Welcome Savings Bank Launches Data-Driven Interest Reduction 'Customized Loan' Service

[Asia Economy Reporter Song Seung-seop] Welcome Savings Bank launched a data-driven personalized loan service on the 19th. The strategy is to provide optimized loan products to individuals based on MyData services.

Personalized loans are a service that informs customers of the financial products they can actually receive. It provides information on the lowest interest rates and maximum limits among available financial products. Product recommendations are made based on customer information. Customers only need to link their asset information to Welcome MyData. There are no requirements such as account opening.

The service utilizes alternative evaluation information. This means that information based on MyData is additionally reflected alongside existing credit information. Customers who previously had low credit scores under the traditional credit system may receive preferential treatment in terms of limits or interest rates.

The financial institutions initially participating in the service include Welcome Savings Bank, JT, DB, Kiwoom, Inseong, and HB Savings Bank. Additionally, four other savings banks will join as soon as their development is complete. Banks are also scheduled to participate. However, although it is the Welcome Savings Bank platform, Welcome Savings Bank products are not prioritized in the guidance.

Welcome Savings Bank stated that it is in discussions with various financial companies to expand the supply of service products. It plans to include products from excellent lending companies selected by the Financial Services Commission. This is to ensure that customers who have difficulty accessing products from first and second-tier financial sectors can also receive loan comparison and analysis services.

A representative from Welcome Savings Bank said, “The MyData-based personalized loan service guides financial consumers to select the most advantageous financial products and helps reduce loan interest. It is a service designed to allow consumers to enjoy financial services without burden.”

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