Seoul: 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) emphasized the importance of ensuring that customer interests are safeguarded amidst the rapid evolution of digital services within the financial sector.
According to Yonhap News Agency, the FSS highlighted that digital and artificial intelligence-led innovation have been significantly enhancing financial productivity and providing benefits for customers. However, the agency also noted that the swift changes in the financial service environment, such as the rapid pace of digital transformation and the emergence of factors that could infringe on customer benefits-like the growing digital divide and financial exclusion-necessitate the implementation of effective countermeasures.
Lee Jong-oh, the FSS deputy governor for digital finance and IT, addressed these concerns in a meeting with executives from financial firms focused on customer services. He urged financial institutions to identify and mitigate risk factors associated with IT-related accidents in the digital landscape. Furthermore, Lee stressed the need for proactive measures in the development of services to ensure robust customer protection.