TK Insight

Smartphone Banking Apps Surging

With the spread of smartphones, the number of mobile banking users has increased to 680,000 or 6.1% with 11,850,000 as of end of March, up from 11,170,000 at the end of December. In the same period, the number of smartphones grew from 13,000 to 93,000. 

With increasing mobile banking, its portion among Internet banking in the first quarter is growing at 6.8% with transactions, while recording 1% increases with amounts over the previous quarter.

Mobile Banking in Korea

With the number of smartphone users increasing rapidly, banks are finding a way to attract tech-savvy users. Following Hana Bank and Shinhan Bank, the bank associations are also preparing to introduce mobile banking services through smartphones as early as April.