KakaoBank Revamps Open Banking... "Check and Transfer Other Financial Accounts from Home Screen"

[Asia Economy Reporter Kiho Sung] KakaoBank announced on the 13th that it will expand its open banking service to allow transfers between accounts of other financial companies without going through a KakaoBank account on its mobile application (hereafter app). In addition, even when using open banking, customer accessibility has been enhanced so that the open banking service can be used from the first screen of the KakaoBank mobile app without the need to enter through a separate tab.

Open banking is a financial service that allows account inquiry and transfers of other financial companies within a single financial app. KakaoBank started its open banking service last July, focusing on the 'Manage My Account' and 'Import' functions.

Before the service revamp, to use the open banking service on KakaoBank, users had to select 'My Account' at the top of the mobile app screen and then access the 'Other Financial' menu. From now on, after logging into the mobile app, users can check open banking accounts along with KakaoBank accounts on the home screen they first encounter, improving accessibility and convenience in managing open banking accounts.

Real-time balance information of other financial company accounts can also be checked on the home screen.

Also, an 'Transfer' button is placed next to other financial company accounts configured in a 'card type' on the home screen to minimize the user's navigation within the mobile app. When the user presses 'Transfer' on the account they want to use, transfers between other financial companies are possible.

Registering accounts of other financial companies is also easy. Without entering the account directly, users can select accounts retrieved from Account Info, the integrated account information management service of the Korea Financial Telecommunications & Clearings Institute, to easily register multiple accounts.

A KakaoBank official said, "We have thought about and developed the service to make it easier and more convenient for more customers to use the open banking service," adding, "Through a service that allows free transfers of all accounts within the KakaoBank app, we will strengthen our position as a financial platform and stand at the center of customer transactions."