Record 20M customers use KB online banking

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Record 20M customers use KB online banking

KB Kookmin Bank became the first domestic bank to surpass 20 million users of its internet banking service on Wednesday, the bank announced on Thursday.

“The result comes from the bank’s efforts to lead the trends in the digital financial markets by introducing mobile banking in 2003, TV banking in 2006 and smart banking or in the bank’s own terms ‘KB Star banking’ in 2010,” said the bank. KB Star banking, a smartphone app banking service, attracted more than 10 million users by April. It was also the first to set the record among other domestic banks.

Due to the growing ratio of internet banking users, KB is introducing diverse measures to protect users from phishing or hacking scams.

They include verifying the user by sending a code via text message or phone calls, designating the approved PCs for internet banking or creating a personalized symbols for internet site verification.

In July, a so-called Smart OTP (one-time programmable), which produces one-time passwords, was released to enhance user’s security protection. It was developed through fintech, a combination of finance and technology.

When a user puts the Smart OTP card on to a smartphone with NFC (near field communication) capability during mobile banking, the passwords are automatically typed in to the phone.

The process is easier for users compared to a token-type OTP device where a user has to type in different passwords the token produces for every transaction.

To celebrate the number of internet banking subscriptions surpassing 20 million, KB is holding an event through its homepage until Dec. 2, where 2,000 participants will be granted a prize by Dec.9.

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