Jeonbuk Bank Expands Participation Institutions for Open Banking Service Implementation

[Asia Economy Reporter Kim Hyo-jin] JB Financial Group Jeonbuk Bank announced on the 23rd that it will enhance its existing open banking service and expand participating institutions to include mutual finance and financial investment companies.

With Jeonbuk Bank's open banking service, customers using the bank's smart banking can register their own accounts held at four mutual finance institutions such as Suhyup, Shinhyup, Forest Cooperatives, and Saemaeul Geumgo, as well as 13 securities firms including Samsung Securities, Kyobo Securities, and Mirae Asset Daewoo, to check balances and make transfers. Until now, open banking services were only available in the primary financial sector such as general banks, but now accounts from almost all financial sectors except card companies can be freely used through open banking, which is expected to greatly increase user satisfaction.

Additionally, with the enhancement of the open banking service, information such as account opening date, last transaction date, and maturity date of accounts registered in open banking from other banks can also be checked. Furthermore, account transaction history inquiry has become possible. As a result, without the hassle of installing apps from multiple financial institutions one by one, it is now possible to check information and conduct transactions of registered accounts through Jeonbuk Bank's smart banking.

A Jeonbuk Bank official stated, “The newly improved Jeonbuk Bank open banking service will continue to waive usage fees for a certain period as before,” and added, “We highly recommend experiencing the convenience of open banking while enjoying the fee benefits.”

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