KakaoBank's 'Deokjil Account' Turns One... Capturing the Hearts of 2030 Fans [1mm Finance Talk]

# Lee, a 35-year-old office worker living in Seoul, has accelerated her savings since the comeback of the boy group 'Seventeen' at the end of last month. Every time she watches their performances on TV or YouTube, she saves from 1,000 won, and occasionally up to 50,000 won if she wears accessories or clothes she has gifted, into her KakaoBank Record Account. This is to build a lump sum for attending upcoming overseas concerts.

# Kim, a 40-year-old BTS fan living in Chuncheon, Gangwon, deposits 1,000 won into her KakaoBank Record Account every time BTS members post selfies on social media platforms like Instagram. Having attended BTS member Suga’s solo concert held last year in Bangkok, Thailand, she is saving up for future concerts. Even with frugality, the minimum costs such as airfare are still considerable.

The KakaoBank Record Account, popularly known as the 'Deokjil Account,' has been successfully operating beyond its first anniversary. Launched as the first service targeting idol fandoms with a 'Favorite Savings-type Record,' about 93% of its users so far are in their 20s, 30s, and 40s, the core age groups of fandoms, actively engaging fan loyalty.

According to the financial sector on the 7th, KakaoBank’s survey of Record Account users by age as of the end of March showed that 48.4% were in their 20s, 26.5% in their 30s, 18.2% in their 40s, and 6.9% aged 50 and above. The combined share of users in their 20s, 30s, and 40s, the main consumer groups of fandom culture, reached 93.1%.

Launched in April last year, the Record Account is a service that allows users to set saving rules in advance and keep records each time they save. Among these, the Favorite Savings-type Record lets users save a set amount along with photos or other records based on their own rules whenever their favorite celebrity performs a specific action. Although named Favorite Savings, it is actually a demand deposit product offering an annual interest rate of 2.0%, not a fixed-term savings account.

After one year since its launch, this service is settling in alongside fandom culture. An analysis of the deposit rules in the Record Account revealed that keywords related to idol fandoms such as Instagram, Bubble, Labang (live broadcasts), and Eumbang (music shows) dominated. The popularity is attributed not only to the simple saving concept but also to the ability to decorate the account directly with photos or GIF files and the ease of saving through rule settings.

Both users and KakaoBank are enjoying benefits. As in the earlier examples, attending overseas concerts requires a large sum for airfare (round trip), meals, living expenses, and accommodation, but traditional savings or fixed deposits have fixed maturity dates, making emergency withdrawals or early termination inevitable. Although it is a demand deposit product, offering a 2.0% annual interest rate is a strong advantage.

KakaoBank is also seeing significant customer acquisition effects. According to KakaoBank, the app access frequency of Record Account subscribers is about four times higher than that of general customers. As an internet-only bank, KakaoBank gains greatly in app traffic and activity, which constitute a significant part of the bank’s value. According to a report by IBK Investment & Securities last year, the fandom size of idols belonging to the four major entertainment companies (HYBE, SM, JYP, YG) is estimated to reach about 3.5 million.

KakaoBank stated, "Recently, the use of Favorite Savings has expanded beyond 'Deokjil' to include personal goals or emotions such as family, pets, exercise, or study," adding, "This reflects a meaningful usage pattern that aligns well with the concept of the Record Account, which is saving while recording significant moments."