Kookmin Bank and Korea Association of Certified Appraisers Sign Digital Appraisal Report Partnership Agreement

Enhancing Stability and Efficiency Through Paperless Appraisal Reports

At the agreement ceremony held on the 16th at the Korea Association of Property Appraisers, (left) Kim Tae-gu, Head of the Credit Management Review Group at KB Kookmin Bank, and (right) Kim Soon-gu, President of the Korea Association of Property Appraisers, are posing for a commemorative photo.

[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank announced on the 16th that it has signed an agreement with the Korea Association of Property Appraisers to promote innovative finance and establish a mutually cooperative relationship for the 'Digital Appraisal Report Work.'

The signing ceremony held at the Korea Association of Property Appraisers in Seocho-gu, Seoul was attended by Kim Tae-gu, Head of the Credit Management Review Group at KB Kookmin Bank, Kim Soon-gu, President of the Korea Association of Property Appraisers, and officials from both organizations.

Since last year, KB Kookmin Bank has been reviewing the introduction of a 'paperless appraisal report' to participate in the government's electronic document activation plan and enhance work efficiency. Through this agreement, KB Kookmin Bank plans to build a digital appraisal report system with improved reliability and security based on blockchain technology in collaboration with the Korea Association of Property Appraisers.

Both organizations will promote ▲ prevention of forgery and repudiation of appraisal reports ▲ reduction of printing, mailing, and storage costs ▲ enhancement of efficiency in collateral loan operations through this agreement. They also plan to increase the digital completeness by reflecting various three-dimensional information in appraisals, such as photos or videos taken using drones.

Kim Tae-gu, Head of the Credit Management Review Group at KB Kookmin Bank, said, “We hope that the introduction of innovative services in the appraisal field will lead to mutual growth between KB Kookmin Bank and the appraisal industry,” adding, “We will support safer and faster customer services through the digitalization of appraisal reports.”

Meanwhile, KB Financial Group launched the 'KB Innovative Finance Council' chaired by Chairman Yoon Jong-kyu in April last year, carrying out projects such as Green Smart Schools, digitalization of national safety SOC, green remodeling, green energy, and eco-friendly future mobility. Through this agreement, it plans to promote innovative financial services in the appraisal field as well.