Kbank announced on the 15th that it has introduced 'Equal' as the first internet bank to enhance alternative credit evaluation using communication data.
According to Kbank, Equal is an alternative assessment model established by the three major telecommunications companies KT, SK Telecom, and LG Uplus, along with Korea Credit Bureau (KCB) and SGI Seoul Guarantee. It analyzes the overall communication data, including payment history of approximately 48 million subscribers of the three domestic telecommunications companies, data usage, and status of value-added service utilization, to provide credit evaluation services.
Equal features highly distinguishable alternative assessments by precisely analyzing over 500 detailed items, including time-based currency patterns, financial app access frequency, membership usage frequency, and micro-payment ratios. Since it comprehensively reflects the data from the three telecommunications companies, the continuity of evaluation is maintained without interruption even if the user changes telecommunications providers.
A representative from Kbank noted, "By broadly utilizing communication data in addition to the already used Naver Pay score and merchant information from BC, Samsung, and Shinhan cards, we have established an alternative credit evaluation system that encompasses various industries. We have been able to expand inclusive finance for underprivileged financial groups, such as those with lower credit scores and thin filers, thereby enhancing customers' financial accessibility."