Two Years Since Launch: Financial Data Exchange's Most Popular Report is 'Quarterly COVID-19 Consumption Trends'

Credit Card Companies' Payment Information Mainly Popular
"Discovering Various Products and Promoting Cross-Industry Council"

Provided by Financial Security Institute

[Asia Economy Reporter Minwoo Lee] Since the launch of the Financial Data Exchange, the most popular data has been the 'Quarterly COVID-19 Consumption Trends.' This is interpreted as reflecting the need for self-employment analysis using data from the COVID-19 period.

According to the Financial Security Institute on the 21st, the most popular paid data on the Financial Data Exchange (FinDX), launched in May 2020, were 'Quarterly COVID-19 Consumption Trends' and 'Regional Card Usage Information.' Other top-ranking data included online delivery franchise information and monthly sales details based on the addresses of regional franchise stores.

Among free data, the most popular were '2021 Hourly Consumption Trends,' 'Card Consumption Trends Due to COVID-19,' and 'Online Shopping Usage Characteristics by Day of the Week and Time.'

Additionally, an online lifestyle information provider purchased monthly sales data based on the addresses of franchise stores in specific regions for analysis and utilized it in online commercial district information services. There were also cases where credit card data and mobile carrier data were combined to analyze tourist movement routes and consumption patterns.

As of the 10th, a total of 106 companies have joined as members. Among them, 52 were financial companies (13 banks, 9 securities firms, 7 insurance companies, 8 card companies, 6 credit information companies, and 9 others). They registered 985 data products, and a total of 7,601 transactions occurred.

About 54% of the registered data products and about 67% of the transaction data were from credit card companies. Credit card companies were the most active in the data business, and the fact that credit card payment data can be combined with data from various fields was a key factor. However, issues such as data transaction concentration centered on some financial companies, insufficient paid transactions that can generate actual profits, and a preference for direct transactions between suppliers and demanders were identified as areas for improvement.

Accordingly, the Financial Security Institute has set the operational goal of the Financial Data Exchange this year as 'strengthening its role as a comprehensive platform for data distribution and utilization.' To this end, it plans to first discover and provide various combined data products through strategic partnerships with data suppliers. It will release pseudonymized and anonymized data products covering the entire industry, including finance, distribution, and telecommunications, and also develop analysis-only pseudonymized information products that can be safely analyzed without providing data.

For security, it plans to enhance the data analysis sandbox (Safe Zone). The purpose is to minimize the risk of data leakage or misuse for data sellers while providing revenue through sales, and to provide data buyers with opportunities for analysis necessary for data-driven innovation at a low cost.

In addition, it plans to promote a 'Data Innovation Alliance (tentative name)' involving various players such as data providers, processors, analysts, and consulting firms.

Kim Cheol-woong, President of the Financial Security Institute, stated, "Now, it is not an exaggeration to say that the financial industry is a data industry, as securing high-quality data for survival and future competitiveness in the financial sector is becoming increasingly important. We will continuously strengthen the comprehensive platform services for data distribution and utilization, reflecting the demands of the financial industry and market, and aligning with the policy directions of financial authorities."

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