LG Uplus and Busan Bank Launch Integrated Telecommunications-Finance Mobile Banking Platform
Published2017.11.22 11:23
LG Uplus announced the launch of 'SumBank', a mobile banking platform that integrates telecommunications and financial services, following a strategic partnership with Busan Bank of the BNK Financial Group.
'SumBank' is a mobile-specialized bank that enables the use and accumulation of Busan Bank's financial products and L.POINT (L Points). Under this partnership, LG Uplus customers can enjoy preferential interest rate benefits as well as utilize L.POINT to pay telecommunications fees and access telecommunications services such as video portals and Genie Music.
LG Uplus customers can receive preferential interest rates of up to 2.3% when opening deposit products at Busan Bank through 'SumBank', and can receive preferential benefits of up to 1% depending on credit rating when using loan products, allowing them to apply lower interest rates compared to existing rates. Additionally, customers can choose to receive interest earnings from their subscribed products as either cash interest or as service usage vouchers for telecommunications services such as data product vouchers and U+ Video Portal.
Furthermore, charges for all telecommunications products including mobile phones, internet, IoT, and IPTV can be paid by combining L.POINT. Customers can also use these points to purchase content from 'U+ Video Portal', which allows viewing of movies and videos, and 'Genie Music', a streaming service that enables real-time playback of music.
To commemorate the launch of 'SumBank', LG Uplus is running an event through January 31, 2018, offering immediate L.POINT accumulation (up to 4,000 points) and providing iPhone X, Bluetooth speakers, and Genie Music usage vouchers through raffles to customers who subscribe to 'SumBank', open accounts, or pay telecommunications fees.
Park Jong-wook, Executive Director of LG Uplus Mobile Services Business Division, stated, "We have added convenience to customers' daily lives by integrating telecommunications services into a financial platform. Through this partnership, both companies plan to jointly research new businesses that combine finance and telecommunications, and continuously pursue joint development and marketing of financial products applying TelcoScore, our credit evaluation model."
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