South Korea’s 2 online only banks are going to compete against each other with their robots that manage assets and ‘Finger Banking’ that can process all financial tasks in just 10 minutes.
Online only banks are almost done with their data processing, hiring, and preliminary tasks and are going to be launched at the end of this year. It is predicted that South Koreans will be able to see fun and surprising services that they have not experienced before.
Financial Services Commission (FSC) held a press meeting with KakaoBank and KBank at KakaoBank’s office that is located at Pankyo H Square on the 6th.
These two online only banks announced their business strategies and partially introduced their innovative business models.
KakaoBank put out ‘Chatbot’ that converses with people. It is KakaoTalk-based financial robot that gives advices to questions from customers in real-time 24 hours.
Financial robots are planning to give schedules for payments of utility bills, break down payments of electronic transfers, and introduce customers to nearby restaurants where coupons can be used. They will also check and manage financial situations of customers and recommend merchandises and support counseling service.
KBank put out 100% non-face-to-face financial service that can process all financial tasks online. Its plan is to develop ‘Finger Banking’ that allows customers to use banking whenever they want.
2nd meeting for online only banks were held at Pankyo Techno Valley on the 6th. Co-CEO Yoon Ho-yeong of KakaoBank is announcing current status of KakaoBank.
KakaoBank’s major business models are: simple wire transfer without inputting account numbers, non-cash interest such as points from music and games along with cashback, credit evaluating model (Kakao Scoring) based on Big Data from and loans at medium interest rate, online-based asset management financial robot, loans for small businesses on E-Bay (G-Market and Auction), and card payment system that minimizes VAN and PG (Payment Gateway).
“Before applying for a final authorization, we are going to push for paid-in capital increase worth about $172 million (200 billion KRW).” said CEO Yoon Ho-yeong of KakaoBank. KakaoBank is planning to establish strategies that will respond and distinguish requests for information security to strengthen security by end of July. It established an exclusive task force that will protect consumers and also established civil process centered on customers.
KBank also introduced many innovative services that weren’t seen before at traditional banks. Its goal is to establish 100% non-face-to-face transactions.
Both of these banks attracted attentions by introducing ‘innovative interest service’ that can give more benefits from loans at low interest rate. KakaoBank is planning to introduce interests that allow customers to select interests that they want such as converting interests into points for music and games. KBank is going to introduce ‘digital interest’ that can be converted into distribution, telecommunication service, media, and e-commerce fields by utilizing variety of its partners.
Staff Reporter Gil, Jaeshik | [email protected] & Staff Reporter Kim, Jihye | [email protected]
