Shinhan Bank Launches Offline Open Banking and MyData Services
Shinhan Bank has launched offline Open Banking and MyData services, enabling customers to manage accounts from other banks at its branches nationwide. This initiative aims to enhance financial accessibility for senior citizens, those vulnerable to the digital divide, and customers in areas where bank branches have closed. Shinhan Bank, in collaboration with the Financial Services Commission, held a demonstration event at its Gwanggyo branch in Jung-gu, Seoul, to promote the services to customers.
Customers visiting Shinhan Bank branches can now directly use Open Banking features such as viewing account balances from other banks, checking transaction history, and making transfers. Customers aged 19 and older can enroll in the offline Open Banking service by visiting a Shinhan Bank branch with their ID.
The offline MyData service operates by aggregating a customer's asset status with their consent and providing customized financial consulting. Customers can view their financial information in one place and receive guidance on various financial products and services tailored to their individual financial situations.
Shinhan Bank stated that it plans to support customers unfamiliar with the digital financial environment by expanding offline services to make it easier for them to use financial services. In particular, it is expected that financial convenience will be greatly improved for elderly customers who can now check the balances of other bank accounts and make transfers through Shinhan Bank branches without the difficulty of using digital devices.
A Shinhan Bank official said that this service will help improve financial accessibility for those digitally excluded. They also added, "Shinhan Bank will continue to develop and provide customer-centric financial services to do its best to enhance financial consumer benefits."
The key feature of Shinhan Bank's offline Open Banking service is that it allows customers to register and manage accounts from other banks in their name at Shinhan Bank branches. Customers can check the balances of registered accounts from other banks in real time, view transaction history, and easily transfer funds not only to Shinhan Bank accounts but also to other bank accounts.
The offline MyData service is a service that allows Shinhan Bank to comprehensively collect and analyze an individual's financial information scattered across various financial institutions with the customer's consent and provide customized financial information to the customer. Through this, customers can grasp their asset status, debt status, investment history, and spending patterns at a glance, and receive recommendations for financial products or investment strategies that are right for them.
Shinhan Bank expects that it will be able to provide more accurate and personalized financial consulting to customers through the offline MyData service. A Shinhan Bank official said that it will leverage the strengths of offline channels to provide a friendly and convenient financial environment for customers who have difficulty with digital finance. With the launch of these offline Open Banking and MyData services, Shinhan Bank plans to strengthen digital financial inclusion and focus on providing convenient financial services to all customers.
