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Internet-only bank attracts over 40,000 accounts in just over 1 day

All News 11:26 April 04, 2017

SEOUL, April 4 (Yonhap) -- South Korea's first Internet-only bank, K-Bank, has attracted more than 40,000 accounts in just 32 hours since launching operations, the lender said Tuesday.

K-Bank, formed by a consortium of KT Corp., Woori Bank and 19 other companies, began its operations at midnight Sunday.

The pace of growth in K-Bank's customer base appears to be faster than originally expected. The average monthly number of new Internet banking accounts by the nation's 16 commercial banks stood at about 12,000.

As of 8 a.m. Tuesday, K-Bank attracted a total of 41,307 accounts, issued a total of 36,290 debit cards and made loans to 2,714 accounts, according to the bank.

Internet banks offer banking and other financial services without physical branch networks.

K-Bank, which will be opened around the clock, offers ordinary deposits, time deposits and card loans with more favorable interest rates than the ones offered by traditional banks.

Among the new services by the Internet banks are new credit assessments based on big data, wealth management by artificial intelligence systems and voice recognition banking services.

Internet-only bank attracts over 40,000 accounts in just over 1 day - 1


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