The medium-sized lender said it had been given the go-ahead by the Financial Supervisory Commission on Thursday to launch an account integration app, a new service provided in conjunction with affiliate Far EasTone Telecommunications Co.
The move makes FEIB the nation’s first third-party service provider, as technology is reshaping the banking industry and more customers prefer online transactions.
The new app enables customers to integrate their accounts at different banks, allowing them to manage their savings accounts, bills, credit cards and funds without having to open multiple apps or windows.
The app uses artificial intelligence to recommend the most favorable options for customers when making wealth management decisions or choosing banking services.
FEIB was able to steal a march on its peers in open banking due mainly to its collaboration with Far EasTone, which does not keep a record of customers’ banking details or passwords, maintaining the safety of transactions.
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