Public MyData use at Korea Technology Finance Corporation rises tenfold ... remote guarantee applications also set to be streamlined

[Financial News] The use of Public MyData by Korea Technology Finance Corporation has increased tenfold since improvements were made to the system. The corporation plans to expand its use of Public MyData to reduce the paperwork burden on business customers and simplify the process for applying for guarantees remotely. 
 According to industry sources on the 2nd, since signing a memorandum of understanding with the Ministry of the Interior and Safety last January, Korea Technology Finance Corporation has simplified the process for using Public MyData and expanded eligibility for the service to include representatives of incorporated businesses. As a result, monthly usage rose from around 3,000 cases before the improvements to 30,000 afterward.
 Public MyData is a service that, with the data subject’s consent, provides information held by administrative and public institutions to that person or a third party they designate. Financial institutions and others can directly check the administrative information they need, reducing the steps customers must take to obtain and submit various supporting documents.
 Korea Technology Finance Corporation also plans to overhaul the process for applying for guarantees remotely. The key is to reduce to five or fewer the number of items customers must enter themselves during the application process. It plans to ease the burden of entering information by streamlining unnecessary steps. 
 It also plans to review the entire process from the user’s perspective so that customers who are not familiar with digital financial services can apply easily. Along with expanding the scope of Public MyData, it will also address inconveniences that arise when using remote financial services.
 Kwon Hyeong-taek, chairman of Korea Technology Finance Corporation, said, “The most important measure of public service innovation is change that people can feel in their daily lives,” and added, “We will pursue customer-centered AI and digital innovation and work to improve financial services.” 
[email protected] Lee Ju-mi Reporter