On May 27th, South Korea’s Shinhan Bank announced that it was preparing for the launch of a new blockchain-based platform that would speed up the lending process for customers, according to a report from South Korean news agency Yonhap.
The financial institution is seeking to employ this technology to reduce costs, while at the same time boost efficiency in the lending process. It is expected to allow consumers to apply for loans online and have their credit history and financial health checked, without the need for a face-to-face conversation with a bank employee.
According to the bank, this will be the first platform of its kind in the South Korean financial world. The new system will allow for verification and confirmation in a quick and easy process for consumers, which could easily catch on within the country and become the standard across the banking industry.
Officials with Shinhan Bank have explained that they intend to use blockchain technology to provide consumers with additional remote services and enhance the banking experience. The ability to provide a greater amount of remote access, while not decreasing security, is essential and should have a dramatic impact on the banking system within South Korea.
The move to offer an expedited loan processing service could greatly enhance and increase the power of South Korea’s second-largest banking entity. If more consumers were to start using Shinhan Bank as their loan-processing institution, the bank would likely be resilient to any removal of fiat currency as a means of conducting transactions.
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