SEOUL, Dec. 18 (Korea Bizwire) – South Koreans use online banking services more than 100 million times a day via computers or smartphones, exceeding 53 trillion won (US$46.9 billion) in transactions, as an increasing number of customers are going online to check bank statements, wire cash, and get a loan.
The Korea Institute of Finance (KIF) showed that the total average number of cases using computers or mobile phones for online banking services reached 116.6 million during the second quarter of this year, which was a 7.5 percent increase from the previous quarter.
A total of 140 million customers had accounts registered with online banking services, including some who registered to multiple banks. Two-thirds of them were registered to mobile banking services.
Online transactions are widely being used in other finance sectors as well. Online stock trading services have been used more than 26 billion times, with more than 7.57 quadrillion won exchanging hands.
There have been more than 13 billion stock trades made via smartphones, comprising almost half of all online trading. Insurance companies engaged in online transactions via internet marketing over 237 million times last year.
Despite the increasing use of mobile transactions, users are far from being satisfied with the mobile banking applications provided by banks in South Korea.
iPhone users gave an average of 2.4 stars out of five to banking applications. Android users also gave low scores with an average of 3.3 stars.
The app scores are unacceptably low, considering that major banks overseas, including JP Morgan or Bank of America, all receive high scores.
“Most financial companies tend to take less interest in developing mobile apps for iPhones,” said Lee Sun-ho, a researcher at the KIF.
“Mobile apps should be improved to provide better convenience and access to users, as well as addressing the fundamental issue of the certificate verification system.”
H. M. Kang (email@example.com)