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About half of digital banking subscribers in South Korea used inquiry services or transferred funds in 2015, according to March 2016 data from the Bank of Korea. The total digital banking subscriber base grew by 13.4% from 2014.
The Bank of Korea reports that there were 96.8 million subscribers to digital banking services in 2014, which grew to 109.8 million in 2015. Users—i.e., subscribers who actually did things like use inquiry services and fund transfers—numbered 53.2 million in 2015.
Users made up 47.8% of subscribers in South Korea in 2014; that share grew modestly, to 48.4% in 2015. But it’s not only the user and subscriber bases that are growing—both transaction volume and value are steadily climbing, too.
Transaction volume growth has been hovering at around 20% for the previous four years; in terms of transactions themselves, volume grew from 66.4 million transactions in 2014 to 78.0 million in 2015. Steady, solid growth like this is not surprising, given the rise of digital banking across the globe, of course, but it’s even less surprising when demographics are taken into account.
According to data from Korea Internet & Security Agency (KISA) and Ministry of Science, ICT and Future Planning (MSIP), 80.2% of 30- to 39-year-olds in South Korea are digital banking users, up from 75.4% in 2014 and 71.6% in 2013.
Those figures suggest that as younger adults gain digital access, they’re more and more likely to bank digitally in the future—an exciting prospect for the banking industry in South Korea.
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