Credit Information Service Launches Customized DB Pilot Service... 7 Participants Including Shinhan Card and Samsung Life

[Asia Economy Reporter Minyoung Kim] The Korea Credit Information Services (KCIS) announced that it will promote a pilot service for a customized database (DB) on CreDB, a big data open system.

The pilot service will involve seven institutions that expressed their intention to participate through the Financial Data Forum: Shinhan Card, KB Insurance, Samsung Life Insurance, PeopleFund, Seoul National University, Yonsei University, and Korea University.

Through the pilot service, KCIS plans to standardize the service usage procedures and optimize the remote analysis system, then start accepting applications for use from next year to officially provide the customized DB.

KCIS explained that the customized DB is a credit information DB significantly improved in terms of utility, scalability, and convenience compared to the previously provided sample DB. It offers a greatly increased number of data items, enables linked analysis between personal, corporate, and insurance information, and provides data customized according to the user's research topics.

Financial companies, fintech (finance + technology) firms, and others will be able to use the customized DB to perform various big data analyses that were previously impossible, such as precisely comparing and analyzing characteristics of various comparison customer groups and their own customers, or analyzing correlations between loan information and insurance information.

Shin Hyun-jun, President of KCIS, stated, “The customized DB is the first dataset that enhances utility by integrating various credit information of credit information subjects.” He added, “We will ensure that new product and financial service development and artificial intelligence (AI) research can be further activated and accelerated centered on CreDB.”

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