Customized Integrated Support Service Utilizing Public MyData to Launch on August 11

Refining Support by the Korea Inclusive Finance Agency and the Credit Counseling & Recovery Service

The Financial Services Commission and the Ministry of the Interior and Safety announced on August 6 that, starting from August 11, they will launch a "customized integrated support service utilizing Public MyData" for finance, employment, and welfare.

The customized integrated support service utilizing Public MyData is a service in which the Korea Inclusive Finance Agency (for policy-based inclusive finance) and the Credit Counseling & Recovery Service (for debt adjustment) first analyze 21 types of public information about customers, obtained via Public MyData provided by the Ministry of the Interior and Safety during consultations. Based on this analysis, the service then connects customers to tailored support policies in various fields, such as employment and welfare.

Previously, staff providing policy-based inclusive finance and debt adjustment consultations had to rely on subjective statements from customers to offer integrated support. With this improvement, however, integrated support can now be provided based on objective information obtained directly from the institutions that hold the data.

The customized integrated support service utilizing Public MyData is expected to bring improvements to integrated support for finance, employment, and welfare, particularly in terms of: ▲ accuracy of connections ▲ reduced processing time ▲ addressing blind spots ▲ and providing high-quality services.

Because consultations are now based on analysis results derived from objective administrative information rather than subjective statements, customers are more likely to be selected as beneficiaries when connected to support programs in areas such as employment and welfare.

Consultation staff for inclusive finance and debt adjustment will be able to access all 21 types of information at once, which is expected to reduce consultation time from the previous 30 minutes to just 5 to 10 minutes. In addition, since recommendations will be made automatically through the analysis of these 21 types of information, it is expected that blind spots?where people miss out on support simply because they are unaware of it?will be addressed.

The Financial Services Commission, the Ministry of the Interior and Safety, and related organizations plan to continue identifying new areas for integrated support through collaboration with other ministries in the future, in order to maximize and further enhance the use of this new service.