Government-led consumer credit data service launched

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Bank Salad advertising for its MyData (Bank Salad) services

A government-led program that aims to give consumers more information and control over their personal financial data was officially launched on December 1, allowing customers to manage their lives more efficiently.

The program dubbed “MyData” enables clients of 53 government approved financial institutions to receive personal, personalized and complete financial data on their expenses, all bank account balances, loans, insurance and more at their choice. business. Services will be authorized through separate mobile applications operated by financial institutions.

According to the Financial Services Policy Commission, 17 of the 53 financial institutions that completed reviews by authorities as of November 30 were given the green light to launch their services on December 1. The 17 financial institutions, including six major commercial banks, including KB Kookmin, Shinhan, Hana and Woori, brokerage houses, credit card issuers and financial technology groups such as the local operator of money management applications. Bank Salad budget. The remaining 36, including Naver Financial and Kakao Pay – the fintech services of the country’s largest internet portal and messaging app operator, respectively – will gradually begin their services during this month.

KB Kookmin Bank said on December 1 that its MyData service will focus on personalized asset management and analysis of assets and spending patterns. Assets include real estate and cars.

While MyData users have been given the opportunity to manage their finances more efficiently, its service providers are now able to receive broader and more in-depth information about their customers.

Kim Sung-hoon, senior director of asset management at Kakao Pay, told an online press conference in September that the company plans to use MyData to deliver personalized financial reports and deliver the “right investments.” »To users of mobile payment services.

At the same time, Lee Seung-hyo, Product Manager at Kakao Pay, stressed the importance of information security and data protection, as MyData deals with the management of personal assets on the database. thorough.

Before MyData, financial institutions offered similar services by retrieving data from other financial companies, but now they have to use an advanced software interface called the Application Programming Interface to collect customer data.

By Jung Min-kyung ([email protected])


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