Is My Financial Information Worth the Price of a Cup of Coffee?

"Link Financial Assets and Get a Coffee Coupon"

[Asia Economy Reporter Park Sun-mi] Coffee coupons, convenience store 3,000 KRW vouchers, 1,000 to 3,000 points. These are the common compensation for data provision that banks are offering as they launched the MyData (Personal Credit Information Management) pilot service on the 1st of this month.

According to the banking sector on the 7th, financial authorities, concerned about excessive marketing competition in MyData, have regulated to prevent offering expensive prizes, resulting in compensation for customers' data provision being adjusted to about the price of a cup of coffee.

Shinhan Bank is providing a roulette ticket with a 100% chance of winning coffee coupons, convenience store 1,000 KRW vouchers, or 1,000 points as a celebration for the opening of its MyData service 'Moneyverse' when customers newly sign up and link their financial assets. Customers spin the roulette as many times as the number of connected assets across banks, cards, securities, insurance, and pay services, and receive prizes accordingly.

KB Kookmin Bank also offers coffee coupons, convenience store 3,000 KRW vouchers, and 3,000 points as prizes for customers who sign up for 'KB MyData.' Customers must agree mandatorily to the personal credit information collection and usage consent form, as well as marketing consent and SMS reception consent.

Woori Bank gives coffee coupons to customers who register at least one asset after subscribing to the 'Woori MyData' service, and through a lottery, some customers receive prizes such as iPads and Dyson air purifiers. Marketing consent and SMS reception are also mandatory for participants.

Most banks are conducting events reflecting the 'MyData Service Guidelines,' which state that service providers cannot induce MyData service subscriptions by offering money, benefits, or goods exceeding 30,000 KRW (meaning the average value of prizes provided through lotteries, etc.) as bait.

On the other hand, among customers, there are self-deprecating reactions that the value of their financial information is only worth the price of a cup of coffee. Customers using MyData services feel that what they receive in return for providing data is limited to something as trivial as a cup of coffee, rather than beneficial financial services.

Banks emphasize that by promoting MyData services, they can provide optimal asset management services from personalized product recommendations to post-management based on the information customers provide, but the reality is different. Currently, as MyData services are in their early stages, banks are focused on collecting customer data, and the services customers receive do not go much beyond viewing and managing various financial assets at once.