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Biz News Korea(Eng)

S. Korea’s first online bank achieves 75% of annual target just 45 days after launch

Collected: 2017.05.19

Distributed: 2017.05.22

Source: Go Direct

South Korea’s first internet-only bank K Bank said on Wednesday customer deposits have surpassed 300 billion won ($267 million) in just 45 days of operations, achieving 75 percent of its annual goal of 400 billion won. Loans totaled 380 billion won, also 75 percent of its full-year target of 500 billion won.

The bank has so far attracted more than 300,000 subscribers as of Wednesday and issued 280,000 check cards, which means nine out of 10 new subscribers signed up for the bank’s check card.

Among the bank’s check card users, the proportion of female subscribers in their 20s is exceptionally high. More than 40 percent of the bank’s customers in their 20s are female, much higher than other age groups in the bank and many brick and mortar banks in Korea.

Its generous reward and cash-back program has been appealing to women in 20s savvy in economizing through bonus benefits.

The proportion of women against total subscribers has hit above 30 percent and will likely grow further, said a K Bank official.

By Chung Ji-sung

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