By A South Korean bank called Shinhan, which is one of the oldest and largest banks in the nation is reportedly utilising blockchain technology to speed up approval processes for loan services.
The bank will specifically use a blockchain platform in order to verify the times of proof which are required for credit lending. This includes qualification and certification documents as per a report from Yonhap on Monday.
To this day, customers were required to submit their documents directly to the bank in a laborious time consuming manual verification of their authenticy.
Shinhan is hoping to make the process both cheaper and faster with its new blockchain-based verification system.
As per the report, the bank as allegedly already applied the tech to its “Shinhan Doctors” loan product, thus reducing the time it takes to confirm whether a customer is a legitimate member of the Hospital Doctors’ Council from two to three days to “real time.”
A Shinhan Bank official was quoted stating in the report that the new blockchain system is set to boost the number of “non-face-to-face” load products processed. The official also added that the bank has plans to implement the system to more products offered.
Shinhan was founded in 1897 and has shown interest in blockchain tech for quite some time now. Just last year, the bank trialled cross-border remittances for business customers utilising Ripple’s blockchain tech.
The bank’s interest in blockchain dates back to as far as 2015 when it invested around $427,000 in a blockchain remittance startup called Streami.
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