Savings banks are continuously exploring new businesses to diversify their

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Savings banks are continuously exploring new businesses to diversify their profits. This is based on the judgment that growth is limited only by relying on the loan-to-deposit margin.

According to the financial sector on the 8th, Welcome Savings Bank recently completed the registration of copyrights, trademarks, and patents of its own financial standard development framework “WELCORE” and began commercialization. Following MyData, the company is diversifying profits into new businesses that utilize its own information and communication (IT) technology.

The framework is a framework that standardizes the functions and structures required for software development in advance. Wellcore is characterized by a modular structure that implements functions frequently used in financial business.

Welcome Savings Bank sells the system to small and medium-sized savings banks, capital companies, and fintech (financial technology) companies to generate profits and is considering entering the Southeast Asian market in the long run. The plan is to create a long-term profit model by taking charge of maintenance and maintenance, not just simple sales. Previously, most financial companies outsourced their IT systems to SI (System Integration) companies, so the company expects that demand for financial industry-specific frameworks will be high.

As the MyData business, which entered in 2021, passed the break-even point (BEP) as of the end of last year and was on a stable track, it is interpreted that it is speeding up the expansion of new business in the financial IT sector. MyData is a service that allows individuals to collect and manage their financial data scattered across various financial institutions such as banks, credit card companies, and insurance companies in one place. Welcome Savings Bank has added an intermediary platform function to this to earn commission income from financial institutions.

An official from Welcome Savings Bank said, “As a result of introducing Wellcore to Corrix F&I, a company specializing in non-performing loans (NPL), an affiliate, we confirmed its stable operation,” adding, “In particular, Wellcore is advantageous in protecting consumer personal information by building a system based on financial security.” “It is a financial company, but we are focusing our efforts on creating an IT profit model,” he said.

Not only Welcome Savings Bank, but also the industry as a whole is trying to find a new way out, judging that it is difficult to maintain competitiveness only with the traditional profit structure centered on deposits and loans. Dongyang Savings Bank has entered the MyData business to secure future food and is seeking to monetize it by incorporating various business models.

Twenty-nine savings banks,…