'Financial Secretary in Your Hand' MyData Faces Some Issues Including Errors from Pilot Service

[Asia Economy Reporter Kim Jin-ho] Consumers using the 'My Data' financial assistant service, which entered pilot service on the 1st of this month, are experiencing inconveniences due to frequent errors. Although financial authorities plan to resolve the issues promptly ahead of the full service launch on the 1st of next month, there are concerns that the high financial regulatory barriers will hinder the activation of My Data services.

According to the financial sector on the 12th, 10 companies including KB Kookmin, Shinhan, NH Nonghyup, Hana, Woori, and SC First Bank have obtained full licenses for My Data services. Most banks have either started pilot services from the 1st or are about to launch them soon.

My Data is a service that collects scattered personal credit information in one place, analyzes financial status and consumption patterns, and helps manage assets and credit by recommending suitable financial products.

KB Kookmin Bank has launched the 'Real Estate and Automobile Management Service,' which leverages strengths such as real estate price information to suggest financial strategies for home and car purchases, and the 'My Safe Service' for managing tangible assets in daily life.

Shinhan Bank is targeting the My Data market with the 'Golradream Service,' which recommends optimal financial products based on information from 1,091 savings and deposit products, 1,046 loan products, 1,384 card products, and 12,229 fund products.

Hana Bank offers asset management style diagnosis and prescriptions, as well as the 'Hwan-Tech Challenge' service that assists in accumulating foreign currency assets related to overseas travel, direct purchases, and foreign stock investments. Woori Bank provides the 'At a Glance, At Hand' service, which includes integrated asset inquiry, consumption and expenditure analysis, and future cash flow simulation.

However, all these banks have reported frequent errors in the process of data exchange between information providers within the current My Data system. There are also criticisms that the number and volume of consent forms that bank My Data users must process to aggregate their information are excessive.

The insurance industry is somewhat passive about the My Data business compared to the banking sector. Only Kyobo Life Insurance and KB Insurance have obtained full licenses. Kyobo Life plans to start services in January, and KB Life in March.

In the case of insurance, there are complaints about inconvenience because information related to the insured is excluded from the scope of My Data information disclosure due to personal information protection reasons.

On the other hand, the card industry is very active. Shinhan Card, KB Kookmin Card, Hyundai Card, Hana Card, and BC Card have started pilot My Data services. Since card companies provide core data for My Data services, such as consumer payment data, they are also engaged in a tug-of-war with big tech companies over the scope of data provision.

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