Shinhyup's Mobile Platform 'OnBank' Surpasses 1 Million Subscribers

Among All Users, 63% Are Aged 20-40... 63.1% of Women Are Over 50
Chairman Kim Yunsik: "'OnBank' Will Lead Financial Culture in the Post-Corona Era"

[Asia Economy Reporter Kwangho Lee] Shinhan Credit Union is rapidly increasing its presence in the financial application (app) market, attracting the attention of the 'interest rate nomad tribe.'

Shinhan Credit Union Central Association announced on the 11th that the number of subscribers to the mobile platform 'OnBank' has surpassed 1 million.

Shinhan Credit Union OnBank is the first mobile app in the mutual finance sector that allows non-face-to-face member registration and share capital opening. It has received favorable reviews for its high-interest exclusive products and convenient interface and layout. Since the app launch at the end of January 2020, an average of 60,000 users have continuously joined monthly, and the total amount of deposits and savings exceeded 1 trillion won within six months of release.

Based on transaction data from about 1 million members, Shinhan Credit Union analyzed financial trends and found that approximately 63% of OnBank users are in their 20s to 40s. Specifically, 26.7% are in their 40s, 22.6% in their 30s, and 13.7% in their 20s.

Among users aged 50 and above, female members led the mobile boom. The female ratio among OnBank users in their 50s was recorded at 63.1%.

Also, among the top 10 most opened OnBank accounts, six were mobile-exclusive products. This appears to be because interest rate nomads seeking even slightly higher interest rates flocked for tax savings and interest benefits amid the ultra-low interest rate trend.

The most frequently opened financial product through the OnBank app is the 'Union Fixed Deposit.' Shinhan Credit Union's Union series is popular because it offers tax-exempt benefits (exemption from 14% interest income tax and 1.4% special rural tax) via mobile without visiting local credit unions. Additionally, the base interest rate follows the average deposit interest rate of nationwide credit unions, providing higher rates compared to commercial banks.

Other products ranked include 'e-Paran Savings,' which offers up to 0.6% preferential interest rate when simple preferential conditions such as salary transfer are met; the parking account 'Dreaming Box,' which pays about half the interest of a 12-month fixed deposit on a daily basis; and the women-focused savings product 'Lady4U.'

Kim Yoonsik, Chairman of Shinhan Credit Union Central Association, said, "We thank all members who have shown great affection and interest until OnBank reached 1 million subscribers," adding, "OnBank will lead financial culture in the post-COVID era as a warm mobile platform combining advanced digital financial systems and Shinhan Credit Union's lifelong support values."

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