Following Banks, Savings Bank Apps Also Introduce 'Simple Mode'

Following the banking sector, the 'Simple Mode' for mobile financial applications will be introduced in the savings bank sector.

On the 15th, the Financial Services Commission announced that the integrated financial app 'SB TokTok Plus,' operated by the Korea Federation of Savings Banks, has launched Simple Mode. Previously, the authorities established related guidelines to bridge the digital financial gap for the elderly and others, and last year, Simple Mode was introduced in the mobile apps of 18 domestic banks.

In October last year, the financial authorities held a meeting chaired by Kim Jin-hong, Director of the Financial Consumer Bureau, with relevant financial industry representatives to promote Simple Mode in mobile financial apps. They agreed to introduce Simple Mode to savings banks that handle the same deposit and loan products as banks.

As of the end of last year, there are 79 savings banks nationwide. However, unlike banks, which mostly have their own mobile financial apps, only 31 savings banks (39.2%) have mobile financial apps.

Therefore, instead of introducing Simple Mode in all savings banks, the authorities will first implement Simple Mode in the integrated financial app (SB TokTok Plus) operated by the Korea Federation of Savings Banks. Among the 79 savings banks, 67 can directly handle financial tasks (inquiries, transfers, subscription to financial products, etc.) through the integrated financial app, and even for the 12 savings banks not included in the app, some deposit and savings products' information can be viewed and subscriptions processed via the integrated app.

With the launch of Simple Mode in the Korea Federation of Savings Banks' integrated financial app, the development of Simple Mode in savings banks that have their own financial apps will also gain momentum. The introduction of Simple Mode is planned by the end of the year, focusing on the top six large savings banks with high proportions of non-face-to-face transactions or large asset sizes (SBI, OK, Welcome, Pepper, Korea Investment, Accuon).

The financial authorities stated, "We will cooperate with related organizations to ensure that the introduction of Simple Mode in the savings bank sector, launched this time, can expand beyond banks and savings banks to other financial sectors."

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