Galaxy S8 to preload K bank app

By Nam Hyun-woo

Internet lender K bank’s mobile application will be preinstalled in every new Android-based smartphone sold by KT and its distributors including the new Samsung Galaxy S8, according to the bank, Tuesday.

K bank said that the first smartphone with the preloaded app will be the Galaxy S8, which will hit the shelves on April 21. KT is a major shareholder in the bank.

“The decision was made to establish synergy between the internet bank and its shareholder,” a K bank official said. “Such an alliance will help the bank to increase subscribers, thus enhancing its business viability.”

This is the second time in Korea that a financial app will be preinstalled in smartphones. Earlier this month, Shinhan Card said its app Shinhan FAN would be preinstalled in LG Electronics’ G6 smartphones.

The alliance is expected to boost K bank’s footing in the domestic sector. The Galaxy S8 is garnering huge popularity, with its domestic preorders topping 550,000 just two days after receiving orders. Market observers say this will raise awareness about K bank among Galaxy S8 users and provide a huge chance for K bank to secure more clients.

After its launch on April 3, more than 100,000 people have opened accounts at K bank so far.

In a breakdown, more than 85 percent of those clients were aged between 20 and 40, who are relatively familiar with mobile banking. Thirty-seven percent of subscriptions were made from 6 p.m. to 6 a.m., meaning many clients were considering K bank as an option for banking after or before their office hours.

With K bank making a ripple in the stagnant banking industry here, eyes are also on Kakao Bank, another internet-only lender which will debut in June at the earliest.

Like K bank, Kakao Bank also seeks to maximize its collaboration with shareholder companies. Kakao Bank’s strength is its links with Kakao Talk, which boasts up to 450 million users. It said the Kakao Bank app will use clients’ Kakao Talk data so that they can conduct transactions easily. Also, it will use eBay data for its credit scoring system.

“Though we don’t have fixed plans over business alliances with mobile carriers, we believe there are myriad services that we can create through cooperation with our shareholder companies,” said a Kakao Bank official.

Source link

Leave a Reply

Pin It on Pinterest

Share This

Share this post with your friends!