[Song Seungseop's Financial Light] Want to Buy a House Within 3 Years? Check with MyData

Finance is difficult. It is filled with confusing terms and complex backstories intertwined. Sometimes, you need to learn dozens of concepts just to understand a single word. Yet, finance is important. To understand the philosophy of fund management and consistently follow the flow of money, a foundation of financial knowledge is essential. Accordingly, Asia Economy selects one financial issue each week and explains it in very simple terms. Even if you know nothing about finance, we light the ‘fire’ of financial understanding with ‘light’ stories that you can immediately grasp.

Woori Bank MyData Service 'Miraeui Na' Screen Capture

[Asia Economy Reporter Song Seungseop] Starting this month, MyData (Personal Credit Information Management Service) has been piloted by 17 financial companies. The competition surrounding MyData is expected to be very fierce. Some commercial banks even announced that they would give away cars as prizes, but when concerns about overheated competition grew, they changed the prizes to other products, causing a bit of a commotion. What exactly is MyData that causes such a stir? What are the benefits of using the MyData service? We explain it in a way that resonates with everyday life.

MyData is a service that allows you to check and manage your financial information scattered across multiple financial companies all at once. Through this, you can receive customized products and services. The reason it is called ‘MyData’ is because you, ‘myself,’ can manage the data as you wish. MyData users can decide for themselves which information they want to share and receive the services they want accordingly. If you change your mind after providing data, you can also stop sharing it.

When you use the MyData service, since your personal data is gathered in one financial company, you can use various additional services. What specific services can you receive? We introduce the services currently being piloted by each financial company.

You can find out how much money you need for marriage, housing, retirement, divorce, childcare, and more. A representative example is the ‘Future Me’ service provided on Woori Bank’s MyData page. If you are a MyData customer who has registered your financial assets, you can find out how much money and time it will take to buy a 30-pyeong apartment in Bongcheon-dong, Gwanak-gu.

Smart 'Financial Life' Becomes Possible with MyData

First, you search for and set the apartment you want on the map, and information such as recent sale prices, additional costs, acquisition tax, local education tax, and so on is provided. When you set your fund ratio, it shows how much loan you will need. By attempting a result prediction, it tells you how much money you will need before purchase, after purchase, and after retirement. It also informs you how much your income or expenses are lacking or in surplus. Afterwards, it provides solutions. It teaches you what to be careful about until purchasing a house and how to save money. You can also check loan limits such as the Debt Service Ratio (DSR).

Additionally, you can find out the budget and amount needed according to your preferred marriage style (luxurious marriage, comfortable marriage, moderate marriage, practical marriage, frugal marriage), or set a car of interest and find out how long it will take to get the desired car.

You can also check various economic and financial schedules and amounts at a glance. Shinhan Bank’s MyData service ‘Moneyverse’ has a ‘Calendar’ feature that shares news necessary for financial life with consumers. You can see not only bank account deposits but also the scheduled amounts and dates for credit card payments. You can also track the schedule for IPO subscription. The calendar shows companies with upcoming IPO subscriptions by date. Selecting detailed information connects you to the ‘Investment Indicator Notifier,’ where you can check detailed information such as the confirmed offering price and subscription period.

By using KB Kookmin Bank’s MyData service ‘Money Crew,’ you can share your asset portfolio. After setting a nickname, you can benchmark others’ asset management methods. You can subscribe to others’ financial management methods and refer to the asset management of financial experts. Woori Bank also offers a service called ‘Ranking of Experts.’

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