Shinhan Bank said on Feb. 4 it will launch an agency service for interest-rate cut requests, allowing customers to apply at once, including for loans at other financial firms linked via MyData. It will begin taking reservations from Tuesday on Shinhan SOL Bank.

The service follows the Financial Services Commission’s designation in December of a MyData-based agency service for interest-rate cut requests as a new innovative financial service.

Customers can access the menu for interest-rate cut requests or a related banner on the asset management screen of the Shinhan SOL Bank app. They then link their loan accounts through MyData asset connection and select the account for which they want to submit a rate-cut request. Applications for the agency service can be made with only 1 financial company per customer.

The service does not end even if the outcome of a rate-cut request is not accepted. The bank periodically checks information such as higher income and improved creditworthiness and processes rate-cut requests again, helping customers avoid missing opportunities for a rate reduction.

If a rate-cut request is not accepted, the service also presents the reason and measures to improve the chances of a rate reduction, improving customer convenience.

A Shinhan Bank official said, "This service provides both the application and follow-up management so that no customer misses out on benefits because they do not know about the interest-rate cut request system or find the application process cumbersome. We will continue to reduce customers’ financial burdens and expand more convenient financial services to take the lead in inclusive finance."