Most Kids Get Their 1st Banking Experience from Online Banks

      August 31, 2023 13:48

      One out of two youngsters in Korea begin their banking life with internet-only banks or other financial apps, a survey suggests.
      According to KEB Hana Bank on Wednesday, 46.2 percent of youngsters chose internet-only banks or financial apps as their first financial service provider over traditional brick-and-mortar branches.
      This seems a natural phenomenon as the Internet plays a big role in their lifestyle.
      The use of mobile banking has become more and more common among young and old, and now even elementary schoolkids are using it.
      The survey found that 19 percent of fourth through sixth graders use mobile banking services, rising to 74 percent among middle schoolers.
      The figure was 82.7 percent among high schoolers and 91 percent among college students.
      However, many of them said that once they become working professionals, they would choose traditional brick-and-mortar banks as their primary financial provider. KB Kookmin Bank was the most popular.
      "When people start to accumulate assets, they tend to opt for traditional banks with established credibility," KEB Hana speculated.
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