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Opinion

My precious data

July 23,2018
Financial Services Commission Chairman Choi Jong-ku presides over a meeting Wednesday aimed at introducing the new MyData services in Seoul. [YONHAP]
SUH KYOUNG-HO
The author is an editorial writer of the JoongAng Ilbo.

It is quite confusing to buy funds or insurance at the window of a financial services company. It takes a number of verifications and signatures, with checks on one’s suitability and declarations of one’s purpose of investment, whether sufficient explanation was provided and whether an investment information document is provided. Financial services firms are required to provide and open complete information to the customers to prevent the cases of customers buying financial products without understanding the characteristics.

When an accident happens, people call for follow-up and preventative measures, and it often leads to excessive regulation. Because of hacking incidents, the world’s strictest personal information regulations were introduced, which interferes with big data development. The financial firms forcibly provide necessary information to the customers, but I may not be the only one who found it cumbersome and passed over it lightly.

Some point out that too much information could be an obstacle to a customer’s decisions. It would be convenient if there was an assistant who understands not just the structure of financial products but the patterns of product usage by individuals.

A plan brought forth by the Financial Services Commission recently caught our attention. The newly introduced MyData industry is a business of personal credit information management providing integrated management of personal credit information scattered across banks, credit cards and communications services, and making customized recommendations.

It offers customers a more proactive decision based on their information. Personal credit information, such as transactions in savings accounts, credit card transactions, loan account information, insurance contracts, investment products including stocks and funds and payment of communication fees can be accessed. Customized asset management advice is also provided.

As the Financial Services Commission described, it will be a “financial assistant in your hand.” The help of the assistant can also adjust the uneven playing field currently favorable to financial services, such as banks. Last year, the top five finance companies in the United States had a total revenue of $6.6 billion and hired 13,000 employees. They deal with very precious data.

It is noteworthy that a blueprint for a new industry was drawn up by financial bureaucrats who like to regulate. Hopefully the Financial Services Company will take the initiative in creating the initial market, as well as guiding the National Assembly for legislation. The chronic mistake of starting a grand project only to fizzle out because of the National Assembly should not be repeated.

JoongAng Ilbo, July 21-22, Page 35
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