MG Community Credit Federation to overhaul core banking system in W291b project with LG CNS

MG Community Credit Federation is accelerating an overhaul of the core banking system that handles deposits, loans and other key financial transactions. Working with LG CNS, the federation is upgrading its aging infrastructure while also launching an advisory panel to incorporate input from frontline staff.

The federation announced Wednesday that it held a workshop on the core account system modernization project with LG CNS on Friday at LG Science Park in Magok, Gangseo-gu, Seoul. About 250 officials from the two organizations attended, sharing the project's direction and discussing ways to collaborate.

The workshop also marked the launch of an advisory panel designed to channel frontline perspectives into the system-building process. The panel will review requirements from staff who handle day-to-day financial operations and ensure those needs are reflected in the new system. Participants also strengthened cooperation between the two organizations through team-building activities.

LG CNS signed a contract with MG Community Credit Federation on Oct. 14 to build the modernized core account system for 291.05 billion won ($217 million). The project runs from Oct. 15 through Feb. 14, 2029 — roughly 28 months — with LG CNS overseeing the entire system implementation.

The core account system is the central computing infrastructure that processes customers' deposits, loans, withdrawals and other major financial transactions. The federation plans to improve the aging system to enhance the stability of its financial services and boost operational efficiency, with particular emphasis on incorporating the characteristics and requirements of frontline operations into the system design.

"We will maintain close communication and cooperation among all project participants to ensure the project proceeds successfully," a federation official said.