Everyone would have experienced getting marketing calls from companies to purchase financial products. Once or twice were enough, not only calls but also messages often bother you. Many of you will agree that receiving endless marketing calls is stressful, especially when you are actually reluctant and not interested in buying financial products. When you don’t want the marketing calls and messages bombard your phone, you had to call to each of financial companies and separately ask to suspend any more contacts.
Now, it became more convenient to manage marketing calls and messages from financial companies. Just one-time identity verification to choose whether to receive marketing calls at home or not, and if yes, from which companies. Do-not-call service protects financial consumer’s right for informational autonomy which is to ensure convenience of consumers in the long-run.
What is Do-not-call Service?
Do-not-call service has been under trial since the 1st of September, 2014 among the monetary institutions. Do-not-call service is a service which allows you to choose which marketing calls or messages you want to receive and which ones not from all financial companies. To do it is very simple; all you need to do is register your number at the Do-not-call service website (www.donotcall.or.kr).
At the moment, there are 12 financial institutions with the Financial Services Commission and Financial Supervisory Service which include the Korea Federation of Banks and Korea Financial Investment Association. This is one of the measures to prevent personal information leakage from reoccurring in the financial sector.
How to apply for service?
The process of Do-not-call service
- In order to apply for the activation of Do-not-call service, you firstly need to visit Do-not-call website www.donotcall.or.kr.
- Register your phone number. While doing this, you need to verify your identity using your phone, which means that your phone needs to be in your own name.
- When your phone number is registered, the data goes into the server of Do-not-call service system.
- The data then gets transferred to financial association and registered.
- The financial association sends out information to financial companies about what request the owner of relevant number asked for.
- Within maximum of two weeks, the measures will be taken; the companies need to stop marketing calls and messages to the phone.
If you are curious about which process your phone number is going through, you can easily check your registration on the website. Visit the website again and put your number; once your identity is verified, the server will show you. For any inconveniences, you can submit a complaint on the website too. You can easily apply for cancellation of Do-not-call service as well.
What is the significance?
Do-not-call service is consumer-oriented service which not only facilitates financial consumer’s convenience but also ensures one’s right to have control over own information. Furthermore, Do-not-call service promotes privacy of personal information to be protected. When verifying your phone number, only the information of phone number is transferred. No other information, such as name, gender and identification number, will be transferred. You get to manage your information and decision to receive what marketing information at a variety scope. You can select which financial companies and whether you want to stop getting calls or messages, even both. The registered number is valid for Do-not-call service for 2 years. Only calls and messages for marketing purposes will be blocked. The ones for such as contract maintenance are not fortified by Do-not-call service.
The FSC and FSS along with twelve finance associations have been test-operated for about 4 months. Do-not-call service will compromise opinions from both financial companies and financial consumers. Do-not-call service plans to start its formal operation from January 2015 after improving shortcomings.
Written by Seongmin Kim