NH NongHyup Bank patents technology for tracking scattered financial assets

NH NongHyup Bank has secured a business model patent for a service that regularly notifies customers of asset changes across multiple financial institutions.

The bank said Wednesday it obtained a business model patent covering the device and operating method behind its "My Asset Safety Alert Service." A business model patent is granted for a business system or method that combines a commercial idea with information and communications technology such as computers or the internet.

The service delivers regular updates on changes to a customer's assets held at various financial institutions via text message and KakaoTalk notifications. Its key feature is that customers can stay informed of major asset movements without having to log in to each institution separately.

NH NongHyup Bank said the service will allow customers to detect unnoticed asset changes more quickly, helping prevent financial fraud and improving the convenience of asset management. The bank described the service as a shift away from the traditional model — in which customers seek out information themselves — toward one where financial institutions proactively deliver the information customers need.

The patent recognizes the technological originality of the asset management service the bank has developed using financial and public data since launching its NH MyData service in 2021.

"This patent is the result of our continuous efforts to enhance customer convenience and financial security in asset management, building on NH MyData," said Kim Ju-sik, executive vice president of NH NongHyup Bank's AI and Data Division. "We will keep developing differentiated asset management services that genuinely help customers in their financial lives."

The service is available through NH All One Bank and NH Smart Banking.

Meanwhile, the bank announced Thursday that it would advance its alternative credit-scoring framework through the "NH Credit On Alliance," a consortium of eight specialized institutions in finance, data and AI. Launched in July, NH Credit On is a consultative body aimed at improving financial access for thin-file customers — those with limited financial transaction histories — by incorporating non-financial data into credit assessments. The bank plans to work with member institutions to refine how alternative data is applied in credit evaluation and loan screening, and will hold a results conference in November to discuss ways to expand its use.