[Weekly Savings Banks] Savings Bank Industry Strengthens Mobile Finance

[Asia Economy Reporter Kim Min-young] Savings banks' non-face-to-face mobile applications (apps) are becoming easier to use.

The Korea Federation of Savings Banks recently announced that it signed a memorandum of understanding (MOU) with Eight Byte to promote the 'Simplified Non-face-to-face Identity Verification Service.'

This agreement marks the first step in developing the simplified non-face-to-face identity verification service, which was designated as an innovative financial service for the savings bank industry for the first time in June.

Ha Eun-soo, Executive Director of the Federation, said, "In the future, if the simplified identity verification service is combined with non-face-to-face fixed deposit exclusive accounts, the convenience for savings bank customers will be greatly improved, enabling the provision of various financial services."

The simplified non-face-to-face identity verification service, scheduled to launch in December, is a service that simplifies the complicated identity verification process through biometric authentication. Customers can quickly and conveniently open accounts at multiple savings banks by registering biometric information without having to repeatedly go through procedures such as mobile phone verification, submitting copies of ID cards, or verifying transfers from other bank accounts each time they open an account.

OK Savings Bank Launches Easy Remittance Account

OK Savings Bank has launched the 'Easy Remittance OK Account,' a free withdrawal and deposit savings account.

This account is specialized for the recently popular easy remittance and easy payment services. Customers can register their opened accounts with easy remittance and payment services such as ▲KakaoPay ▲Toss ▲Payco ▲Naver Pay, and if they use easy remittance and payment services more than 10 times a month, they can receive preferential interest rates. The number of transactions is calculated as the total sum of easy remittance and payment transactions regardless of the affiliated platform.

The basic interest rate is 1.5% per annum (before tax) for amounts up to 1 million KRW, and 1.0% for amounts exceeding 1 million KRW. Upon meeting preferential conditions, the interest rate is increased by 0.5 percentage points each the following month, applying 2.0% for amounts up to 1 million KRW and 1.5% for amounts exceeding 1 million KRW.

OK Savings Bank limits the sale of this product to the first 1,000 customers and it can be opened at OK Savings Bank branches or through the OK Savings Bank mobile banking app.

Yunho Park, CEO of JT Chin-Ae Savings Bank

Donation Commemorating 8th Anniversary

JT Chin-ae Savings Bank held a meaningful donation event to celebrate its 8th anniversary.

JT Chin-ae Savings Bank recently donated funds to the Dail Welfare Foundation. The Dail Welfare Foundation is a social welfare corporation that runs the 'Bap-Peo Sharing Movement,' a free meal service for vulnerable groups such as elderly people living alone and the homeless. JT Chin-ae Savings Bank has maintained this relationship for the fifth year since it began volunteering for free meal services at the end of 2013.

The donation will be used to prepare holiday meal lunchboxes and purchase gift items such as food kits, masks, and hand sanitizers for about 1,000 elderly people living alone and vulnerable groups on the 29th. Notably, these lunchboxes will be made using ingredients purchased from small business owners who are facing economic difficulties due to the prolonged COVID-19 pandemic, making this effort meaningful in contributing to the stability of small business owners' livelihoods and revitalizing the local economy.

Park Yoon-ho, CEO of JT Chin-ae Savings Bank, said, "Thanks to the continuous interest and love from our customers, we have been able to establish ourselves as a representative financial institution for ordinary people. Ahead of Chuseok, we decided to carry out this activity to give back, even if only a little, to the support of the local community."