[Long Road Ahead for MyData]⑥ Yield, Digital PB, Subscriptions... Five Banks, Five Strategies

Domestic Bank Service Launches 5 Months Ago, 24 Million Subscribers 'Holding Strong'
Focus on Personalized Comprehensive Asset Management
Whether They Become Loyal Customers Is Still Uncertain

[Asia Economy Reporters Sim Nayoung and Lee Minwoo] "They're showing something we've never experienced before."

"I don't know what it means to me."

It has been five months since domestic banks launched MyData services. According to the Financial Supervisory Service, the number of service subscribers reached 24.04 million (including duplicate subscribers as of March), which is a decent performance, but whether they will become loyal customers remains uncertain. Executives in charge of MyData at the five major banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup) said that reactions are still split.

The current level of banks' MyData services is focused on personalized comprehensive asset management (PFM). According to the officials, "Heavy users who have many accounts with each financial company and are highly interested in apps respond sensitively to push notifications sent by MyData apps, but there is also a group of customers who signed up out of curiosity and do not find it useful." Banks are betting on developing 'a subtle difference' in services that make customers feel the usefulness of MyData.

"Showing real-time returns and continuously recommending products to reach goals"
(Byun Kiho, Head of MyData Division, KB Kookmin Bank)

KB Kookmin Bank’s MyData focus is on returns. Returns are the biggest concern for customers who want to grow their assets through MyData services. Currently, banks’ MyData services only go as far as 'analyzing my financial information and tendencies' → 'recommending products and providing expected returns.' However, returns fluctuate frequently due to international situations and economic conditions. Considering this, they are preparing an evolved service that includes 'real-time notification of current returns' → '(if returns fall short) recommending alternative products to reach target returns' → 'notifying changes in returns.' Head Byun stated, "At this point, we will introduce a MyData service that manages returns by rebalancing customers’ asset investments and helps them reach their targets."

"Items worth over 3 million won are classified as assets, and we even notify the release dates of limited-edition sneakers"
(Kim Hyeju, Head of MyData Unit, Shinhan Bank)

Shinhan Bank’s MyData service 'Moneyverse' manages customer assets beyond cash assets in various accounts. It started from the idea that 'everything becomes money,' including interests, health, and points. Unit Head Kim explained, "In an era where even consumed goods become assets, as seen by the popularity of various resale platforms, items worth over 3 million won are reflected as customer assets, and various certifications are registered as assets linked with educational platforms to provide assistance." Shinhan Bank also notifies the release dates of limited-edition sneakers favored by the 20s and 30s generation, as well as housing and public offering subscription schedules that attract interest from older age groups.

◆ "A world where NH Nonghyup membership points can be used for healthcare services will come"
(Lee Sangrae, Deputy Head of Digital Platform Division, NH Nonghyup)

Nonghyup is planning a service that combines healthcare and financial data. Deputy Head Lee said, "When parents living in rural areas suddenly fall ill, their children in Seoul used to be helpless, but nowadays there are services that take the elderly to hospitals on behalf of their children," adding, "By partnering with such companies, NH Nonghyup membership points will be usable for healthcare services." This strategy considers that Nonghyup’s main customers are elderly people nationwide. Lee emphasized, "Young people have high satisfaction with MyData as they deal with cards, securities, and insurance, but it is important to make it meaningful for the elderly as well."

◆ "You can check all your subscription services at a glance"
(Go Youngsoo, Head of Retail Digital Division, Woori Bank)

Woori Bank allows customers to view all their subscription services at once through 'Woori MyData.' They have partnered with companies such as Bodyfriend (massage chairs), Blaise (web novels), HY (Korea Yakult), and Red Pen (study materials). The MyData service is also available through partner apps in the distribution and telecommunications sectors. Using standard Application Programming Interfaces (APIs), Woori MyData enables detailed viewing of assets from other banks as thoroughly as Woori Bank assets. All financial transaction information from the past five years can be viewed, and asset management flows can be seen across past, present, and future timelines divided into asset inquiry, consumption, and planning categories.

◆ "Combined bank, card, and investment data all in one"
(Hwang Bohyunwoo, Group Data Chief Data Officer, Hana Financial Group)

Unlike other banks, Hana Bank differentiates itself by launching a group-level MyData service. It started as an integrated MyData brand created by Hana Bank, Hana Card, Hana Financial Investment, and others. The service provides timely content such as consumption diagnosis, household accounting, asset management, loan comparison, and even recommendations for restaurants and shopping places. Incorporating operational experience from the recently launched digital private banking (PB) service 'Hi-D,' more sophisticated recommendation services are expected. CDO Hwang said, "For example, by analyzing Hana Card’s approval data, we recommend nearby places that match customers’ tastes," adding, "We also provide investment content from Hana Financial Investment, such as dividend stock investment and retirement cost asset management."