From next month, the Shinhan Bank would ‘automate’ lending services and enable customers to borrow loans without visiting the bank and meeting loan officers face to face.

This service became possible thanks to the blockchain-based sovereign identity services. The bank could record all financial activity of each customer. In other words, customers could manage their credits through the blockchain service.

Also, the digital identity holders can get financial services from the sister companies of the bank, including insurance, credit cards, and stock investment.

The online identity could help the bank and customers save time as customers do not need to pay documents and loan officers can screen the credit history of borrowers.

The more you use the Shinhan services, the less you can pay in interest on the loans you borrow from the bank, a Shinhan spokesman said.