Industrial Bank of Korea (IBK), one of Korea's leading banks for small and medium-size enterprises, has gone live on Temenos' CoreBanking solution, after a two-year implementation project.
Temenos CoreBanking, jointly implemented by IBM Korea and IBK, will operate the bank's 391 branches throughout Korea, serving 10 million customers. IBK has 15 million active accounts, and its 2,358 ATMs/CDs generate an average of 10 million transactions per day.
Sir Jai-Hoa, general manager, IBK, says the product development cycle under the composite-based CoreBanking solution has been reduced from 30 days to only three. He says the new package has replaced many inhouse developed legacy applications.