K Bank Attracts 1 Million Customers in Two Months... Surpasses 3 Million Registered Users

High Interest Rates and Various Conveniences Prove Effective

[Asia Economy Reporter Kiho Sung] Internet-only bank K Bank has attracted 1 million new customers in just two months, surpassing 3 million total registered customers. This is attributed to synergies from high interest rates, non-face-to-face convenience, and various partnerships including the cryptocurrency exchange 'Upbit'.

According to the financial sector on the 24th, K Bank recently exceeded 3 million registered customers. Launched in April 2017, K Bank surpassed 1 million customers about two years later in April 2019. Then, in early December last year, the number of customers exceeded 2 million. While it took 2 years to reach the first 1 million and 1 year and 8 months for the second million, the third million was achieved in less than two months.

The rapid increase in customers is attributed to the popularity of newly launched products such as high interest rates and the parking account 'Plus Box'.

In particular, the parking account 'Plus Box', which offers an unconditional annual interest rate of 0.7% even if deposited for just one day, has seen a significant increase in subscribers. Parking accounts are products where funds are deposited in preparation for IPOs and stock investments, gaining popularity due to higher interest rates compared to other banks.

The '100% Non-Face-to-Face Apartment Mortgage Loan (Adamdae)' product, launched in August last year, also surpassed a cumulative handling amount of 400 billion KRW by mid-this month, just six months after its launch.

Along with this, as the cryptocurrency market has recently gained attention, it is analyzed that the number of customers flowing in through the cryptocurrency exchange 'Upbit', which has a partnership with K Bank, has greatly increased.

K Bank has also taken an aggressive approach to its loan strategy. From this month, it started a linked loan service that introduces secondary financial sector loan products. Currently, five financial companies?Shinhan Savings Bank, DGB Capital, Eugene Savings Bank, JT Chin-Ae Savings Bank, and Hana Capital?offer loan products through the linked loan service, and this is expected to expand further. Customers who receive partner loans through K Bank are exempt from early repayment fees regardless of loan period or execution amount. Additionally, they can receive interest rate benefits of up to 1% depending on their credit score.

A K Bank official explained, "K Bank's deposit and withdrawal accounts, parking accounts, and savings deposit interest rates are all competitive compared to commercial banks," adding, "Along with this, customer inflow through partnerships with various content providers such as Upbit has also greatly increased."