Starting Tomorrow, 'MyData' Pilot Launch... Hyundai Capital Differentiates with Car Finance Specialization (Comprehensive)

Plan to Launch App Service in January Next Year
Providing Vehicle Usage Cycle-Linked Service
Asset Management Service, Focused More on Finance than Consumption

[Asia Economy Reporter Ki Ha-young] Starting from the 1st of next month, the pilot service for 'Personal Credit Information Management Business (MyData)' will begin, and Hyundai Capital is launching a MyData service specialized in auto finance. As banks, card companies, and fintech firms competitively enter the MyData business, attention is focused on how many customers can be secured through the auto finance specialized service.

According to Hyundai Capital on the 30th, they plan to open a MyData pilot service linked to vehicle-related services in January next year. This method connects necessary information according to the vehicle usage cycle, such as vehicle delivery, registration, and driving information. In particular, the Personal Financial Management (PFM) service provides finance-focused services such as loan offers based on customer analysis and mobility proposals rather than consumption.

MyData refers to collecting personal credit information scattered across banks, insurance companies, and card companies to provide customized financial services. MyData operators can analyze customers' card transaction details, insurance information, investment information, etc., to recommend advantageous financial products. Customers can compare their credit rating, assets, loans, and the conditions of financial products subscribed to by similar consumers.

Since MyData is considered a future growth engine, not only existing financial sectors such as banks, insurance, and cards but also fintech companies are actively securing customers through financial product comparison and recommendation services. Among the capital industry, only Hyundai Capital and KB Capital have received full MyData licenses so far. KB Capital plans to integrate MyData services into the used car trading platform 'KB Chachacha' to provide integrated asset inquiry services and customized financial services. They plan to introduce tailored services according to the vehicle lifecycle, such as supporting vehicle purchase planning, vehicle maintenance information, and customized financial product recommendations.

Hyundai Capital to Revamp Existing App in January Next Year... Focus on Auto Finance Services

Hyundai Capital plans to launch an upgraded version of its existing application (app) from the end of January next year and provide new services specialized in auto finance to customers who consent to the MyData service. By consenting to the MyData service, customers can enjoy various customized services beyond the existing features in the Hyundai Capital app, such as checking billing amounts and remaining balances.

For example, in addition to the existing vehicle price inquiry service, customers can check reports on maintenance, safe driving scores, and insurance. They can also receive information related to all mobility consumption, including vehicle tax, insurance, fuel, parking, taxi, and public transportation. In asset management, integrated asset information covering finance, automobiles, and real estate is provided, showing detailed loan status while encouraging refinancing. Additionally, new credit score management and report functions will be introduced, offering credit score improvement and comparison within the same group.

A Hyundai Capital official said, "We plan to enable customers to feel convenience and value through customized offers in the Hyundai Capital app," adding, "We expect this to strengthen the existing customer base as well as attract new customers."