What Challenges Must Be Overcome to Activate MyData?

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[Asia Economy Reporter Eunju Lee] Since the beginning of this year, MyData (personal credit information management service) has been fully implemented. MyData is a service that integrates and provides an individual's financial information scattered across various companies. With the implementation of MyData, the range of information that participating companies can offer to consumers has expanded, and data analysis capabilities have increased.

Not only commercial banks but also insurance, card, securities, and fintech companies have entered the MyData business. They are all working to provide 'personalized financial services.' However, there are criticisms that no company stands out by offering exceptionally outstanding services using MyData. So, how do the participating companies view this? They unanimously agree that an environment where data can be shared more actively needs to be promoted.

At the 'Financial Data Conference' hosted by the Korea Chamber of Commerce and Industry on the 21st, organized by the Credit Information Service, it was an opportunity to glimpse the thoughts of MyData participating companies. At the keynote speech that day, Kim Jisik, Vice President of Naver Financial, and Kim Myunghee, Chief Digital Officer (CDO) of Shinhan Financial Group, mentioned the need for financial incentives to promote data sharing.

Vice President Kim mentioned that it costs a considerable amount to establish a system for companies to share data with each other. He said, "To share information, you have to build data APIs and standardize information to send it to other companies, and the cost for this is estimated to be in the tens of billions of won annually." He added, "Well-capitalized operators like Naver Financial can bear these costs, but small MyData operators find it difficult to bear such costs in the long term," and "For the smooth operation of the MyData business, there needs to be consideration regarding the cost burden of data transmission."

Chief Digital Officer Kim Myunghee focused on individuals, the providers of data. She said, "For the sustainable creation of the MyData ecosystem, individuals (the information providers) must have the expectation of receiving convenient services and financial benefits," and "It is necessary to consider ways to provide financial benefits to the information subjects for the revenue generated from providing data." She suggested that a 'reasonable charging system' should be established as a way to provide economic incentives to individuals who provide information, which would help activate the MyData industry. The engine of MyData is data. Therefore, both executives believe that for the MyData industry to thrive, an incentive system that promotes active data production and sharing at the private sector level is necessary.

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