Repeated signatures on documents will also be reduced drastically. (image: Kobiz Media / Korea Bizwire)
Seoul, July 9 (Korea Bizwire) — There will be no need to fill out personal information such as names, addresses or phone numbers when applying for a savings account or investment account at a financial institution one is already dealing with, starting as early as the end of the year.
Repeated signatures on documents will also be reduced drastically.
The Financial Supervisory Service declared that financial transaction simplification measures will be enforced gradually starting from the fourth quarter this year.
Firstly, the Financial Supervisory Service suggested that when a finance company already has the personal information of a client such as names, phone numbers and email addresses on file, the company should use that information when a client applies for savings, funds or loans.
The purpose is to reduce paperwork, while using the time savings to explain the financial product(s) a client is applying for in greater detail.
Many financial institutions have raised the issue of complaints from consumers, who are unhappy about repetitive requests for personal information and signatures.
Also, forms and other paperwork will be reduced significantly, eliminating customary paperwork of lower importance, merging duplicate documents, and minimizing the number of signatures required.
The Financial Supervisory will execute these changes as early as the fourth quarter of this year, and by the first half of next year at the latest.
By Lina Jang (linajang@koreabizwire.com)
