My Financial Information Settled Over a Cup of Coffee (Comprehensive)

Early Financial Companies in MyData Service Compete to Secure Data
Receive Coffee Coupons and Convenience Store Gift Certificates to Link Financial Assets

The photo is unrelated to specific expressions in the article. [Source=Getty Images Bank]

[Asia Economy Reporter Park Sun-mi] Coffee coupons, convenience store gift certificates worth 3,000 won, 1,000 to 3,000 points. Since the banking sector launched the MyData (personal credit information management) pilot service on the 1st of this month, these have been the common rewards offered for providing data information.

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 a trend where the reward for providing customer data information is set at the price of a cup of coffee.

Shinhan Bank, to commemorate the opening of its MyData service ‘Moneyverse,’ provides customers who newly sign up and link their financial assets with a roulette ticket that guarantees 100% winning of prizes such as coffee coupons, convenience store gift certificates worth 1,000 won, and 1,000 points of point money. Customers spin the roulette as many times as the number of assets linked across banks, cards, securities, insurance, and pay services, and receive prizes accordingly.

KB Kookmin Bank also offered prizes such as coffee coupons, convenience store gift certificates worth 3,000 won, and 3,000 points of point money to customers who signed up for ‘KB MyData.’ Customers must compulsorily agree to the personal credit information collection and use consent form, as well as mandatory marketing consent and SMS reception consent.

Woori Bank gives coffee coupons to customers who register at least one asset after signing up for the ‘Woori MyData’ service, and provides iPads, Dyson air purifiers, and other prizes to some customers through a lottery. Marketing consent and SMS reception consent are also mandatory for participants.

Most banks are conducting events reflecting the ‘MyData Service Guidelines,’ which state that service providers cannot induce MyData service sign-ups by offering money, benefits, or goods exceeding 30,000 won (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 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 ranging from personalized product recommendations based on the information customers provide to aftercare. However, 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.

A bank official said, "Since the service is in its early stages, innovative personalized services that customers can feel may be minimal. However, as the direction of MyData services is to provide personalized products and services, once a large amount of data accumulates and customers’ needs to utilize it for asset management grow, the quality of the service can rapidly improve."