"Becoming the Bank Customers Choose First"…KakaoBank's Complete App Overhaul and Credit Card Launch

CEO Yoon Ho-young Online Meeting
Mobile App 'Version 2.0' Released
Partnership Credit Card Launched on the Same Day

Yoon Ho-young, CEO of Kakao Bank, is explaining this year's management goals at an online press conference on the 27th.

[Asia Economy Reporter Kim Hyo-jin] Yoon Ho-young, CEO of Kakao Bank, stated on the 27th, "We aim to establish ourselves as the bank that customers choose first for every product and service we offer through convenient customer experiences and valuable benefits."

During an online press conference held that morning, CEO Yoon introduced Kakao Bank's new management strategy named 'Kabang First' and made this statement.

Regarding Kakao Bank's initial public offering (IPO), CEO Yoon explained, "We plan to start practical preparations from the second half of this year," adding, "The purpose is capital expansion for sustainable growth, not for investment recovery."

◆ Upgrading the app to 'Version 2.0'... "Rewriting the standard for financial apps" = Following this strategy, Kakao Bank will upgrade its dedicated application (app) to 'Version 2.0.' While maintaining the usability of the existing version, Kakao Bank plans to enhance convenience by analyzing customers' app usage data to provide a new user experience.

The home screen, which users first encounter upon accessing the app, now allows customers to display only the accounts they want to see through an account editing feature. Editing functions such as 'Hide Amount,' which allows users to conceal their bankbook balance, have been added. The frequently used 'My Account (Asset Status)' has been relocated to the upper left corner of the home screen to improve accessibility.

The open banking service, scheduled to launch around the end of the first half of the year, will also be included in 'My Account.' Existing menus have been reorganized according to usage flow to further enhance the user experience (UX). Menu tabs are placed within the range reachable by the user's thumb to enable faster navigation of desired products and services.

Shin Sun-young, head of Kakao Bank's service team home renovation task force, said, "Through big data analysis of the app usage flow and patterns of Kakao Bank's 10 million customers, we have strengthened functions such as transfers and inquiries and revamped or reduced underused parts," adding, "You will be able to experience an app that is faster, simpler, and more convenient."

◆ "Now credit cards too, with Kabang"… Expanding platform business = Additionally, Kakao Bank launched a credit card on the same day in partnership with Shinhan, KB Kookmin, Samsung, and Citi Cards. Kakao Bank is responsible for member recruitment and marketing, while the partner card companies handle product development, issuance, and processing tasks such as transaction acquisition.

Kakao Bank's credit card can be applied for through the Kakao Bank app starting that afternoon. Typically, applying for a partner card requires going through six steps including accessing the partner site and submitting related documents, but Kakao Bank simplified the process so that users only need to tap 'Apply for Partner Credit Card' in the app and enter a few pieces of information.

Kakao Bank has positioned Kakao's 'Ryan' as the representative character for the credit card. Stickers matching each design concept are included with the card delivery, allowing users to redesign according to their preferences. Usage benefits also vary by partner card company.

Woo Il-sik, head of Kakao Bank's business team credit card task force, said, "We have prepared a customer-tailored credit card by combining the know-how of credit card companies with Kakao Bank's convenient customer experience."

Since its launch in 2017, Kakao Bank expects the credit card to be a hit based on the rapidly built customer base and proven strength in the check card market. As of the end of last month, Kakao Bank has 12.01 million customers and has issued 11.5 million check cards.

This content was produced with the assistance of AI translation services.