Hana Financial Research Institute, "Utilizing Financial Data is a Condition for the Financial Industry's Rebound"

On the 28th, at the Korea Institute of Finance in Jung-gu, Seoul, the 10th Roundtable jointly hosted by Hana Financial Management Research Institute and Korea Financial Research Center took place. In the front row from the left: Hyemi Kim, Research Fellow at Hana Financial Management Research Institute; Kyunghoon Kang, Professor at Dongguk University; Geunwoo Seo, Distinguished Professor at Dongguk University; Hyunggu Kang, Professor at Hanyang University; Gijin Yang, Professor at Jeonbuk National University. In the back row from the left: Jiman Jeong, Professor at Sangji University; Seongin Jeon, Professor at Hongik University; Heungjin Kwon, Research Fellow at Korea Institute of Finance; Jaejun Han, Professor at Inha University; Jungho Jeong, Director of Hana Financial Management Research Institute; Geonbeom Lee, Professor at Hanshin University; Yeonguk Yeo, Vice President of Fink; Kyungwon Lee, Professor at Dongguk University, are posing for a commemorative photo. Photo by Hana Bank

[Asia Economy Reporter Kim Min-young] Hana Financial Research Institute, affiliated with Hana Bank, announced on the 29th that it jointly held the 10th Roundtable with the Korea Financial Research Center, a non-profit organization.

The event, held the previous day at the Korea Institute of Finance's main conference room in Jung-gu, Seoul, focused on the theme "Post-COVID Era: Activation of Financial Data Utilization for the Financial Industry's Rebound."

Over 40 experts, academics, and financial institution officials attended to understand the impact of activating financial data utilization across various sectors of the financial industry and to explore institutional solutions for promoting the use of financial data.

The attendees agreed that the recently amended and enforced Data 3 Laws (Personal Information Protection Act, Information and Communications Network Act, and Credit Information Act amendments) have opened opportunities for the financial industry's rebound through the activation of financial data utilization. They emphasized the need for accurate understanding of these effects and the examination of potential issues, sharing diverse opinions and policy suggestions.

Professor Kang Hyung-gu of Hanyang University proposed strategic approaches to enhance the value of financial institutions through big data utilization. He stressed, "Financial institutions, where systematic risk management is crucial, can scientifically utilize macro data for mid- to long-term decision-making to increase their value, moving away from the existing strategic approaches that rely on micro-level data."

Professor Kang Kyung-hoon of Dongguk University pointed out, "Conflicts of interest may arise between the activation of big data utilization and personal information protection, incentives for data accumulation and the harms of data concentration, and competition issues between financial sectors and big tech (large information and communication companies). These problems are obstacles to the sound development of the data economy."

Professor Yang Ki-jin of Jeonbuk National University focused on the potential improvements in credit evaluation systems, big data-based targeted marketing, and customer securities transaction data analysis following the amendment of the Data 3 Laws.

Professor Yang emphasized, "With the acceleration of big data utilization, many non-financial information specialized credit evaluation (CB) companies are expected to enter the market. Developing their credit evaluation models is a means to secure competitiveness."