International Expansion Of Fintech Accelerates Digitalization In Finance

Fintech is a portmanteau of ‘financial technology’ that aims to improve and automate the use of financial services

The term ‘fintech’ has been a game changer in financial industry for years now. Today’s world of finance is almost impossible to be defined without mentioning the contribution of IT technology. Fintech is a portmanteau of ‘financial technology’ that aims to improve and automate the use of financial services. Although the use of IT technology in financial industry is not something entirely new but what can be called as innovation began when it started to replace the manual process of financial transaction after subprime mortgage crisis in 2008.

The first and foremost advantage of fintech is that it brought efficiency and convenience in financial service. Business owners and customers can both save their time and effort by utilizing specialized software and algorithms easily accessed by simple passwords and fingerprints. Processes that had to be done manually by paying visits to local banks can be done on mobile, from identification to actual transaction.

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Another perks of fintech is bringing advancement in financial data analyzation. IT technology augmented accuracy in calculating interest rate based on customers’ financial records. More precise and elaborated credit scoring system does not only collect financial transaction record, but also non-financial information for evaluation of individual credit in order to minimize risk. Some applications let users ‘self-evaluate’ their financial status by gathering and analyzing consumption pattern and habits.

Internationally, companies specialized in fintech are expanding their horizons in rapid speed by making M&As and increasing platforms. Recently, big technology groups such as Google, Amazon, and Apple entered into competition by expanding their businesses in payment and transaction, online loan, and etc. Number of major financial companies are adopting IT technology or co-working with fintech groups to actively provide faster and better service.

SBI Savings bank, a savings bank of South Korea which specializes in fintech-based financial services and asset management, is known for their active development and provision of digitalized service. The bank provides mobile application service for account management and loan application. SBI Savings bank recently launched ‘Babilloan Chatbot’ service, which allows AI based chatbot to provide customers with relevant information regarding loan product and interest rate.

Saida Bank, a sub-brand of SBI, came out with all-in-one app that allows multi services including wire transfer, application for loan and installment. Using the 24 hour operating application, customers can open bank account and apply for products anytime of the year without time limit. Babilloan, SBI Savings bank’s sub-brand exclusive for loans, use scraping system that collects customers’ personal information required for proof from government organization. In this way, the process for paper work preparation is minimized. Besides identification, rest of the Babilloan’s service process can be done via online for customers’ convenience.

More information about financial services provided by SBI Savings bank is available at Fintech: Technical Innovation Meets Finance.

Contact Info:
Name: SBI Savings Bank Babilloan
Email: Send Email
Organization: SBI Savings Bank Babilloan
Address: 11F, 26, Eulji-ro 5-gil, Jung-gu, Seoul, Republic of Korea
Phone: 82-2-1600-8888

Release ID: 88931590