During this period, the number of customers who received interest rate cuts by bank varied greatly from as little as 2,000 to as many as 9,000.
In addition, three of the five major commercial banks accepted less than half or only half of their customers’ requests for interest rate cuts.
The financial authorities recently initiated discussions to improve the operation of banking notes and interest rate cut demands, and in the first half of the year, banks were encouraged to provide guidance on interest rate cut demands to customers more actively, as well as “unified” interest rate cut demands operating standards. I plan to prepare.
January-October 2020 Achievement of the 5 major commercial banks’ interest rate cut demands ◇’Big gap’ in the number of customers and the acceptance rate of interest rate cut demands for each bank’s interest rate cut
According to data submitted by the Financial Supervisory Service by Rep. Doo-Hyun Yoon, a member of the National Assembly’s Political Affairs Committee, from January to October of last year, five major banks, including KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup, applied for the interest rate cut request right. The total number of customers who received the discount was 29,118.
By bank, Nonghyup Bank had the highest number of 9,334, followed by Shinhan Bank with 7,63, Kookmin Bank with 5,912, Woori Bank with 4,877 and Hana Bank with 1,932.
The total amount of interest saved by these customers through interest rate cut requests was 25.6 billion won. This is an estimate based on the assumption that a one-year loan will be used at the lowered interest rate for the balance of the loan at the time the interest rate cut is applied.
When looking at the acceptance rate (number of acceptance/applications) of the 5 major banks, NH Nonghyup Bank was the highest at 96.4%, followed by Woori Bank at 72.7%, Hana Bank at 53.2%, Kookmin Bank at 46.7%, and Shinhan Bank at 43.2%.
However, the Financial Supervisory Service explained, “There may be differences in calculating the acceptance rate because the statistics aggregation standards for the’number of applications’ applied when calculating the acceptance rate are different for each bank.” Accordingly, the financial authorities are working to unify statistics aggregation standards so that a uniform comparison of which bank’s acceptance rate is high and low is possible.
According to the bank’s explanation, KB Kookmin Bank and Shinhan Bank applied the’number of applications’ to all those who applied for the rate cut request right to get the acceptance rate, and Hana Bank applied for the rate cut request right and then only those who completed the document submission ‘ The acceptance rate was calculated by typing’number of applications’.
On the other hand, Woori Bank subtracted those who did not apply for interest rate reduction requests and those who withdrew or canceled after applying, and then counted them as “number of applications”. After selecting the people who are not, I hit it with’number of applications’.
The Financial Supervisory Service said, “Until June 2019, interest rate cut demand rights were operated autonomously by banks. As a result, clear statistics aggregation standards were not established, resulting in differences in performance between banks and even for the same bank year by year.” “We are working on establishing standards for statistics aggregation,” he said.
◇ Commercial banks explain the level of interest rate cut demand when making loan agreements
Although the right to request interest rate cuts has been more active than before since the law was enacted in June 2019, there are many evaluations that major commercial banks are still passive in guiding the right to request interest rate cuts to customers.
Most of the major commercial banks are only at the level of explaining the interest rate cut demand system when a customer commits, extends, or changes the terms of a loan.
When asked about the status of how to guide the interest rate cut request right for each bank to the customer, Woori Bank and Hana Bank explained that “when a new, extended or conditional loan is changed, the interest rate cut request right is displayed in the household loan product manual.” .
In addition, banks are informed by text message once a year for long-term loans exceeding 1 year (Woori Bank), and “Text to customers who have products subject to interest rate reduction requirements by text message every 5 months after new loans are made.” There is” (Nonghyup Bank).
Shinhan Bank and Kookmin Bank announced that they are conducting’mystery shopping’ on a regular basis for loans subject to interest rate cut demands.
On the other hand, Kakao Bank, an internet-specialized bank, is providing more active guidance, such as sending a notification of requesting interest rate reduction rights to customers whose credit rating has changed quarterly from the third quarter of 2019 to the mobile app’Push’.
In addition, through a mobile app, it is possible to check in real time whether or not my credit score rises and loan interest rates can be cut.
The number of customers who applied for interest rate cuts at Kakao Bank and received interest reduction benefits last year was 90,000, far exceeding the total number of five commercial banks. The total amount of interest saved by 90,000 people last year was 3 billion won.
Kakao Bank interest rate cut request notice screen capture The financial authorities recently formed a task force (TF) with the Banking Federation and 18 domestic banks to improve the operation of interest rate cut demands, and in order to materialize the guidance of interest rate cut demands to customers, banks regularly request interest rate cuts during the entire loan period. We are looking at ways to inform customers about the rate or to notify customers with higher credit scores about the right to request a rate cut.
In principle, if there is an improvement in the credit status of the borrower, we are also discussing a plan to allow the borrower to apply for the right to request a rate cut without any restrictions, and to include detailed explanations when notifying the result of the review of the right to request a rate cut to customers.
The Financial Supervisory Service said, “At the time of one and a half years after the enactment of the interest rate cut request right, the TF was formed to improve the operation of the bank’s interest rate cut request right to be operated reasonably and transparently.” In the first half of the discussion, we plan to prepare improvement measures in the first half of discussions on improving statistical standards and preparing disclosure plans.”
Rep. Yoon Doo-hyun said, “As the interest rate of banks has risen recently, the pain of the low-income class is increasing,” he said. “In addition to increasing the utilization of the bank’s interest rate cut demand rights, it is necessary to make an active effort by the financial authorities to lower the burden on the common people.”
Doo-Hyun Yoon, Representative of the People’s Power▶ Click here for a larger view
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