November 03, 2017 09:34
Online bank Kakao Bank attracted more than 4.3 million customers as of Nov. 3, the 100th day since its launch in Korea. The bank is operated by Kakao Corp., the owner of the country's leading messaging app, KakaoTalk.
The online bank drew US$3.4 billion in deposits and dished out $2.8 billion in loans.
Kakao Bank allows customers to do everything easier and faster than offline transactions, from opening a bank account to applying for a loan by using their smart devices.
Experts say the surge in new online accounts is forcing traditional financial institutions to slash their fees and redesign the services they offer.
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