One-Stop Bank Information Updates Coming Next Year in South Korea

Changing your name or resident registration number will soon become a much simpler process for financial consumers. A new integrated system is being developed to allow individuals to update their information at a single financial institution, with the changes automatically reflecting across all other banks and financial companies they deal with.

Currently, individuals who change their name or resident registration number must visit each financial institution separately to update their details, a cumbersome process that has caused significant inconvenience. In 2024 alone, there were 84,290 approved name changes and 1,225 instances of resident registration number modifications. The new initiative, spearheaded by the Financial Supervisory Service, the Ministry of the Interior and Safety, and the Financial Services Commission, aims to eliminate this hassle.

The Ministry of the Interior and Safety will expand the scope of personal information changes provided to the financial sector. Currently, only resident registration number changes are shared with the Korea Credit Information Service (KCIS). In the future, KCIS will also receive information on name changes, birthdates, and gender, along with detailed information on resident registration number updates.

Once the system is operational, a consumer will submit a personal information consent form at one financial institution. KCIS will then verify the updated information and provide it to other financial companies the next day. These companies will automatically update their customer records. However, customers will still need to re-issue authentication certificates and security media like OTP devices themselves. The system is slated for implementation in the first half of next year, following guideline preparations and system development.