Woori Bank Enables Rate-Reduction Requests for All Lenders via Woori WON Banking App

Woori Bank announced on the 26th that it will launch a "Rate-Reduction Request Agency Service" on the Woori WON Banking app, which allows customers to view all loans from financial institutions linked via MyData in a single step and even apply for a rate reduction request at the same time.

The core of this new service is that once a customer registers Woori Bank just once as the agent institution for rate-reduction requests, they can then use Woori WON Banking to consolidate and view loans from multiple financial institutions and submit rate-reduction requests for them all at once. The service can be accessed via the banner in the "Assets·Spending → Assets → Loans" menu within Woori WON Banking. Previously, customers had to visit each financial institution’s branch or log in to its internet or mobile banking service to fill out an application, and separately submit documents proving income growth or improved creditworthiness. Because procedures differed across institutions, customers also faced the inconvenience of having to apply to each one individually.

Woori Bank explained that the new service incorporates: one-time initial agent registration, selection of the reason for the rate reduction, analysis of assets, income, and transaction information based on MyData, automatic detection of the optimal timing for a rate reduction, and a function to submit applications on behalf of financial institutions, so that everything from application to result confirmation can be processed automatically and conveniently within the app. Customers can also check whether their request has been approved through Woori WON Banking after submission.

Park Jinsoo, Head of the MyData Platform Department at Woori Bank, said, "The MyData-based Rate-Reduction Request Agency Service helps customers exercise their right to request rate reductions more easily and systematically," adding, "We will continue to enhance its features to improve financial accessibility, strengthen inclusive finance, and further alleviate the actual burden of loan interest."