Shinhan Card Consumer Data, Highest Transaction of 80 Million Won

One Month Since Launch of Financial Data Exchange Trading Processed Financial Information
Popular for Marketing with Resident Information by Apartment Complex

[Asia Economy Reporter Ki Ha-young] It has been revealed that Shinhan Card's consumer data was traded for about 80 million KRW on the financial data exchange, where financial information can be processed and bought or sold. This is the highest amount among the data traded on the data exchange, which marked its one-month anniversary on the 11th. While banks using the data exchange showed extremely low activity, there was high interest mainly in the data from card companies that directly contain consumer information.

According to the Financial Security Institute on the 9th, as of 10:40 a.m. on that day, a total of 315 data sets were registered on the financial data exchange, which opened on the 11th of last month, with a cumulative transaction volume of 117. Seven products were traded for a fee, with a total transaction scale of about 220 million KRW. The average transaction amount per case was about 30 million KRW.

The highest-priced product traded was the "Customized Advertising Provision Card Consumption Data" registered by Shinhan Card. The transaction amount was about 80 million KRW. This data allows understanding of customer groups' characteristics by gender, region, age group, and consumption industries. A Shinhan Card official explained, "Because this data reveals the consumption tendencies of specific customer groups, it can be effectively used for online advertising and other purposes."

Card consumption data by region, income, expenditure, and financial asset information at the regional level were also traded for a fee.

Among free data, the most popular were ▲restaurant franchise data by city/county/district ▲nationwide single-person apartment information ▲COVID-19 consumption trend data ▲franchise data by industry and city/county/district ▲nationwide building information, in that order. In particular, data provided by card companies were very popular. According to a Financial Security Institute official, this is because the data directly contains customers' consumption information, making it useful for companies that need to devise marketing strategies.

For example, looking at KB Kookmin Card's posted "Delivery Food Usage Trends in Hangang Park," it was confirmed that chicken consumption was overwhelmingly high among people in their 20s. While chicken consumption was high across all age groups, people in their 40s also showed high consumption of hamburgers and Chinese food delivery.

In the case of "Resident Information by Apartment Complex" registered by Shinhan Card, it contains information such as the age, gender, children's age, income level, and occupation of residents in specific apartment complexes. Among residents of 25-pyeong units in Apartment Complex A located in Gangnam-gu, Seoul, 34% were professionals. This was followed by education workers (25%), self-employed (17%), public officials (10%), and asset income earners (9%). In terms of annual income classification, residents in the 30 million to 50 million KRW range accounted for the largest share (34%). Residents in the over 100 million KRW range also accounted for 9%.

A Financial Security Institute official explained, "These data products can be used in various ways, such as establishing department store and large mart entry strategies through analysis of specific apartment residents, discovering shared kitchens (a form where multiple businesses share kitchen space to reduce costs) by identifying idle times of restaurant franchises, and formulating local government support policies related to COVID-19."

Meanwhile, participation by commercial banks in the data exchange was found to be low. Except for data posted by Shinhan Bank and Woori Bank, no other banks have uploaded data on the data exchange website.

This content was produced with the assistance of AI translation services.