Savings Bank App Real-Name Verification Reduced from 10 Steps to 1 Step... 'OK' in 5 Seconds

[Asia Economy Reporter Kim Min-young] The real-name verification process, which used to require 10 steps when opening a savings bank account, will be simplified to just one biometric authentication step.

The Korea Federation of Savings Banks announced on the 28th that its industry-wide joint mobile banking application (app) ‘SB Toktok Plus’ has been designated as an innovative financial service by the Financial Services Commission for its simplified non-face-to-face identity verification service.

Until now, customers using the SB Toktok Plus app had to repeatedly undergo redundant non-face-to-face real-name verification procedures each time they opened an account, including submitting a copy of their real-name verification certificate, verifying transfers from other banks, mobile phone identity verification, and entering customer information, in accordance with the Real Name Financial Transactions Act.

Going forward, users will be able to quickly and conveniently open accounts at multiple savings banks by registering their biometric information.

Specifically, real-name verification on the app currently requires going through 10 screens and takes more than 5 minutes, but once the service is implemented, the processing time is expected to be drastically reduced to within 5 seconds on a single screen for biometric authentication.

A representative from the Korea Federation of Savings Banks stated, “This designation as an innovative financial service is the first for the savings bank industry, and the simplification of real-name verification through a joint mobile app is uniquely possible only in the entire financial sector, which is highly significant,” adding, “We aim to launch the service in December.”

Additionally, the Federation is developing a ‘Regular Deposit Non-face-to-face Subscription Dedicated Account (tentative name)’ through SB Toktok Plus, which will allow opening multiple savings bank accounts within a short period, overcoming the inconvenience caused by the ‘short-term multiple account opening restriction system’ that currently requires waiting 20 days after opening a savings bank account before opening a new one, in consultation with financial authorities.