Shinhan Bank Launches 'Simple Real-Name Verification Service' via Sol Authentication

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 18th that it will implement a simple real-name verification service that allows existing customers to conduct banking transactions through Shinhan SOL authentication without the need for a physical ID card.

The simple real-name verification service allows Shinhan Bank customers to authenticate themselves by scanning a QR code on the branch counter tablet PC and logging into Shinhan SOL. Bank staff then verify the real name using the customer's previously submitted ID image.

This service was selected as an innovative financial service by the Financial Services Commission in November last year and was developed under the special provisions of the Real Name Financial Transactions Act. It is available to customers who have submitted their ID at a Shinhan Bank branch within the last five years and have their real-name information stored, as well as being registered Shinhan SOL users.

By verifying real names without a physical ID, the service improves transaction convenience and enhances the security of personal information usage and storage through app-based authentication. Additionally, minimizing contact by eliminating the need to exchange physical IDs between customers and staff is expected to significantly help prevent the spread of COVID-19.

Shinhan Bank first applied the simple real-name verification service to external sales tablets called Staff in June, and with the recent nationwide expansion using branch tablet PCs, it has become the first in the financial sector to enable simple real-name verification across all face-to-face channels both inside and outside the bank.

Shinhan Bank plans to continuously expand the service model, including enabling the simple real-name verification service on non-face-to-face channels to further improve transaction convenience.

A Shinhan Bank official stated, "We expect the simple real-name verification service to improve financial accessibility for financially marginalized groups who find it difficult to visit bank branches and enhance transaction convenience by eliminating the need for physical ID cards." He added, "We will continue to discover new customer-centered services by combining new ideas and digital technologies."

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