Shinhan Bank Selected for 'Simple Real-Name Verification Service' as an Innovative Financial Service

Real-Name Verification via Shinhan SOL App Without Physical ID Submission
Expecting On-Site Financial Services Through Secure Tablet PC Work Environment

[Asia Economy Reporter Jo Gang-wook] Shinhan Bank announced on the 19th that its 'Simple Real-Name Verification Service,' which allows identity verification without a physical ID using a consultation tablet PC and Shinhan SOL app, has been designated as an innovative financial service under the Financial Regulatory Sandbox by the Financial Services Commission.

The 'Simple Real-Name Verification Service' enables Shinhan Bank customers to authenticate themselves through Shinhan SOL login, after which bank staff verify the customer's real name using a scanned image of the ID previously submitted by the customer on the consultation tablet PC. Shinhan Bank customers can conduct banking transactions anytime and anywhere with app login only, without needing a physical ID, and staff can verify customers' real names and provide financial services via the tablet PC regardless of location.

By replacing the bank branch environment with tablet PCs through the 'Simple Real-Name Verification Service,' 'visiting sales' to customers becomes possible, leading to expected benefits such as ▲improved financial accessibility for customers who find it difficult to visit bank branches, including financially vulnerable groups ▲reduced waiting and processing times ▲enhanced customer convenience through improved real-name verification methods.

The Financial Regulatory Sandbox is an 'experimental ground for innovation' that provides opportunities for market entry based on innovation and safety to support smooth market access for new technologies and services. Although the Real Name Financial Transactions Act stipulates that "financial companies must conduct financial transactions using the true name of the transaction party (identification and documents)," Shinhan Bank has received regulatory exemptions through the Financial Services Commission's designation of innovative financial services, allowing real-name verification without the original ID by using app login for authentication, verifying the authenticity (validity, etc.) of the ID using previously submitted scanned images, and comparing the scanned image with the physical ID.

This service was made possible by Shinhan Bank's expertise and information security technology, having introduced and operated financial consultations using tablet PCs for the first time in the banking sector in 2015. Shinhan Bank applies strong mobile security policies, including encryption of all information exchanged during customer real-name verification and monitoring of the information exchange process on the tablet PC, blocking the possibility of customer information leakage or misuse.

Shinhan Bank plans to implement an upgraded consultation tablet service supporting customized consultations for staff and customers in December and expand financial transactions using tablet PCs with this service next year.

A Shinhan Bank official said, "In the coming years, the banking business environment will change significantly, and the fixed notion that banking transactions can only be done at branches will disappear. Shinhan Bank will continue to develop convenient and secure innovative financial services to improve customer convenience and financial accessibility."

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