Monday, 22 April 2024

Best Retail Bank in South Korea is Kakao Bank

5 min read

  • The winning bank maintains growth momentum with a mobile mortgage loan service powered by an artificial intelligence (AI) chatbot and expanding banking services to privately-owned businesses for loans, accounts and payment cards.
  • The bank reached 20 million customers with 65% working-population penetration by October 2022. New customers who signed up by October 2022 are spread out across all age groups, notably, those in their 40s and 50s accounted for 19% and 32%, respectively.
  • The bank has the most advanced fintech capability among all banks. They have achieved 100% in-house development with 49% of employees being tech-savvy in domains like AI, machine learning, data analytics and system security.
  • For its efforts in pioneering digital banking in Korea and increasing product and service penetration to serve 20 million customers across all age groups, the Best Retail Bank in South Korea is Kakao Bank.

 

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