2,000 Applicants Gather for Recruitment-Linked Internships... 'Talent Blackhole' Internet Banks

K-Bank First Recruitment of Internship Linked to Hiring
KaBank and ToBank Also Announce Large-Scale Hiring

[Asia Economy Reporter Kiho Sung] Internet-only banks are becoming talent black holes, with thousands flocking to recruitment-linked internship programs. While commercial banks are significantly reducing hiring, internet banks are making every effort to secure talent in preparation for the three-way competition set to intensify next year.

According to the financial sector on the 17th, about 2,000 applicants have applied for the recruitment-linked internship program currently underway at K-Bank. K-Bank plans to conduct interviews with applicants by today and select dozens of successful candidates.

This is the first recruitment-linked internship program since K-Bank's launch. Unlike previous recruitments focused mainly on developers, this time hiring spans all job functions. Selected candidates will directly experience core banking tasks during the internship period, including product and service planning, IT system development and operation, credit scoring model development, and risk management. Interns will receive a monthly salary of 3 million KRW during the internship, and upon completing the three-month internship and passing the regular employment evaluation, they will be officially hired as full-time employees starting April next year.

Other internet banks are also announcing large-scale talent acquisition plans for next year. Yoon Ho-young, CEO of KakaoBank, stated, "KakaoBank is continuously striving to recruit talent to strengthen competitiveness," adding, "Given our rapid growth phase, triple-digit new hires annually are expected."

Hong Min-taek, CEO of Toss Bank, also said, "Toss Bank is in the early stages of business and is focusing on recruiting experienced professionals who can immediately contribute to operations," emphasizing, "We are particularly focusing on hiring developers, and there is no limit to the number."

In contrast, commercial banks are busy downsizing by offering voluntary retirement while simultaneously reducing open recruitment. According to Assemblyman Bae Jin-kyo of the Justice Party, open recruitment at the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) shrank from 2,945 in 2018 to about 1,000 this year, a reduction to one-third in three years.

Industry insiders see the intensifying competition among internet banks starting next year as a cause. Given the rapid growth of internet banks, securing outstanding talent is a key driver of competitiveness. A representative from an internet bank said, "The reason internet banks are competing to recruit talent with unprecedented conditions recently is because the real competition begins next year," adding, "Each bank is offering high benefits, which also reflects concerns about potential talent outflow."

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