Korea Housing Finance Corp. (HF) held the 2021 Housing Finance Conference, an event designed to introduce policy programs by grasping new customer needs for housing finance in the non-face-to-face era.
HF said the corporation hosted the 2021 Housing Finance Conference at Conrad Hotel in Yeouido, Seoul, on Dec. 1. The conference took place under the theme “Digital Housing Finance Makes a Leap Forward with a New Paradigm.”
A poster to publicize the 2021 Housing Finance Conference.
The conference started with a keynote speech by President Chung Yoo-shin of Sogang University Technology Management Graduate School. The speech was followed by diverse discussions among fintech company and housing market experts.
Councilor Park Jung-hoon of the Financial Services Commission (FSC), President Kim Hak-soo of Korea Financial Telecommunications and Clearings Institute (KFTC), and officials of related organizations had online and off-line discussions.
In his opening speech, HF President Choi Joon-woo said, “Designing products tailored to meet individuals’ needs is based on big data and using housing finance in a safe and convenient fashion using AI,” and to this end, he said, HF is making preparations to concentrate its capabilities on more innovative work.
In his commemorative speech, FSC Commissioner Park said digital transformation of financing is emerging as a great trend in the overall financing sector, and the housing finance sector needs to aggressively utilize digital technologies in the perspective of raising customer convenience, risk management and inclusiveness.
President Chung of Sogang University delivered a keynote speech under the theme “Digital Housing Finance Makes a Leap Forward with a New Paradigm.”
President Chung said the 4th Industrial Revolution is being further accelerated in the financing industry field. President Chung said s key to the financing platform is convergence with big data, and the financial and non-financial sectors can have synergetic effects through convergence by analyzing financial transaction data using AI since financial transaction data have information capable of examining consumers’ behaviors toward all products.
Chung said housing, a real estate property with consumers’ strong needs, is predicted to be converged with financing on the financing platform.
At the first session under the theme “Current Status and Tasks of Non-Face-to-Face Financing Services,” President Kim Jin-kyung of Bigvalue said the arrival of the Fintech 3.0 Era and bigtech’s entry into the financing sector have propelled market competition.
Kim introduced digital innovation cases, such as real estate collateral value evaluation based on big data and a system designed to detect housing guarantee-linked dangerous transactions.
Kim said digital transformation, brought by technology innovation such data and AI, is changing individuals’ lives and corporate business environment and ecosystem fast. President Kim stressed the significance of building a decision-making regime based on big data.
At the second session on the theme of the current status and the outlook of the real estate market, President Hong Chung-wook of EAR Research suggested a close look into uncertainties of the housing market amid the looming interest rate rise of policy loans.
Following the presentation in the second session, Prof. Kim Kyung-min of Seoul National University Environment Graduate School chaired discussions on the trends and outlook of the housing markets with Ham Young-jin, chief of Zigbang’s Big Data Lab, Huh Yoon-kyung, head of an office with the Construction & Economy Research Institute of Korea (CERIK), Director Suh Young-soo of Kiwoom Securities, and Koh Jae-heon, a researcher with HF joining forces.
An HF official said diverse views gathered during the conference would be a great boon to further evolving the housing finance.
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