The Financial Supervisory Service is building an infrastructure for the automatic collection of bank loan microdata (detailed data by account). Once the system is established, it is expected that the issues concerning the soundness of corporations and small businesses will be identified early, and household loans can be examined in detail.
According to financial authorities on the 23rd, the FSS is conducting a digital innovation (DX) project to improve the overall work system and office environment by applying digital and IT technologies. The FSS plans to promote DX with a total budget of 34.3 billion won over three phases by 2027.
The key elements of the digital transformation project are ▲large-scale data collection and utilization ▲expansion of AI usage ▲creation of a paperless work environment.
The FSS plans to establish a system for the automatic collection, aggregation, and analysis of reports and data from financial institutions. Currently, relevant data is collected individually from financial institutions whenever inspections are conducted, but in the future, a separate data storage (data lake) will be built to periodically receive and analyze the foundational data from financial institutions.
In particular, it plans to build the infrastructure for the automatic collection of loan-related microdata from banks by the end of this year. This aims to enhance the inspection and supervisory functions.
The FSS conducted inspections of Woori, KB Kookmin, and NH Nonghyup banks last year and uncovered 387.5 billion won in illicit loans. Criticism has been raised against the FSS's supervisory system for failing to detect these illicit loans, which were conducted over several years.
Once the system is established, it is expected that the capability to detect illicit loans early will be strengthened as the loan histories of borrowers can be examined in detail. The FSS has decided to gradually expand the scope of application, starting with bank corporate loans and corporate financial information.
The FSS plans to eliminate a meeting and reporting environment focused on printed materials and build a paperless work environment. To this end, the FSS will gradually expand the distribution of personal tablet PCs provided to executives. The FSS also plans to introduce a paperless licensing system by the end of this year.