financial watchdog-digital transformation

Watchdog calls on financial firms to push for customer-centered digital transformation

SEOUL, May 21 (Yonhap) -- The country's financial watchdog said Thursday financial firms have been asked to proceed with their push for digital transformation with customer protection in focus.

The Financial Supervisory Service (FSS) said digital and artificial intelligence-led innovation have been boosting financial productivity and benefits for customers.

But because of drastic changes in the financial service environment, such as fast digital transformation, and new types of customer benefit-infringing factors, like growing digital divide and financial exclusion, countermeasures are needed, the watchdog said.

"Financial firms are urged to check risk factors stemming from IT-related accidents in the digital environment," Lee Jong-oh, FSS deputy governor for digital finance and IT, said in a meeting with financial firm executives for customer services.

"Proactive steps should also be taken in the process of service development to protect customers," he emphasized.

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