[Weekly Savings Bank] SBI Achieves Industry-First Milestone of 1 Million Customers

[Asia Economy Reporter Kim Min-young] One million. SBI Savings Bank, the industry leader with assets totaling 8 trillion won, has secured 1 million customers for the first time as a single savings bank.

SBI Savings Bank announced that the number of customers exceeded 1 million as of the end of September last year.

A customer refers to an actual client who holds a savings or deposit account at a savings bank or has a loan from a savings bank.

Since the total number of customers in the savings bank industry is about 6 million, this means that one out of every six savings bank customers is an SBI Savings Bank customer. The bank's asset size was 8.411 trillion won as of the end of September last year, significantly surpassing the second-ranked OK Savings Bank (6.5916 trillion won).

According to the industry, the number of customers at other major savings banks ranges from 200,000 to 600,000. As of the end of September last year, Company B reportedly had about 610,700 customers, Company C about 526,000, and Company D about 187,000.

SBI Savings Bank analyzed that the number of non-face-to-face customers through its own mobile application (app) ‘Saidabank’ showed a steep upward trend. The Saidabank app, launched in June last year, reached 200,000 members within five months of its release.

Additionally, the company analyzed that continuous growth in customers was driven by fintech-based financial innovation, thorough risk management, and innovative services and products designed to maximize customer convenience and benefits.

SBI Savings Bank stated, “Surpassing 1 million customers as an individual savings bank is a monumental achievement and an unprecedented accomplishment to date.”