The new blockchain based lending system will allow the bank to reduce costs and speed up the lending process. Loans will move to the online space, with no need to personally interact with clients. This initiative will be a unique experience for South Korean banks.
The new platform will employ blockchain in the client verification process. By registering on the network, both individuals and businesses are granted instant access to data needed to obtain a loan or have it approved. Client safety is guaranteed thanks to a secure system of encrypted one-time passwords.
This measure is part of the overall strategy of Shinhan Bank to develop a network of remote services. According to company representatives, the financial institution intends to continue working in this direction.
As the second-largest commercial bank in South Korea, Shinhan Bank is actively working with blockchain. In the future, this will help reduce human error and automate business processes.