"Enhance Customer Convenience"... Savings Banks Launch Fintech Partnerships and App Revamps

JT Savings Bank headquarters located in Seongnam, Gyeonggi-do. Photo by JT Savings Bank

[Asia Economy Reporter Song Seung-seop] Savings banks are actively revamping their own applications (apps) as well as partnering with fintech companies. It is analyzed that they are making moves to retain customers in line with the non-face-to-face financial trend.

According to the financial industry on the 19th, JT Savings Bank recently partnered with fintech company Finda and started offering financial products. Through Finda, they notify loan approval status within 24 hours. JT Savings Bank also partners with Toss and KakaoPay to supply loan products.

Welcome Savings Bank has been supplying mid-interest loan products through a partnership with Fink since 2019. They conduct screening using the telecommunications-based T-Score owned by the fintech company. Since T-Score uses non-financial transaction information for screening, thin-file borrowers with insufficient financial transaction records can also receive loans.

SBI Savings Bank also teamed up with Pinset that year to promote the development of new services. Their strategy is that the financial service experience held by savings banks can create new services when combined with fintech technology.

The industry believes that collaboration with fintech companies will inevitably continue to increase. An industry official said, “The younger generation is more accustomed to non-face-to-face transactions, and customer inflow through this is expected to increase,” adding, “Efforts to provide various marketing and services to retain them will accelerate.”

Mobile banking apps by each company are also being improved. Currently, apps in the sector include Welcome Digital Bank, Cider Bank, Kiwi Bank, and SB TokTok Plus. Recently, they have added features such as small change savings, simple/remittance transfer services, pattern and fingerprint login functions, and cardless ATM functions. Some apps have even surpassed 1 million downloads.

Another industry official emphasized, “As savings banks begin to fully restore trust, they will continue more diverse activities.”

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