KakaoBank
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kakaobank
Private company
IndustryFinancial services
FoundedJanuary 22, 2016; 3 years ago (2016-01-22)
HeadquartersPangyo, Gyeonggi-do,
Key people
Lee Yong-woo, CEO, Yun Ho-young, CEO
ServicesOnline banking
Loan and deposit
Debit card
Overseas remittance
OwnerKorea Investment Holdings, Kakao Corp.
Number of employees
698(July 2019)
Websitewww.kakaobank.com

History

kakaobank (Hangul?), or KakaoBank of Korea Corp., is a South Korean internet-only bank established in January 2016 by Korea Investment Holdings and an internet company Kakao Corp.. The banking service opened in public in July 2017 in a spotlight due to its unique and intuitive UI and UX. The bank attracted more than 240,000 customers within the first 24-hour-operation. The mobile app-based lender has achieved more than 10 million customers on July 11, 2019[1] , which is the largest in terms of customer volume among peers in the world, except for Chinese peers.

Shareholding Structure

Korea Investment Holdings (50%), Kakao Corp.(18%), KB Koomin Bank(10%), Netmarble(4%), SGI(4%), Korea Post(4%), eBay(4%), Skyblue(Tencents,4%), Yes24(2%).

As of July 2019 and based on no. of shares.

Top Management

kakaobank has been heading by co-CEO Lee Yong-woo and Yun Ho-young, who are renowned experts in, respectively, finance and ICT in South Korea. Lee had worked as a finance strategist and an investment expert in financial industry. Prior to head kakaobank, Lee worked as CIO at Korea Investment Management and head of strategy and planning department at Korea Investment Holdings. Lee holds PhD. in Economics from Seoul National University.

Yun set up a task-force team to create kakaobank when he was working in Kakao Corp. in 2015. Prior to kakaobank, Yun had also worked as senior management at Daum Communications, South Korea's internet portal, and ERGO daumdirect, a joint venture direct insurance seller in South Korea. Yun has graduated from HanYang University in Seoul, South Korea with a bachelor of management.

Services

kakaobank provides full-banking services under a regulatory banking license. The services include loan, deposit, debit card, overseas remittance and other financial services such as group account.

Its deposit products include time-deposit and installment saving account, which customers can adjust maturity and installment amount.

Its loan line-up consists of prime credit loan, secured credit loan for mid-and-low credit holder, unsecured credit loan for mid-and-low credit holder, overdraft loan, micro loan and housing deposit loan. Its loan process carry out completely online, which means customers do not need to visit to branches that do not actually exist.

On the debut day, its debit card went viral because of its Kakao-emoji-appeared design.[2]

kakaobank provides two different offshore wire transfer services, account-to-account remittance and WU fast remittance.[3]

Aside from conventional banking services, kakaobank has been providing group account service and my credit information service.[4]

App

kakaobank provides full-banking products via its app(Android,iOS), enabling customers to enjoy services easier and the faster. kakaobank enhanced user convenience by adopting easy identification(KYC) methods including using bio information of customers. Iphone users can use their finger-print and face they have stored in their own phone for log-in of kakaobank app, simple transfer and etc. kakaobank's UI and UX are very intuitive. Once customers open kakaobank's app, it is designed to see their balances of all accounts they currently hold. Layout of the pages in the app is designed on the result of analysis in terms of customers' expected route and needs. Customers are able to decorate their profile in the app by changing photo and name.

In July 2019, kakaobank Android app became No.1 banking app based on MAU and the most downloaded banking app in the country by igaoworks.[5]

References

  1. ^ . The Korea Herald http://www.koreaherald.com/view.php?ud=20190712000432. Retrieved 2019. Missing or empty |title= (help)
  2. ^ "Kakao Corp. to launch debit cards to compete in offline payment market". Yonhap News. Retrieved 2018.
  3. ^ . Finanaical Post https://business.financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/western-union-digital-international-money-transfers-in-south-koreas-kakaobank-mobile-banking-app. Retrieved 2018. Missing or empty |title= (help)
  4. ^ . The Korea Herald http://www.koreaherald.com/view.php?ud=20181203000589. Retrieved 2018. Missing or empty |title= (help)
  5. ^ . IT Chosun http://it.chosun.com/site/data/html_dir/2019/08/22/2019082201686.html. Retrieved 2019. Missing or empty |title= (help)

External links


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

KakaoBank
 



 



 
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