Internet-only banks in South Korea can be accessed at any time via mobile devices or the internet, allowing customers to conduct a variety of banking transactions without having to visit a branch or ATM. (image: Yonhap)
SEOUL, Apr. 22 (Korea Bizwire) — A recent study revealed that people who make an average monthly salary of between 4-5 million won (US$3,500-4,400) form the largest group to use internet-only banks, and that white-collar workers are relatively more dependent on these types of financial institutions.
The Korea Information Society Development Institute announced on Sunday that people earning 4-5 million won each month account for roughly 28 percent of all customers using internet-only banks, followed by income earners between 3-4 million won, and those who make more than 5 million won.
People with less than 500,000 won of monthly income form the smallest group to use internet-only banks (4.1 percent), followed by those earning between 500,000 and 1 million won, those without any income (10.2 percent), those making between 1-2 million won, and those with a monthly salary between 2-3 million won.
The survey, conducted with the participation of 8,987 individuals over 13 years of age by the Korea Media Panel Survey in 2018, showed that white-collar workers comprised the largest group to access internet-only banks, particularly management staff (28.4 percent), professional workers (28.2 percent), and office employees (23.4 percent).
Blue-collar workers formed the smallest group to use internet-only banks, particularly workers in the agriculture, forestry, and fishery industries (0.8 percent), followed by physical laborers (6.4 percent).
People with higher education tended to use internet-only banks more frequently.
The study noted that 26.7 percent of internet bank customers were university graduates or higher, while 11.5 percent were high school graduates or lower, and 1.1 percent were middle school graduates or lower.
Out of all the age groups, people in their 20s accounted for 32.9 percent of all customers using internet-only banks, followed those in their 30s (28.2 percent) and 40s (19.9 percent).
In contrast, 50-somethings comprised only 11.1 percent of all customers, followed by teens (6.6 percent) and those in their 60s or older (1.4 percent).
Internet-only banks in South Korea, including K-Bank and Kakao Bank, can be accessed at any time via mobile devices or the internet, allowing customers to conduct a variety of banking transactions without having to visit a branch or ATM.
H. M. Kang (hmkang@koreabizwire.com)
