KakaoBank Surpasses 5 Million Subscribers for 'My Credit Information' Service

250,000 Monthly Sign-Ups... 5 Million Members in Just 20 Months Since Launch

[Asia Economy Reporter Kim Hyo-jin] KakaoBank's 'My Credit Information' service has surpassed 5 million subscribers.

KakaoBank announced on the 2nd that its 'My Credit Information' service, first launched in October 2018 as the first in the primary financial sector, has gained an average of 250,000 new subscribers per month, reaching 5 million subscribers in just 20 months.

The 'My Credit Information' service is an asset management service that allows customers to view their credit rating, credit score, card usage status, loan holdings, and other asset information at a glance. By age group, subscribers in their 30s accounted for the largest share at 37%, followed by those in their 20s at 30%. The proportions for those in their 40s and 50s or older were 24% and 10%, respectively.

Approximately 710,000 subscribers have used the credit score improvement feature of this service. Among them, about 400,000 customers actually saw their credit scores increase. The total increase in credit scores reached 6.44 million points, averaging 16.1 points per person.

The credit score improvement feature, launched by KakaoBank in October last year, is a service in the KakaoBank mobile application (app) that updates a new credit score in real time by reflecting non-financial information such as health insurance payment records and tax payment records.

A KakaoBank official said, “By using the 'My Credit Information' service in the KakaoBank app to raise credit scores, and if the credit rating improves, customers can conveniently apply for a request for interest rate reduction all at once. We plan to continuously upgrade the service to make credit information management more convenient from the customer's perspective.”

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