A rendering of the MyData service offered by the Monetary Providers Fee.
South Korea’s monetary establishments — together with banks, brokerages and bank card corporations — launched an all-in-one banking service Wednesday for patrons to handle their monetary knowledge unfold throughout monetary companies in a single place.
Known as “MyData,” the service was placed on a trial run in December earlier than 33 monetary establishments formally began providing it this week to assist prospects make extra knowledgeable monetary selections their account balances, loans and insurances .
The monetary corporations offering the service by way of their smartphone apps are anticipated to roll out extra personalised monetary merchandise to customers, using their very own monetary info acquired from a separate programing interface developed by the federal government.
“We’re seeking to provide you with a synthetic intelligence-powered software to assist our prospects with funding plans,” an official at Mirae Asset Securities stated. The brokerage was the primary securities agency to win a MyData allow from the Monetary Providers Fee.
“Our energy lies in human sources, our pool of analysts with years of expertise in understanding what our prospects need and when,” an official at NH Funding & Securities stated.
However some officers with the information of the matter solid doubt over efforts to make a singular attraction to prospects, saying there was little room to take action.
“Each firm has its personal know-how and techniques. However I don’t see how far completely different their approaches could possibly be, on condition that we’ve so many gamers providing the identical service,” one official stated.
Extra monetary corporations are anticipated to affix the service by the top of January.
By Choi Si-young (email@example.com)