Korea First Bank completes implementation of ALLTEL's loan system

LITTLE ROCK, Ark. – ALLTEL has completed the implementation of its Advanced Lending System at Korea First Bank (KFB), the first implementation of an ALLTEL retail banking solution in the Republic of Korea. The project was completed on schedule, in five months, and enabled the rollout of Korea First Bank's "First Convenient Loan."

Korea First Bank is the eighth-largest Korean bank, with assets totaling US$26 billion and a network of 339 branches across the country. The Advanced Lending System is now in use at all KFB branches.

"It was the close coordination between the ALLTEL consultants and the bank's project team that led to this successful implementation," said Thomas Lee, general manager of Korea for ALLTEL Information Services. "Aside from the team's on-schedule and on-budget performance, the process of moving into full production was flawlessly executed."

"Korea First Bank's decision to accelerate the project with a streamlined implementation approach highlighted their eagerness to attain their business goals. It also establishes ALLTEL as a reliable partner that can quickly deliver a world-class core banking solution for financial institutions in Korea."

"This marks Korea First's opening salvo in our strategy to focus on the consumer lending space," said Jay Hyun, executive vice president and chief information officer of Korea First Bank. "Our top priority is to lead in the consumer lending arena with innovative loan offerings that can rapidly respond to trends and preferences in the Korean consumer market. Our initial success with ALS gives us an assurance that we now have the technology foundation to meet these goals."

"Korea First Bank's selection and conversion to implementation of the ALLTEL Advanced Lending System marks a key milestone in an important market for us," said Jim Wilson, president of ALLTEL's financial services - international division. "Many software and service providers speak of the 'speed to market' issue, but often fall short in execution. In this case, because of the combination of our ALS product functionality, a well-coordinated KFB/ALLTEL implementation team, and the leadership provided by the KFB executive management, we successfully delivered the benefits of a speed to market approach."

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