KakaoBank Celebrates 2nd Anniversary of Personal Business Banking with Customer Appreciation Event

Up to 9,000 KRW Benefit for New Individual Business Customers
100 Billion KRW Guarantee Fee for 'Guarantee Loan' Since Launch
30 Billion KRW Annual Interest Savings Benefit for 'Interest Support Guarantee Loan'

KakaoBank announced on the 18th that it will hold a customer appreciation event offering up to 9,000 KRW in benefits for new users among individual business owner customers until December 17, marking the 2nd anniversary of the launch of its individual business owner banking service.

KakaoBank first introduced individual business owner banking in November 2022 to provide busy business owners with convenient financial services.

When opening a new individual business owner account, a welcome bonus of 2,000 KRW is immediately granted. Additionally, customers who have never taken out an individual business owner loan before and newly check their credit limit and interest rate will receive 3,000 KRW in benefits for each inquiry. If both products, such as individual business owner credit loans or guarantee loans, are checked, customers can receive up to 6,000 KRW in benefits.

Benefits are also provided to customers who newly use convenience services for individual business owners. When newly subscribing to the 'National Tax Service Business Account and Card Registration' or 'My Business Credit Information' services, 500 KRW is given for each, totaling 1,000 KRW if both are used. In other words, customers can receive up to 9,000 KRW in benefits if they use all services from opening an individual business owner account to loans and convenience services for the first time. Detailed information can be found on the event page within the KakaoBank app.

KakaoBank has been carrying out various support activities for individual business owner customers. Since launching the individual business owner guarantee loan in May last year, it has consistently supported half of the guarantee fees, resulting in a total reduction of 10 billion KRW in guarantee fees as of the end of September. Furthermore, since launching the 'Individual Business Owner Interest Support Guarantee Loan' in April, where local governments partially cover loan interest, it has provided interest reduction benefits totaling 3 billion KRW on an annualized basis, striving to alleviate the actual financial burden on individual business owner customers.

To lower the loan barriers for more customers, KakaoBank is also leading the advancement of its credit scoring system (CSS). Through a data-driven credit scoring model, KakaoBank has achieved up to 30% better discriminatory power compared to credit bureaus (CB) that evaluate only financial information. As a result, in the first half of this year, it has continued its inclusive finance efforts by additionally selecting one out of six individual business owner credit loan applicants who were previously rejected by the existing evaluation system.

A KakaoBank representative said, "We prepared this event to give back to the many business owners who have chosen KakaoBank’s individual business owner banking service in just two years since its launch," adding, "We will continue to lead efforts to reduce financial costs for individual business owners and provide various services to offer tangible benefits."

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