Since its inauguration on July 27, the online bank has opened 1,876,495 accounts total. (Image: Yonhap)
SEOUL, Aug. 17 (Korea Bizwire) – According to a statement released by the National Policy Committee, a report submitted by online-only moneylender Kakao Bank showed that elderly users over the age of 60 were significantly underrepresented in numbers relative to other age groups of users.
Since its inauguration on July 27, the online bank has opened 1,876,495 accounts total. The breakdown of accounts pertaining to age groups is as follows:
- Under 20: 23,646 accounts, 1.3 percent, 370 million won
- 20s: 528,572 accounts, 28.2 percent. 61.4 billion won
- 30s: 703,308 accounts, 37.5 percent, 293.3 billion won
- 40s: 436,049 accounts, 23.2 percent, 269.5 billion won
- 50s: 154,408, 8.2 percent, 95.1 billion won
- 60s: 30,512, 1.6 percent, 25.2 billion won
Users in their 30s held the highest proportion of accounts and also had the highest deposits. Total deposits in Kakao Bank were 745.1 billion won.
Following the same pattern as Kakao Bank, the largest age demographic among its users was those in their 30s at 39 percent. (Image: Kakao Bank, Banksalad)
The other Korean online bank, K Bank, also revealed that only a small proportion of its clientele were above 60 years of age. Following the same pattern as Kakao Bank, the largest age demographic among its users was those in their 30s at 39 percent.
The above 60 crowd held 2.3 percent of all accounts and 4.8 percent of all deposits compared to the 30-year-olds, who held 33.3 percent. For K Bank, those in their 40s held the largest proportion of total deposits at 38.6 percent.
Though the low user numbers among the elderly may be explained by the still new technology of the online banks, there is concern that the lack of a robust elderly user base may lead to discriminatory practices based on age down the line.
National Assemblyman Park Yong Jin emphasized the necessity in reducing the chasm between the 60-and-above user group and the others. “Efforts must be made to ensure that the less proficient in regards to technology use are not at a disadvantage,” he said.
Kevin Lee (kevinlee@koreabizwire.com)
