KB Savings Bank Introduces Paperless, Non-Face-to-Face Automatic Conversion Loan Product

KB Savings Bank kiwi Conversion Loan App Application Screen

[Asia Economy Reporter Minyoung Kim] KB Savings Bank announced on the 23rd that it has launched the first paperless non-face-to-face automatic conversion loan product in the savings bank sector.

The "Kiwi Conversion Loan" is a product available on KB Savings Bank's recently launched Kiwi Bank application (app) that allows customers to easily convert debts from other savings banks into KB Savings Bank's mid-interest rate loans.

By linking with the Credit Information Center's database (DB), the app displays loan details from other financial institutions that are eligible for refinancing. When the customer selects the target loan, the loan execution simultaneously transfers funds to the virtual account of the respective savings bank and processes automatic repayment.

When the customer inputs the virtual account number of the savings bank they wish to refinance, the system automatically verifies the account and processes real-time repayment. Since no staff intervention is required to confirm the repayment account, processing time is shortened and user convenience is enhanced.

Previously, refinancing loans that allow switching from other companies required document submission such as uploading financial transaction confirmation or full repayment certificates via mobile. However, this process has been fully automated for the first time in the industry, providing differentiated competitiveness.

In the future, the scope of automatic conversion will be expanded to include cards, capital companies, and more. It is also being developed to allow customers to select multiple financial institutions and repay the full amount at once within the loan limit. The interest rate for this product starts at an annual rate of 5.9%, with a maximum limit of up to 50 million KRW.

The savings bank also introduced the "Kiwi Emergency Loan," which can be easily used via mobile without a certified digital signature. Small loans are available regardless of occupation or income, including office workers, self-employed, freelancers, and housewives, through identity verification via mobile phone and KakaoPay authentication. Additionally, by adopting web server-based Optical Character Recognition (OCR) technology for ID cards, loans of up to 3 million KRW can be issued through a web page without downloading the app.

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