Bankbook Apps
Bankbooks are less popular these days. As smart banking is widely used, electronic wallet applications are replacing bankbooks.
According to sources in the financial industry on July 15, Woori Bank will provide its smart wallet service that can manage accounts and programs starting on August 1. This service is intended for all kinds of financial instruments including savings accounts, installment savings accounts, and funds. In particular, it will be possible to deposit and withdraw money from automated teller machines using the service. Thus, it is likely to replace existing methods.
Industrial Bank of Korea (IBK)'s ONE MONEY app that was released in 2010 is still popular. The bankbook app combines the function of passbooks and debit cards, and so users can deposit and withdraw money whenever they want. So far, the app has been downloaded 130,000 times. Since it can save on the cost of issuing bankbooks, IBK is providing an annual interest rate of 3 percent, which is relatively higher.
Citi Bank also saw its wallet app downloaded 90,000 times since 2013. The success is mainly attributable to the fact that the bank lets customers choose between paper and digital bankbooks. Moreover, the menu for the bankbook app is incorporated into the smart banking category.
Kookmin Bank, Shinhan Bank, and Woori Bank also already released products for mobile devices, which are replacing existing bankbooks.