[아시아경제 이은주 기자] Since the beginning of this year, My Data (personal credit information management business) has been implemented in earnest. My Data is a service that integrates and provides personal financial information scattered across multiple companies. With the implementation of My Data, the range of information that participating companies can provide to consumers has expanded, and the power of data analysis has further increased.
Many commercial banks as well as insurance, credit card, securities, and fintech companies have jumped into the My Data business. All of them are moving to provide ‘personalized financial services’. However, some point out that companies that provide exceptionally excellent services using My Data are not conspicuous. Then, how do companies participating in MyData view it? They agree that an environment in which data can be shared more actively should be promoted.
At the ‘Financial Data Conference’ of the Credit Information Service held at the Korea Chamber of Commerce and Industry on the 21st, it was a place to get a glimpse of the thoughts of participating companies in My Data. Ji-ji Kim, vice president of Naver Financial, and Myeong-hee Kim, chief digital officer (CD) of Shinhan Financial Group, who gave keynote presentations on the day, mentioned the need for financial incentives to promote data sharing.
Vice President Kim mentioned that it costs a lot of money to set up a system for sharing data between companies. “To share information, you have to go through the process of building a data API, standardizing the information and sending it to other companies, and the cost for this is estimated at billions of units annually,” he said. He continued, “It is difficult for small My Data operators with capital power such as Naver Financial to cover the cost in the long term.” do,” he said.
Vice President Myunghee Kim focused on the individual, the subject providing the data. “In order to create a sustainable My Data ecosystem, individuals (information providers) must be able to receive convenient services and expect to receive financial benefits,” he said. We need to think regarding the options provided,” he said. It was a proposal that the My Data industry might be activated only when a ‘reasonable billing system’ was prepared as a way to give economic incentives to individuals who provide information. The engine of MyData is data. For this reason, both executives believed that an incentive system was needed to promote the production and sharing of data in the private sector in order to activate the MyData private industry.
Reporter Eunju Lee golden@asiae.co.kr
