1.15 million people have benefited from 'Connecting People's Finance' in 6 months.

 

'Connecting People's Finance', a comprehensive platform for people's finance, provides support from searching and selecting private and policy financial products to loan execution at once.

 

6 months since its launch!

June 30, 2024 ~ December 31, 2024

 

4.5% increase compared to the existing KFI app

About 3.15 million people have logged in, and about 1.15 million people have benefited.

Product referrals, access to complex support, payment of dormant deposits, etc.

 

1,082,503 cases of policy-based microfinance product recommendation and provision

- 16% increase compared to the existing Korea People's Financial Services Agency app

 

57,892 actual loans for financial products

- 77% increase compared to the existing KFI app

 

Reduced the average interest rate by 5.8%р compared to credit loans from money lenders

- Total interest cost savings of KRW 14.1 billion (KRW 244,000 per person)

 

43,014 dormant deposits paid out

- 59.3% increase compared to before launch

 

19,771 cases of non-face-to-face complex support such as debt adjustment, welfare, employment, etc.

- 40% of the number of face-to-face complex support cases

- Employment guidance 7,927

- Debt adjustment guidance 9,477

- Welfare guidance 2,367

 

As a result of the survey, we achieved a high satisfaction rate of 98.4%.

- It helped me with my financial life (100%)

- I would recommend the program to others. (98.8%)

- I trust the products recommended because it is a public institution. (97.3%)

*Based on users of Seomin Finance Connect who received loans through financial product referrals (November 2024)

 

We are playing a role as a financial safety net for the poor and vulnerable by guiding them to Connect, who may be exposed to illegal private finance.

 

What would have prevented you from accessing financial products through Connect?

- Unable to obtain financing 29.2

- Used loan sharks 25.0

- Used bonds 5.4

 

Download the app from the Google Play Store!

What if I can't use the app? Click 'Start Connect' on the Connect homepage

 

[How to use].

App/Web login → Launch Connect → Agree to terms → Collect screening information → Apply for and use the service

Based on the results of the screening, Connect prioritizes customized services for users.

 

The Financial Services Commission will continue to improve the convenience and benefits of Connect for the People.

- Expanding linkage with financial products

- Establishing a service notification system, etc.

 

[News Source: Financial Services Commission]