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Telecoms Carriers Launch New Communication-banking Convergence Service 2004/03/03 By Jung Ji-yeon In alliance with a dozen leading commercial banks, wireless communication service providers like SK Telecom, KTF and LG Telecom launched on March 2 a new mobile banking service across the nation. And, KT, the largest telecommunications carrier in Korea plans to offer a pilot communication-banking-broadcast convergence service this month. LG Telecom introduced mobile banking service last year in league with Kookmin Bank (KB) dubbed ‘Bank On’ service, allowing some 400,000 subscribers to settle bills using mobile phones. The new mobile banking service of SK Telecom, and KTF as well as LG Telecom enables mobile phones not only to settle bills but also to deposit and draw money at cash dispensers and automatic teller machines, while featuring functions of credit and transportation cards. The new mobile banking service is participated by a dozen commercial banks including KB, Woori, Shinhan and Korea Exchange Bank. Targeting to launch its commercial service in the latter part of this year, KT plans to begin this month pilot `one phone service` for some 10,000 households across the country, allowing them to make both fixed-line and mobile phone calls using one handset. For this, KT will connect public switched telephone lines and code division multiple access (CDMA) networks with 2.4GHz Bluetooth networks at homes. KT will also start supplying next month new home gateways to apartment complexes in Seoul and the metropolitan area that will enable to centrally control various electronic and IT appliances such as PCs, TVs and DVD players at home, and remotely control them by voice outdoor using mobile phones. The communication carrier is in development of a variety of content to be provided for home network service, while talking with a satellite broadcasting firm to link with the service. "The development of stable technology and service as well as a variety of content and marketing activities are core elements for successful take off of the new communication-broadcasting-banking convergence service," said Cho Seong-un, director of communication and broadcasting research office at the Korea Information Society Development Institute. "Restrictions on such convergence service are also required to be mitigated."