Satisfaction Survey Conducted with Seven Financial Associations
Overall Satisfaction Rises by 3.6 Percentage Points to 82.7% Compared to Last Year
The Financial Supervisory Service (FSS), in cooperation with related financial associations, will enhance its financial product comparison disclosure system. Exchange-traded funds (ETFs) will be added to the pension savings product comparison disclosure, and the mobile disclosure interface will be improved.
On December 25, the FSS and seven financial associations (Korea Federation of Banks, Korea Federation of Savings Banks, Korea Financial Investment Association, Korea Life Insurance Association, General Insurance Association of Korea, Credit Finance Association, and National Credit Union Federation of Korea) conducted a satisfaction survey on the financial product comparison disclosure system and announced their improvement plans. They operate "Financial Products at a Glance" and the "Integrated Pension Portal" to help consumers easily compare and select information on various financial products. "Financial Products at a Glance" provides information on interest rates and transaction conditions for deposit, savings, and loan products by financial institution. The "Integrated Pension Portal" provides information on the rates of return and fee rates for pension savings products and retirement pension products.
First, the Integrated Pension Portal will begin disclosing ETF information for pension savings products. This will allow users to easily compare annual average rates of return and fee rates for each ETF product. The mobile disclosure interface for business loan products on "Financial Products at a Glance" will also be improved.The utility of business loan product information on "Financial Products at a Glance" will be enhanced.To allow consumers to freely utilize disclosure information on business loan products, open APIs and product comparison features will be provided.
The General Insurance Association of Korea will expand its comparison disclosure to make it easier to search for and compare insurance products for seniors. The deposit product inquiry interface of the National Credit Union Federation of Korea will also be improved. The sales regions will be subdivided down to the city, county, and district levels, and a search function for individual unions will be added.
Meanwhile, the FSS conducts an annual consumer satisfaction survey on the comparison disclosure system together with financial associations, identifies areas for improvement based on the results, and takes necessary actions. This year, a total of 4,924 people participated in the satisfaction survey.The overall satisfaction rate was 82.7%, up 3.6 percentage points from the previous year, and satisfaction across all detailed categories also increased compared to last year.
The FSS stated, "Based on the improvement items identified from this year's satisfaction survey results, we will implement these measures without delay. We will continue to gather consumer feedback through satisfaction surveys and other means, identify areas for improvement, and take action to make the comparison disclosure system even more convenient and useful."
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