Confusion Over Depositing and Withdrawing MyData-Linked Savings
Event Missing Car Prize
[Asia Economy reporters Park Sun-mi and Kim Jin-ho] As MyData (Personal Credit Information Management Service), known as the "financial secretary in my hand," begins its pilot service this month, confusion is arising over related products and events. This is due to financial authorities raising regulatory barriers belatedly, concerned about excessive marketing competition among financial institutions to secure customer data. Financial companies that had prepared specialized products and services to gain market dominance are now struggling as their plans are disrupted by the authorities' ambiguous guidelines.
According to the financial sector on the 1st, Woori Bank has temporarily postponed the launch of the "MyData Preferential Savings" scheduled to be introduced at 4 p.m. on the day of the pilot service launch. As of the first day of implementation, the decision on whether to launch the product has not been finalized. The condition of offering a preferential interest rate of up to 1.3 percentage points annually to customers who register their data for the MyData service has become a stumbling block. The authorities have stipulated that marketing activities to attract MyData customers cannot offer prizes exceeding 30,000 KRW, and depending on the interpretation of this clause, issues may arise.
Hana Bank's "Hana Hap Savings," launched on the same day, is in a similar situation. This product offers a maximum annual interest rate of 4.1%, including a basic rate of 1.1% and a preferential rate of up to 3.0%, but only to customers who pre-register. If the financial authorities issue new guidelines for this product, changes to its structure will be inevitable. This means that the interest rates applied to customers who pre-registered may also change.
Events that were vigorously prepared to attract customers at the early stage of implementation have also lost momentum due to the authorities' excessive prize restraint order. KB Kookmin Bank and Woori Bank canceled the car prize worth 70 million KRW that they had heavily promoted. Kookmin Bank initially planned to award one winner a Genesis GV70 2.5 gasoline turbo car. Instead, they increased the number of winners to 40 and changed the prize to an Apple iPad Pro 11-inch (128GB). Woori Bank also replaced the GV60 car prize with a Dyson air purifier and National Tourism Culture Gift Certificates.
'Ban on Excessive Marketing' Becomes a Stumbling Block
Within the industry, these confusions surrounding the MyData pilot service are attributed to ambiguous regulations on the "ban on excessive marketing" and the last-minute issuance of guidelines. A bank official said, "The entire industry put effort into related products and events in line with the MyData implementation, but the authorities' late reinforcement of monitoring excessive marketing has made everyone cautious." He added, "Until clear regulations from the authorities are issued, aggressive marketing is not possible."
According to the revised "MyData Service Guidelines" on the 19th, MyData operators are prohibited from inducing service subscriptions by offering money, benefits, or goods exceeding 30,000 KRW (referring to the average amount provided through lotteries, etc.). Additionally, to prevent excessive competition among operators, if prizes are provided through lotteries, the amount given to a specific individual must not excessively exceed 30,000 KRW. However, the guidelines do not specify what constitutes an excessive excess, only citing examples such as high-value prizes exceeding 1 million KRW.
A financial authority official explained, "We did not set a uniform limit of 30,000 KRW but used the 'average amount' because regulations should not restrict competition. However, when autonomy was granted, excessively high-value prizes were offered. We judged this as excessive and recommended a limit around 1 million KRW." He added, "We are not considering additional guidelines regarding the ban on excessive marketing related to MyData."
What Does the Banking Sector's MyData Service Look Like?
Shinhan Bank launched its MyData service "Moneyverse" on the same day. Moneyverse collects personal credit information scattered across banks, cards, securities, insurance, electronic finance, telecommunications, and other companies with a single authentication, gathering information from up to 50 companies. It provides integrated financial information inquiry, asset and financial analysis, consumption and expenditure management, goal management, and personalized product recommendations. The service aims to help customers save, accumulate, and grow their money, thereby managing their assets.
KB Kookmin Bank offers the "KB MyData" service. Through the KB MyData pilot, it provides ▲'Asset Management Service' offering solutions tailored to the individual ▲'Expenditure Management Service' suggesting better spending habits through consumption pattern analysis ▲'Goal Challenge,' a personal financial habit maker that helps improve habits ▲'Financial Plus,' which simplifies management of various tangible assets and credit ▲'Money Crew,' an asset management service utilizing collective intelligence ▲'If You,' an asset management simulation service supporting goal achievement.
NH Nonghyup Bank's "NH MyData" offers five services: ▲NH Asset Plus ▲Financial Planner ▲Year-end Tax Settlement Consulting ▲My Car Management ▲Customized Government Benefits. Customers who subscribe to NH MyData can conveniently use all five services with a single registration and receive a 0.1% preferential interest rate benefit when subscribing to the "NH Satda Chigo Savings."
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