More banks offer customers mobile services

More Korean commercial banks are launching mobile services which allow customers to open accounts without having to visit bricks-and-mortar banks.

KB Kookmin Bank, the largest Korean commercial bank by branch number, on Wednesday introduced its “No Visit Bank Account.”

Customers need to install KB Start Banking and KB One Scan applications on their smartphones to take advantage of the service. After verifying personal details, customers can open an account.

Once an account is created, the customer can apply for a debit card.

The mobile service is targeting college students who make small transactions, improving convenience for them as they start to engage in financial transactions. The maximum amount allowed for withdrawal is 300,000 won per day between 9 a.m. and 5 p.m.

“The bank plans to increase the process of non-face-to-face identification in a variety of bank services by adopting video calls and fingerprinting in order to boost convenience of consumers and help diversify their choices,” said an official at KB Kookmin Bank.

Woori Bank was the first to venture into mobile banking when it introduced WiBee Bank in May 2015. Through the mobile bank, customers can create new bank accounts, take out loans and change currencies. The number of subscribers to the mobile banking service stood at 500,000 as of February, according to the bank.

Shinhan Bank launched Sunny Bank in December, which attracted more than 10,000 subscribers in two months. The mobile service targets young customers.

The Industrial Bank of Korea has Hello i-ONE, a similar mobile banking service, which allows customers to open accounts on the IBK smartphone app.

BY SONG SU-HYUN [song.suhyun@joongang.co.kr]