data specialists from each company and discuss specific tasks and schedules, thereby maintaining close cooperation. They will be planning the joint project until the end of this year, such as building the MyData platform and infrastructure and developing business. Their goal is to open the pilot service in the first half of 2021 and release the service by the second half of the same year.
▲ Officials of CJ OliveNetworks, Shinhan Bank, and LG U+ after signing the agreement.
“This joint project will contribute to the enhancement of the data ecosystem, which is one of the Digital New Deal projects being carried out by the government,” said CJ OliveNetworks CEO In-hyok Cha. “We will lead the era of MyData with a new form of customized services that maximize data sovereignty and benefits of consumers using the retail, financial, and communications data from the three companies.”
“With this agreement, the MyData project will be expanded to big data in life beyond finance, thereby providing various new services that have never been experienced by customers before,” said Shinhan Bank CEO Ok-dong Jin. “Hopefully, this motivates the activation of big data transactions and utilization led by the government and the private sector.”
“This joint project will allow customers to easily manage their own scattered data and us to provide various customized services for them,” said LG U+ CEO Hyeon-sik Hwang.