Open Banking and MyData Services Expand to Offline Channels
Improved Access Expected for the Elderly and Financially Underserved Areas
Kwon Daeyoung, Vice Chairman of the Financial Services Commission (right), visited the Shinhan Bank Gwanggyo Branch in Jung-gu, Seoul, on the morning of the 19th to inspect the implementation status of open banking and MyData services, which had been provided only through online methods such as web and mobile, ensuring they can be smoothly operated at bank branches together with commercial and regional banks. Photo by Financial Services Commission
Open banking and MyData services, which had previously been available only online, can now also be accessed at bank branches.
The Financial Services Commission announced that, starting on the 19th, it will expand the service channels for open banking and MyData, which had previously been offered only through the internet and mobile platforms, so that these services can now be used at bank counters as well.
Open banking, introduced in 2019, allows customers to view accounts or transfer funds from other banks at a single bank. Similarly, MyData, which began in 2022, enables users to check their account balances or credit card usage at other financial institutions through one financial company.
Both open banking and MyData had the limitation of being accessible only through online channels such as the internet and mobile apps, and were not available offline. As a result, digitally vulnerable groups such as the elderly, as well as residents in areas where bank branches have closed, have experienced significant inconvenience in accessing these services.
The Financial Services Commission expects that this policy change will greatly enhance consumer convenience. Until now, bank branches could only provide account inquiries and transfers for their own accounts, so digitally vulnerable groups like the elderly had to visit multiple financial institutions in person to access accounts at other banks. Going forward, customers will be able to handle transactions related to accounts at other banks directly at the bank counter, alleviating such inconveniences. In addition, a variety of asset management services, such as personalized financial product recommendations utilizing the offline open banking and MyData infrastructure, are also expected to become available.
Furthermore, by expanding the service channels, people living in areas with few bank branches will now be able to access financial services more conveniently. In recent years, as the number of bank branches has been reduced, residents whose main bank branch closed had to travel long distances to conduct their banking business. This inconvenience is expected to be alleviated as well.
Kwon Daeyoung, Vice Chairman of the Financial Services Commission, who visited a bank branch on the morning of the 19th, stated, "Although overall productivity has greatly improved due to advances in technology such as artificial intelligence (AI) and digitalization, we need to consider whether all members of society are sharing in these benefits." He added, "I urge banks to make every effort to provide tailored guidance and promotion so that the benefits of offline open banking and MyData services can be enjoyed equally by all eligible users." He further emphasized, "The Financial Services Commission will continue to review and improve all relevant aspects after implementation to ensure that these services become a truly inclusive financial infrastructure."
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