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Kookmin Bank (KB Bank) From South Korea to Russia Dave Stark Season Eckstrom Jun Lee Table of contents KB Bank Mobile Banking Korea Russia Market Analysis Time Line KB Bank Services & Products Customer (Korea) 820,000 mobile banking users 7.33 million internet customers

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Presentation Transcript
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Kookmin Bank (KB Bank)From South Korea to Russia

Dave Stark

Season Eckstrom

Jun Lee


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Table of contents

  • KB Bank

  • Mobile Banking

  • Korea

  • Russia

  • Market Analysis

  • Time Line


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KB Bank

  • Services & Products

  • Customer (Korea)

    • 820,000 mobile banking users

    • 7.33 million internet customers

  • 8 International Branches

    • US, Hong Kong, China, Japan


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KB Bank

  • Awards and Acknowledgments

    • Ranked 349th among Top 500 global Corporations by Fortune

    • Best cash management bank in Korea by Finance Asia

    • Ranked No. 1 among banks in National Customer Satisfaction Index (NCSI)


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Mobile Banking

  • Differences

    • Telebanking

    • Internet Banking

  • Mobile Banking (2.40 million)

    • IC - device into phone

    • VM – download program

    • WAP – text message


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Mobile Banking

  • Advantages

    • Banks

      • Save time

    • Customers

      • ATM

      • Transfer Money

      • Debit/Credit

      • Bus/Subway Pass

      • Membership Card


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South Korea

  • Language: Korean

  • People

    • Population: 49,044,790

    • Age distribution:

      • 15-64 years: 72.1%

  • Economy

    • GDP per capita: $24,500

  • Labor force:

    • services: 67.2%

  • Communication

    • Internet User: 34.12 million (69%)

    • Mobile User: 40.197 million (82%)


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Russia

  • Language: Russian

  • People

    • Population: 141,377,752

    • Age distribution:

      • 15-64 years: 71.1%

  • Economy

    • GDP per capita: $12,200

  • Labor force:

    • services: 60.1%

  • Communication

    • Internet User: 25.689 million (18%)

    • Mobile User: 120 million (85%)


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Russia and South Korea

  • Relationship

    • Post World War II

      • Tensions arise with the division of Korea

    • Diplomatic relations established in 1990

      • “Trustful comprehensive partnership”

      • Trade progressively increasing


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Rationale for Exporting to Russia

  • Lack of trust and confidence in Russian

    banking system

    • 1998 default on Russian government debt

  • Russian consumers are looking to foreign

    banks with good reputations


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Market Analysis

  • Target Market

    • Age between 18 to 55 (71.1%)

      • Students, Business professional, House wife

    • Middle class

      • Mobile phones with Internet access


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Market Analysis

  • Product

    • Mobile & Internet Banking

    • General Bank Services

      • Debit/Credit Card

      • Loan

      • Mortgage

      • Insurance

      • ATM


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Market Analysis

  • Promotion

    • Advertise

      • TV/Radio, Internet, Bus/Subway, Personal selling

    • 1st - 2nd year free


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Market Analysis

  • Place

    • Start with major metropolitan cities

      • Moscow and St. Petersburg

      • 90 percent cell phone usage


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Market Analysis

  • Price

    • Start up fee of $50

    • 1st and 2nd year promotion

    • Monthly fee $5

    • Transaction fee

      • Transfer to other banks ( $0.50~0.80)

    • Mobile Internet access fee

      • Mobile Companies


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Market Analysis

  • People

    • Transfers from Kookmin Bank in South Korea

      • Assist in training new employees from Russia

      • Teach the values of Kookmin Bank

        • Interest in consumer welfare

        • Professionalism

        • Embracing challenges

        • Respect for diversity

        • Social Responsibility


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Market Analysis

  • Process

    • Joint venture

      • Russian government

      • Mobile phone companies

        • Euroset

  • Physical Evidence

    • Same appearance as KB Bank in South Korea

      • Professional, simplistic

      • Incorporate the Russian culture through art


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Market Analysis

  • Competitors

    • Sberbank

      • 4 Locations in Moscow

      • 3 Locations in St. Petersburg

    • Vneshtorgbank (VTB)

      • 3 Locations in Moscow

      • 1 Location in St. Petersburg


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Market Analysis

  • Risks

    • Low Mobile usage in other cities

    • Old to New Mobile

      • Phones must have Internet access

    • Language (Korean to Russian)

    • Technology differences


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Time Line

  • 1st Year

    • Marketing research

    • Begin building the bank

    • Advertise

    • Promotion

  • 2nd Year

    • Grand opening in Moscow

    • Operating

  • 3rd Year

    • Begin construction on new branch in St. Petersburg

  • 4th Year

    • St. Petersburg branch opens

  • 5th Year

    • Look into opportunities for further expansion


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Question?

Thank You