[Weekly Savings Banks] SB Toktok Plus App Booms... Deposits Surpass 3 Trillion Won

[Asia Economy Reporter Kim Min-young] The joint mobile banking application (app) for the savings bank sector, ‘SB TokTok Plus,’ has surpassed 3 trillion KRW in deposits.

According to the Korea Federation of Savings Banks on the 12th, following the breakthrough of 3 trillion KRW in deposits at the end of July, the amount reached 3.2 trillion KRW as of the end of last month.

Additionally, the ‘Non-face-to-face Fixed Deposit Exclusive Account Service,’ which allows customers to subscribe to fixed deposits at multiple savings banks within a short period, exceeded 120 billion KRW in fixed deposit deposits within one month of its launch.

Launched in September last year, SB TokTok Plus is convenient as customers can manage all their savings bank accounts with just one registration of fingerprint (or face), PIN, or pattern. It also supports easy remittance services through Toss, KakaoPay, Payco, and Naver Pay.

The Federation is holding events to celebrate the app’s first anniversary, including ‘Writing App Reviews’ and ‘App Improvement Suggestions.’

The event period runs until the 8th of next month. The ‘Writing App Reviews’ event offers mobile convenience store gift certificates to the first 200 people who write a review on the SB TokTok Plus event page, and through a draw, two Galaxy Watch 3s and 200 mobile convenience store gift certificates will be awarded.

For the ‘App Improvement Suggestions’ event, those who propose improvements will be eligible for a draw to win two AirPods Pro.

Participants can enter both events simultaneously, and winners will be announced around mid-next month.

SBI Savings Bank Raises Interest Rates Again

SBI Savings Bank has raised the interest rates on fixed deposits by 0.2 percentage points.

SBI Savings Bank announced that it has increased the interest rates by 0.2 percentage points on fixed deposit products sold at branches and online, as well as on compound interest fixed deposits and compound interest installment savings in its mobile banking service ‘Cider Bank.’

The fixed deposit sold through branches (based on 12 months) will increase from 1.7% to 1.9% due to the rate hike. When subscribing through non-face-to-face channels such as internet banking, smart banking, or SB TokTok, a preferential interest rate of 0.1 percentage points is applied, allowing a maximum of 2.0%. For non-face-to-face revolving fixed deposits, an additional preferential rate of 0.1 percentage points is provided, offering up to 2.1% interest.

Cider Bank is also implementing a 0.2 percentage point interest rate increase on fixed deposit and fixed savings products.

Pepper Savings Bank Launches First TV Commercial Since Establishment

Pepper Savings Bank announced that it has been airing its first TV commercial, ‘Fair Perfect Finance,’ since this month.

This commercial is the first corporate advertisement ever conducted by Pepper Savings Bank since its establishment. The company explained that it was implemented to strengthen corporate awareness and enhance its image.

As a financial institution for the common people, the concept ‘Fairly, Perfectly’ was presented to express the commitment to breaking down high financial barriers and providing the best service to customers.

The commercial depicts customers’ inconveniences in financial life by comparing them to unfair situations in sports competitions. In the fencing segment, the unfairness of a short sword versus a long sword duel is changed by Pepper Savings Bank to swords of equal length. In the archery segment, the distant target is brought closer, conveying the message that Pepper Savings Bank is a helper breaking down high financial barriers. The use of high-speed camera techniques adds vividness and visual appeal.

Matthew Jang, CEO of Pepper Savings Bank, said, “While Pepper Savings Bank has mainly conducted customer marketing such as sports marketing and social contribution activities benefiting local communities, this corporate image advertisement is meaningful as it is our first attempt. As the advertisement suggests, Pepper Savings Bank will do its best to provide various financial services to help customers who experience inconveniences in their financial lives as a financial institution for the common people.”