Check Bank and Securities Balances Too... Kyobo Life Insurance Launches First 'Open Banking' Among Insurers

First Participation in the Insurance Industry
Advancing Customized Services with MyData

[Asia Economy Reporter Minwoo Lee] Kyobo Life Insurance has become the first insurance company to introduce 'Open Banking.' Customers can now check the balances and transaction history of their bank and securities accounts through the Kyobo Life Insurance application (app).

Kyobo Life Insurance announced on the 29th that it is the first in the insurance industry to provide this 'Open Banking' inquiry service.

'Open Banking' is a system that allows customers to view and transfer funds across multiple financial institutions' accounts within a single app. Initially opened to fintech companies in 2019, the service has since expanded to securities firms, mutual finance companies, savings banks, card companies, and others. Currently, over 120 financial institutions and fintech companies, including banks, participate in the system.

Starting with bank and securities account balance inquiries, Kyobo Life plans to expand the service by the first half of next year to include card and prepaid recharge information inquiries through its app. It also aims to gradually enable account transfer services using Open Banking, such as easy transfers between customer accounts. This builds on the foundation for providing customized financial services by linking with the MyData (personal credit information management) service, which was first launched in the industry last February.

Furthermore, with Kyobo Life's participation in Open Banking, not only bank and securities account information but also insurance information will be provided to and utilized by other financial institutions, increasing its usefulness. If more insurance companies join Open Banking in the future, it is expected that the era of 'Open Finance'?where all financial products from various institutions can be accessed on a single platform?will open through expanded participation and service offerings.

A Kyobo Life Insurance representative explained, "Starting with inquiry services and eventually providing transfer services, customers will be able to check useful information across the entire financial spectrum at once through the Kyobo Life app, as well as receive personalized financial services."

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