'Open banking' service to be launched in S. Korea
- 4 years ago
앱 하나로 모든 계좌 관리...'오픈뱅킹' 열린다
Getting rid of all those cumbersome, power-sapping and often barely -- if ever -- used apps on our phones.
Sound good right? Well in South Korea, we may be entering a new era.
That's because beta testing for a new banking service launches in South Korea today.
The so called 'open banking' service allows for users to use ONE single bank app to do ALL their banking.
Lee Seung-jae has more on how the service works.
Mobile banking saves us the trouble of having to actually go to a brick and mortar bank to transfer money or access our account.
Having multiple accounts used to mean having to install apps for every bank you have an account with.
However, thanks to the latest 'open banking' service being launched in South Korea on Wednesday,... bank account holders will only need one app to access all their different bank accounts.
So how does it work?
Say you have a checking account with Shinhan Bank,... but a savings account with Woori Bank.
Just the Shinhan Bank app alone will allow you to access your Woori Bank account, as well.
Along with Shinhan and Woori,... a total of ten banking institutions will take part in the beta test.
However, when the service goes live on December 18th,... other internet banks, such as K-Bank and Kakao Bank will utilize the service,... as well as fintech companies such as Toss and Naver Pay.
Not only will the new service be more convenient,... but users will be exempt from transaction fees and receive other benefits.
" It offers consumers higher deposit rates and lower loan rates, and when combined with fintech, they can offer a wide range of financial products combined with other technical features."
And with concerns of hacking,... the new service has also strengthened security and consumer protection.
"Only organizations that have been approved can participate in the open banking system, and only those that have undergone security checks."
Those in the industry are also looking into the possiblility of allowing similar services at physical banks for users who have difficulty using mobile banking.
Lee Seung-jae, Arirang News.
Getting rid of all those cumbersome, power-sapping and often barely -- if ever -- used apps on our phones.
Sound good right? Well in South Korea, we may be entering a new era.
That's because beta testing for a new banking service launches in South Korea today.
The so called 'open banking' service allows for users to use ONE single bank app to do ALL their banking.
Lee Seung-jae has more on how the service works.
Mobile banking saves us the trouble of having to actually go to a brick and mortar bank to transfer money or access our account.
Having multiple accounts used to mean having to install apps for every bank you have an account with.
However, thanks to the latest 'open banking' service being launched in South Korea on Wednesday,... bank account holders will only need one app to access all their different bank accounts.
So how does it work?
Say you have a checking account with Shinhan Bank,... but a savings account with Woori Bank.
Just the Shinhan Bank app alone will allow you to access your Woori Bank account, as well.
Along with Shinhan and Woori,... a total of ten banking institutions will take part in the beta test.
However, when the service goes live on December 18th,... other internet banks, such as K-Bank and Kakao Bank will utilize the service,... as well as fintech companies such as Toss and Naver Pay.
Not only will the new service be more convenient,... but users will be exempt from transaction fees and receive other benefits.
" It offers consumers higher deposit rates and lower loan rates, and when combined with fintech, they can offer a wide range of financial products combined with other technical features."
And with concerns of hacking,... the new service has also strengthened security and consumer protection.
"Only organizations that have been approved can participate in the open banking system, and only those that have undergone security checks."
Those in the industry are also looking into the possiblility of allowing similar services at physical banks for users who have difficulty using mobile banking.
Lee Seung-jae, Arirang News.