Financial consumers who change their name or have their resident registration number changed will only need to visit one financial company they use for the updated personal information to be applied in bulk at other financial companies as well. Financial authorities plan to implement the measure in the first half of 2027 after building the relevant system.

The Regulatory Reform Committee's livelihood subcommittee, the Ministry of the Interior and Safety, the Financial Services Commission and the Financial Supervisory Service said on Sunday they will overhaul the information-linkage system so that when personal information such as a name and resident registration number is changed, visiting just one financial company will also update customer information at other financial companies.

Currently, after a name change or resident registration number change, consumers must separately notify each financial company they deal with and have the information corrected. As of 2024, there were 84,290 approved name-change cases and 1,225 accepted resident registration number change cases.

The government plans to expand the scope of personal information change data the Ministry of the Interior and Safety provides to the financial sector. It also plans to link change information among financial companies, centering on the Korea Credit Information Services.

If a customer who has changed personal information visits one financial company they use, reports the change and agrees to the provision and use of personal information, the credit information service will verify the information. It will then provide the change information in bulk to other financial companies the next day, and each company will update customer information based on that data.

Customers will still need to reissue identification methods such as certificates and one-time passwords themselves. They will also need to separately handle re-registering automatic transfers and easy payment services and designating a foreign exchange transaction bank. Card reissuance is required to display a changed name on a card.

The government also plans to strengthen guidance on follow-up procedures needed after personal information changes, through name-change report forms, the electronic family relationship registration system and resident registration number change applications and decision notices.

The system improvement is expected to be implemented in the first half of 2027 after preparing financial-sector work guidelines and developing and linking IT systems.