Expanding Usage Scope and Providing Detailed Information... Promoting 'MyData 2.0'

by Yoo Jaehoon

Published 04 Apr.2024 14:02(KST)

The scope of MyData users will be expanded to include digitally vulnerable groups and minors. Additionally, more detailed information will be provided through MyData, enabling MyData service providers to implement personalized asset management services for users.

On the afternoon of the 4th, the Financial Services Commission announced the "MyData 2.0 Promotion Plan" at the Bankers' Hall in Jung-gu, Seoul. The announcement was made in the presence of MyData service providers such as financial companies and fintech firms, as well as related organizations including financial associations, the Financial Supervisory Service, the Credit Information Center, the Korea Financial Telecommunications & Clearings Institute, the Financial Security Institute, and the Korea Institute of Finance.

[Image source=Yonhap News]

According to the authorities, since the full implementation of financial MyData in January 2022, as of the end of February, a total of 69 service providers have been offering integrated financial information management services to 117.87 million subscribers (cumulative). The authorities evaluate that financial MyData has quickly settled in, increasing convenience in financial use through personalized financial services and improving financial accessibility for those with limited financial history.

However, there have been criticisms that asset details are not viewed in detail when using MyData services, that service subscription is restricted offline, and that the duplicated consent procedures make usage cumbersome.

Accordingly, the authorities have prepared the MyData 2.0 promotion plan focusing on four areas: expansion of MyData information, activation of business operations, enhancement of user convenience, and protection of MyData information.

First, the range of users who can use MyData services will be expanded. Digitally vulnerable groups such as the elderly and visually impaired will be able to subscribe to MyData services and access and utilize information at face-to-face branches of banks and other institutions. They will also be able to receive financial product comparison and recommendation services based on MyData, including asset details and consumption expenditures.

Additionally, adolescents aged 14 and over will be able to subscribe to MyData services without the consent of their legal guardians. Adolescents will be able to independently view integrated details of their account history, check card, and debit/prepaid card usage.

More detailed and diverse MyData information will be provided to support MyData service providers in offering personalized asset management services. For example, currently, when users purchase goods on delivery platforms and make payments, the payment details are provided to MyData service providers; however, the seller's name is often not properly displayed, or the purchased item details are not provided at all, resulting in inaccurate payment information.

Therefore, going forward, payment information will be provided to MyData with the seller's name accurately indicated and the purchased item details specifically displayed. This will help MyData service providers better understand users' consumption patterns.

Furthermore, through consultations with related ministries, financial MyData services utilizing public MyData information will be expanded. This is expected to enable MyData service providers to more accurately grasp users' consumption tendencies and provide personalized asset management services that meet actual demand.

The asset management platform functions using MyData will also be strengthened. Previously, to use MyData services, users had to remember and select each financial company they were subscribed to and then choose financial products, a cumbersome process. In the future, users will be able to view all financial companies and financial products they are subscribed to, including dormant deposits and insurance money, at once without selecting them separately.

Also, if an account that has not been used for over a year is viewed in the MyData app, users will be able to directly close it within the app. If there is a balance, users will be able to transfer it to an account of their choice.

Kim Ju-hyun, Chairman of the Financial Services Commission, said, "This institutional improvement plan focuses on enabling more citizens to safely receive high-quality MyData services and allowing service providers to utilize MyData information diversely to offer better services." He added, "As the era of low growth and aging continues, public interest in asset management is increasing. Through the promotion of MyData 2.0, the government will do its best to provide practical help to citizens in managing their assets."