Korea Credit Information Services Completes Development of Personal Credit Information Management App PDS
Banks, Insurance, Telecoms Can Directly Manage Personal Credit Information
Direct Download and Transmission of Payment and Insurance Subscription Information
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[Asia Economy Reporter Minwoo Lee] A personal data storage (PDS) application (app) that allows individuals to directly download their personal credit information, such as bank transaction history and mobile phone bill payment records, all at once will soon be launched. Not only can users request credit information, but they can also manage deletion and inter-agency transfers, bringing the core purpose of MyData (personal credit information management) ? securing ‘data sovereignty’ ? one step closer.
According to industry sources on the 21st, the Korea Credit Information Services (KCIS), which serves as the overall support and intermediary institution for MyData, recently completed the development of this ‘MyPDS’ app and is coordinating its release schedule with the Financial Services Commission. Although it was originally planned to be launched in the second quarter of this year, the detailed timeline is currently being adjusted.
MyPDS is expected to establish itself as a means for individuals to actively manage their information in line with the MyData project that started this year. PDS is a kind of personal credit information storage space. It is a platform where data subjects can safely and systematically store, transmit, and request deletion of their information. When an individual requests desired information from banks, insurance companies, etc., these entities send the data to the customer’s PDS, and the customer can manage sending or receiving information through the PDS.
For example, in the past, to check mobile phone bill payment information, insurance subscription status, or bank transaction history, individuals had to request each company separately. However, now they can conveniently receive this information through the PDS app. All companies and institutions handling personal credit information that can assess an individual’s creditworthiness and credit transaction ability are subject to this.
Security will also be enhanced. Previously, information was provided via email with relatively lax identity verification procedures such as simple login, but the PDS app requires more robust authentication. Additionally, since information is transmitted to an authenticated PDS, concerns about unauthorized transmission to others have decreased.
Information transfer between companies and institutions is also expected to become freer and more accurate. For insurance subscription information, insurance companies previously could aggregate customers’ other insurance subscription details, but this was done through ‘scraping’ the information displayed on screens. If the website design or item locations changed, the accuracy of the information would decline. However, now that the original information is transmitted in a standardized format via PDS, concerns about missing information are expected to be significantly reduced.
Since PDS can be adopted not only in finance but also in various industries such as healthcare, telecommunications, and distribution, personal data sovereignty is expected to be further strengthened. Although various financial information can already be checked through multiple MyData services from different providers, users had to subscribe to each provider’s service. Users only had the option to provide information to individual institutions or companies first. However, by utilizing PDS, individuals can store and manage their information in their own personal storage space.
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