"Real Open Banking is Coming"... K Bank Completely Revamps App Focusing on Open and Personalized Services

[Asia Economy Reporter Kim Hyo-jin] K-Bank announced on the 4th that it has completely revamped its application (app) to significantly enhance customer convenience and add personalized features for the new year.

This overhaul focused on improving the UI/UX (user interface and experience) to make it easier to view and transfer funds from accounts at other financial institutions using just the K-Bank app.

Lee Won-jae, Head of DX Division at K-Bank, said, “We focused on increasing customer convenience and app openness by enabling users to check all their bank accounts at a glance within the K-Bank app,” adding, “We will continue to add new financial services so that K-Bank, which pioneered the era of internet banks in Korea, can also lead the open banking era.”

Evolution from ‘Open Banking’ to ‘Open Bank’... All Banks at a Glance with One App

K-Bank has been advancing its open banking system since the second half of last year. The focus was to allow users to view all accounts registered through open banking at a glance without complicated procedures, enabling K-Bank to serve as a hub for personal financial life.

The biggest change in the revamped app is that users can now check all financial institution accounts registered via open banking at once, not just K-Bank accounts, right from the home screen.

Users can also easily check recent transaction details or transfer funds to other financial institutions with just one click for each account.

Just as one shopping app allows comparison and purchase of products from various brands, K-Bank explained that this is the first step toward evolving into a financial platform with the concept of an ‘open banking comprehensive account.’

Customizable Account View and Personalized Timeline Provided

Customer-tailored features have also been greatly expanded to enhance usability. K-Bank customers can choose between vertical or horizontal scrolling for the account inquiry screen according to their preferences. The order in which banks and accounts are arranged can also be set as desired.

Additionally, users can adjust the home screen based on convenience by placing frequently used accounts at the top or organizing accounts by setting custom names. The total balance of all accounts is displayed at the very top of the app, allowing users to see their scattered funds in one place.

A new ‘Timeline’ feature has been introduced to provide a consolidated view of ‘financial messages’ tailored to each customer’s situation.

Through the timeline, users can experience services such as viewing deposit and transfer histories, receiving advance notifications of amounts to be withdrawn via automatic payments, and getting recommendations for financial products suited to their spending patterns.

Meanwhile, to celebrate the app revamp, K-Bank has prepared an event where customers can experience the improved open banking service.

Among customers who link accounts from other banks and securities firms in the K-Bank app and complete a transfer to their K-Bank account, 1,000 will be selected by lottery to receive a prize equal to the amount they transferred (up to a maximum of 50,000 KRW). The event can be entered through the K-Bank app.

This promotion will run from the 4th to the 18th and is open to both new and existing K-Bank customers. Winners will be notified individually, and the prize money will be credited to their K-Bank accounts on the 22nd. Detailed information can be found in the ‘Benefits Zone’ of the K-Bank app.

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