In the near future, financial consumers will be able to have artificial intelligence (AI) submit requests for interest rate reductions, debt adjustments, and assistance for victims of voice phishing, provided they give prior consent. The my data service, previously limited to individuals, will now be expanded to include individual business owners and small enterprises.
The Financial Services Commission (FSC) announced these developments during the second meeting of the 'Personal Credit Information Consent System Reform Legal Advisory Group' on August 25, unveiling the 'My Data Development Plan for the AI Era.'
The FSC plans to broaden the my data service's functionality from merely retrieving and analyzing financial information to executing actual tasks. Tasks that my data service providers may handle include requests for interest rate reductions, debt adjustment requests, assistance for voice phishing victims, applications for policy funds and refinancing loans, and claims for unclaimed insurance benefits.
Since being designated as an innovative financial service in December of last year, approximately 4.07 million people have applied for the interest rate reduction request service by July of this year. Among them, 162,000 individuals reduced their total interest burden by 100.3 billion won, averaging 610,000 won per person.
To ensure that AI can process consumer-friendly tasks in a timely manner, a pre-aggregated consent specifying the purpose, scope, method, and deadline will be permitted. However, broad consent that lacks clarity, such as 'overall service provision,' will be prohibited.
The my data service will now also include individual business owners and small enterprises, allowing for the management of scattered financial, transaction, and public information from multiple institutions in one place. The information provided will also include virtual assets and policy finance.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.