95% of Savings Bank Account Movers Choose Welcome Savings Bank

[Asia Economy Reporter Kim Min-young] It has been revealed that the beneficiary company of the expanded account transfer service to the secondary financial sector in May was Welcome Savings Bank.

According to Welcome Savings Bank on the 15th, after the automatic transfer integrated management service was expanded to the secondary financial sector including savings banks, over 95% of the accounts transferred to savings banks last month were changed to Welcome Savings Bank accounts.

The number of automatic transfer account changes completed to savings banks last month was about 3,000, of which more than 2,800 were moved to Welcome Savings Bank accounts.

The account transfer service was first implemented in the banking sector in 2015, and in May, it was expanded to the secondary financial sector including savings banks. Consumers can transfer bank accounts used for automatic transfers to secondary financial sector accounts such as savings banks.

A representative of Welcome Savings Bank said, “The boundaries between financial sectors on mobile and digital channels are becoming blurred. We confirmed that if savings banks have competitive products and services, they can compete with other sectors including commercial banks,” adding, “We will carefully prepare for the scheduled expansion of open banking by the end of the year to gain customers’ choice.”

Meanwhile, Welcome Savings Bank’s mobile full banking application (app) Welcome Digital Bank (Welbang), first introduced in the industry in 2018, has surpassed 1.5 million cumulative downloads.

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