A Korean financial group has done just that, via an industry-first mass migration to the public cloud.
When you have a lifestyle platform consisting of 15 million financially-savvy investors as subscribers, how do you meet their high expectations in terms of efficiency, security, customer experience and trust in your organization?
This was the question faced by Korea’s Hana Financial Group (HFG), which was using a legacy IT infrastructure to service its millions of “Hana Members”. The six-year-old membership platform enables customers to earn points based on usage of their Hana credit card, Hana Money merchants and other bank services such as savings, insurance, foreign exchange, and investments.
HFG’s final decision was take undergo a transformation that would be industry-leading, involving a multi-cloud architecture that leverages AI and blockchain. The completion of its large-scale migration to the public cloud was announced this week.
Unprecendented DX in Korea’s finance industry
According to HFG, the scale of the digital transformation project is unprecedented in the country’s financial industry. The first phase involved the Hana Members platform, via the Oracle Cloud Infrastructure.
The contract was won in a competitive tender that included major local and global cloud vendors. HFG has noted that there had already been an existing relationship between its Global Lifestyle Network and Oracle. Among the overall partnership goals are the mandate to:
- help the bank meet evolving customer needs
- enhance business efficiency
- adjust to the rapidly changing business environment in the global and local financial services industry
The group has used a wide range of infrastructure services by Oracle, having started migration of their on-premises systems supporting Hana Members in September 2020. These cloud services are helping the membership platform to boost operational efficiency and business agility.
According to their spokespeople, by migrating mission-critical systems to the public cloud, the group will be able to offer Hana Members value-added innovation driven at a corporate, strategic level, with a focus on enhancing quality of life. “Oracle was the right choice as a company that can work closely with us throughout our digital transformation journey, which is designed to maximize business value,” according to their press statement.
Adding to the occasion, Tom Song, Vice President and Geography Managing Director, Oracle Korea, said: “We are proud to continue to be HFG’s leading cloud provider and to work on one of the most influential digital transformation projects to be implemented by a leading financial group.”