'Main Bank' Is a Thing of the Past... Banks Heat Up Competition for Open Banking Leadership

[Asia Economy Reporter Kim Hyo-jin] With the activation of open banking, the concept of consumers' 'main bank' is weakening, leading to fierce competition among banks to secure dominance within mobile platforms.

According to the banking sector on the 8th, Woori Bank recently revamped its open banking service provided through the mobile Woori WON Banking app, allowing users to easily view accounts from all banks on the main screen. Additionally, they added features such as ▲checking the total account balance on the main screen ▲automatic input of account information via SMS/KakaoTalk, and held an event offering mobile coffee coupons to new open banking registrants.

IBK Industrial Bank also revamped its mobile 'i-ONE Bank' to enable users to access open banking services directly from the first screen without going through multiple steps. Furthermore, other bank accounts can be registered on the main account inquiry screen, allowing users to view and transfer funds as if they were IBK accounts. The app also analyzes frequently used transaction histories, search records, and product subscription details to create personalized menus. To commemorate the system upgrade, IBK Industrial Bank is running a special preferential interest rate event until the 23rd.

Shinhan Bank offers services such as 'My Assets,' an integrated asset management service covering not only banks but all financial sectors, and 'Kkook Transfer,' which allows easy transfers by long-pressing the app icon on the smartphone home screen without launching the app. NH Nonghyup Bank introduced the 'My Financial Life Comparison' service, which allows users to compare their financial asset levels by age group and region.

Open banking is a service that allows users to view all their bank accounts and perform withdrawals and transfers through a single app. Following the financial payment infrastructure innovation plan announced in February last year, it was piloted in the banking sector in October of the same year and fully implemented including fintech companies in December.

According to the Korea Financial Telecommunications & Clearings Institute, as of the end of June, the cumulative number of open banking subscribers reached 40.96 million, with 65.88 million registered accounts. Excluding duplicate subscriptions across services, the number of subscribers is 20.32 million, which corresponds to about 72% of the domestic economically active population (28.21 million).

During the same period, the cumulative number of open banking API usage reached 1.05 billion, with a daily average of 6.59 million. Financial authorities expect this to exceed 2 billion annually.