[Smart Finance Awards] 'Open Banking' Breaking Account Boundaries Between Banks Awarded to 'NH Nonghyup Bank'

Comprehensive Open Banking Award, NH Nonghyup Bank Winner
Check Withdrawal Limits per Account for Other Banks
Utilized in Various Services Beyond Simple Transfers
Funds Return for Mistaken Transfers Without Branch Visit

[Asia Economy Reporter Park Sun-mi] The Open Banking Award at the '2020 Asia Smart Finance Awards' was won by NH Nonghyup Bank. Nonghyup Bank received an overall score of 90.7 points in the open banking app evaluation, earning an A (Excellent) grade.

Nonghyup Bank has fully integrated open banking services into its mobile platforms, All One Bank and NH Smart Banking. Since 2015, when it first launched the API-based 'NH Open Platform'?the first of its kind in the financial sector?Nonghyup Bank has led the way in opening financial APIs even before the introduction of open banking, resulting in high-quality open banking services.

By breaking down the barriers between Nonghyup Bank accounts and other banks' accounts, users can view account balances and inquiries for all banks, including Nonghyup Bank, directly from the main screen. Open banking is applied not only for simple transfers but also diversely across various services, increasing its utility. For example, when charging funds from other banks' accounts to a Nonghyup Bank account, users can utilize up to five different external bank accounts at once. The account-specific limit inquiry function before withdrawal from other banks' accounts is a unique feature of Nonghyup Bank. When using services such as mobile ATM, utility bill payments, local tax payments, or foreign remittances, if the balance is insufficient, users can immediately recharge from other bank accounts to continue using the service.

If a customer mistakenly transfers funds from another bank account using open banking, they can conveniently request a refund through the built-in 'Fund Return Claim' feature without visiting a branch. Transfer details can be saved on a smartphone and shared as well. Another strength of Nonghyup Bank is its enhanced openness, allowing customers without bank accounts to use open banking services after simple identity verification.

Various benefits are also provided to open banking users. When subscribing to the 'NH Forty Deposit,' customers receive up to a 0.5% preferential interest rate, and a 0.1% interest discount is offered when using mortgage loans, among other benefits linked to various financial products. The bank also offers various security-related menus such as 'Smartphone Designated Service' and 'Mobile SMS Authentication Service.'

An official from Nonghyup Bank stated, "We plan to launch expanded services using open banking, such as currency exchange utilizing withdrawals from other bank accounts and new product subscriptions, as well as a pilot service for the non-face-to-face channel 'NH Smart Bill' within this year," adding, "We will continue to expand services through Nonghyup Bank's open banking."

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