KakaoBank confident in its competitive edge for Thai, Vietnamese markets, strategy chief says

KakaoBank's headquarters in Seongnam, Gyeonggi Province / Newsis

However, it achieved groundbreaking success by offering services that met customers’ needs, such as simplifying the cumbersome verification process and introducing innovative financial products. It has also developed an intuitive mobile app environment, which has greatly contributed to transforming the standards of the finance industry.As of January, nearly half of Koreans, approximately 23 million, are using the bank.Seven years after its launch, the market environment surrounding the internet-only bank has once again become hostile.Feeling threatened, many traditional financial institutions have responded with significant financial investments to improve mobile standards. Last year, financial authorities reopened the possibility of establishing a fourth internet-only bank to encourage further market competition.However, Ko Jung-hee, chief strategy officer (CSO) at KakaoBank, believes that the emergence of the fourth internet-only bank will not be solely negative for the bank.

“If the general market expands, trust in internet-only banks can further increase, and we can offer more services to customers. Regardless of these developments, KakaoBank will focus on what we should do and what we can do best,” Ko told The Korea Times in a recent email interview.Ko is the mastermind behind the bank’s innovative services. With her leading the bank, unique deposit services were created, such as where any of the designated group members can manage and view details of the account’s deposit and withdrawal status. The exemption of ATM fees and transfer fees, which have now become the norm in the industry, was also initiated by the bank.Now leading the bank’s expansion into the global market, Ko believes that the bank can leverage its expertise in creating mobile-friendly finance in Southeast Asia.”People nowadays easily come across and use global mobile applications, such as YouTube, Instagram and WhatsApp. As the user experience becomes standardized, unlike the past PC environment, people intuitively understand mobile apps even if they are in different languages,” Ko said.”From that perspective, I believe the environment has become more favorable for providing global services through mobile 카지노사이트킹 platforms.”

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