Shinhyup's OnBank App Savings and Deposits Surpass 1 Trillion Won... Attracts 400,000 Subscribers

Shinhyup Central Association Attracts 1 Trillion Won in Deposits Through OnBank

[Asia Economy Reporter Kim Min-young] The National Credit Union Federation of Korea's mobile integrated platform 'ON Bank' has attracted 400,000 subscribers and 1 trillion KRW in deposits and savings within six months of its launch.

According to the credit union on the 6th, the ON Bank application (app), released last January, had accumulated 1.4534 trillion KRW in deposits as of the end of last month. With an average of about 10,000 new subscribers joining weekly, it has attracted 408,000 users through continuous inflow.

The credit union analyzed this as "an effect linked to the increased demand for non-face-to-face (untact) services due to the novel coronavirus disease (COVID-19)."

Additionally, it highlighted that it is the first in the mutual finance sector to allow non-face-to-face membership registration and share deposit account opening.

The simple transfer service is also popular. Simple transfers allow account transfers up to 2 million KRW without security media such as one-time passwords (OTP), and transfers up to 1 million KRW can be easily made without fees via KakaoTalk or message transfers. As of the end of last month, 78% of all transfer transactions were made through simple transfers, according to the credit union.

Through this app, emergency funds and new loans are also available, and users can subscribe to and claim insurance (mutual aid) products, so the number of users is expected to continue increasing.

Meanwhile, the credit union plans to introduce a tablet branch business on the 8th, the first in the mutual finance sector, along with the 'Credit Union Digital Counter' to establish an external sales base. Next month, it will lead digital innovation in the mutual finance sector by introducing biometric authentication services using palm vein recognition.

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