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Kakao Bank publishes 2 million accounts in 2 weeks

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Kakao Bank has issued more than 2 million accounts in 2 weeks. Internet bank without branch office in South Korea have raised more than two million users and raised 1 trillion won (US$880 million) in savings and sold 770 billion won of loans since it was launched by Kakao Inc. end of last month that utilized the KakaoTalk messaging platform.

Tinuku Kakao Bank publishes 2 million accounts in 2 weeks

KakaoTalk is a mobile messenger app that has over 100 million users worldwide and enjoys unrivaled dominance in South Korea. In line with the popularity of the banking platform, Kakao also said it has issued more than 1.4 million Kakao Friends debit cards.

"To accommodate a better-than-expected market response, we run a 24-hour special task force and we open a second customer service center that allocates 500 employees to focus on counseling and complaints on the growing number of customers," Kakao Bank said.

Kakao launched an internet bank in last month after obtaining approval for listing on the KOSPI benchmark or a few months after K Bank was launched as the country's first internet bank to debut in April. K Bank did not expect the Kakao Bank popularity to exceed its number of customers in less than three days after launch.

K Bank immediately raised its annual interest rate for savings account users to 2.1 percent from 2.0 for the first time after launch. Until the end of last month, K Bank has 400,000 accounts or is lagging far behind Kakao Bank which uses a user-friendly mobile interface strategy.

Analysts say Kakao Bank has a better response than K Bank in the strength of the design platform and user convenience. The popularity of Kakao pushed stocks to a record 124,500 won on Aug. 1 or rose more than 25 percent from 99,000 won on July 14.

Kakao proved able to exploit the popularity of KakaoTalk to build Kakao Bank. The company also has enough space as a domino effect to encourage the growth of other platform businesses such as Kakao Games and Kakao Taxi in the long term.


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