Introduction
K Bank is the first Internet bank in Korea. K Bank differentiates itself from competitors through the convergence of finance and information and communication technology. K Bank is expanding its business areas to corporate banking, mortgage loans for apartments, and the introduction of mobile channels which use open Application Programming Interfaces (APIs). K Bank decided to deploy MySQL Enterprise Edition 5.7.
As a result, the company achieved 100% uptime of its online services and reduced total cost of ownership by 80% or more. Receiving 24/7 service support from Oracle Premier Support, K Bank also gained the full ability to provide its customers with high-quality services at all times. By leveraging MySQL's Enterprise Edition backup and monitoring features, K Bank can check reliability in real-time, recover data effectively, and keep the database running properly.
Business Challenges & Goals
- Reduce total cost of ownership of the bank's database infrastructure
- Establish a flexible, fast, and stable system for online services to boost customer satisfaction
- Minimize planned downtime when applying changes to thedatabase
- Enable real-time monitoring of system statuses such as SQL operation and replication
Business Results & Metrics
- Operated a total of 7 service systems including the channel system
- Empowered K Bank to deliver high-quality and satisfactory financial services while slashing total cost of IT ownership by at least 80%
- MySQL Enterprise Edition is easy to use, quick to establish, and quick to respond to the recovery of a system trouble
- Improved customer satisfaction and increased sales by delivering 24/7 online services without downtime, even in case of changes to the database tables
- New Schema Change feature in MySQL Enterprise Edition enabled free changes to table structures without any limitations to read/write functionalities
- Online Data Definition Language(DDL)operation enabled adding indexes and changing tables, as well as updating applications
- Streamlined online backups and provided efficient and reliable point-in-time recovery using MySQL Enterprise Backup
- Leveraged MySQLEnterprise Edition's Partitioning feature to improve the performance and the availability of K Bank's customer-facing applications
Why MySQL Enterprise Edition
K Bank needed a database that could reduce service downtime and allow hassle-free changes, so that it could deliver 24/7 online services to its customers. K Bank selected MySQL Enterprise Edition due to its superior performance and ease of management, compared with competing databases.
K Bank's database administrators can operate monitor the database, back it up, and restore it with ease. K Bank also selected MySQL due to its high availability capabilities.
Lastly, K Bank preferred MySQL Enterprise Edition because of its low cost of introduction and maintenance, reduced total cost of ownership, as well as immediate and systematic support possible in case of a database issue through Oracle Premier Support.
"K Bank achieved business and IT agility, reduced time-to-market of new products and responded quickly to changes in its IT environment. Our streamlined operations lowered the resources required to maintain the channel banking system by 80% and optimized its operational expenditure. This was clearly illustrated by our early success in meeting the projected yearly targets." - Ju Deok Choe, Center Director, Infra Planning & Control Center, K Bank
Implementation
Services for K Bank IT System Establishment Project were officially opened in April 2017. K Bank designed and introduced MySQL products from the initial system establishment stage and increased its overall usage every year. The company has been expanding to a variety of MySQL services to date.
About K Bank
K Bank is the first internet-only bank in South Korea. Launched in April 2017. K Bank provides real time access through mobile and web applications, to its commercial banking service offerings such as deposits, consumer and corporate loans, overdraft facilities (dubbed Mini K), money transfer service, international remittances and mortgage loan products. K Bank customers also have free access to ATMs installed at the local convenience store chain, GS25, and its 24/7 customer center for financial consultation.
For more information please visit: https://www.kbanknow.com.