More than 370,000 people flocked to it within 30 hours of pre-registration… Loan service from Oct.
(Seoul = Yonhap News) Reporter Kim Yeon-jung = More than 370,000 applicants flocked to the ‘Toss Bank passbook that gives an interest rate of 2% per annum without conditions’, which was first released by Toss Bank, which was officially launched in early October.
Toss Bank is planning to disclose loan products in advance to those who apply for pre-use of the banking service soon. He explained that the main feature of loan products is that it is simple and intuitive, like the ‘Toss Bank Passbook’, which has been combined into one by eliminating the distinction between deposits, savings accounts, and deposit and withdrawal accounts.
After Toss Bank succeeded in attracting attention from its first appearance with an unconventional product, traditional commercial banks and other internet banks are nervous about losing their customers.
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◇ ‘Interest rate 2% + 40,000 won cashback’ exceptional condition… 37,000 people gathered in two days
According to the banking industry on the 12th, more than 200,000 applicants came in just 8 hours after Toss Bank started accepting applications for pre-use of the banking service for all Toss users on the 10th, and as of 2:40 pm on the 11th, the second day. 370,000 people applied for the use of Toss Bank in advance.
Toss Bank is evaluated to have succeeded in attracting the attention of financial consumers by launching its first product, a frequent deposit and withdrawal passbook that pays 2% interest per year without any restrictions on subscription period and deposit amount.
Although major commercial banks have recently raised interest rates on receiving products to reflect the base rate hike, the interest rate on time deposits for one year of subscription remains at 0% and the basic interest rate on savings accounts at just over 1%. Other Internet banks, K-Bank and Kakao Bank[323410]The one-year term deposit interest rate is in the mid-1% range, and the basic interest rate for savings accounts is also in the late 1% range.
In addition, the interest rate on the bankbook for frequent deposits and withdrawals is in the low to mid-range of 0% for commercial banks and 1% a year for savings banks.
In this situation, providing a 2% annual interest rate product to the bankbook without any conditions is considered an exceptional condition. Toss Bank will pay interest calculated on a pro-rata basis once a month.
Toss Bank’s ‘check card’, which was also unveiled with the previous month, also offered benefits that exceed those of existing internet banks, such as paying up to 46,500 won in cash back every month without any performance conditions in the previous month.
In addition, Toss Bank is having a great effect in quickly spreading word of mouth without incurring marketing costs by sharing the Toss Bank pre-use application page with acquaintances through SNS so that they can advance their service subscription order.
The fact that Tossbank decided to provide early applicants with the opportunity to apply for loan products that are expected to offer ‘competitive interest rates’ is also affecting the rapid increase in applicants.
◇ Interest in interest rates and limits on credit loans imminent … “Loan available after October”
Toss Bank plans to release loan products in advance for pre-applications for banking services during this month and allow them to use loan services after October.
Just as the product was simplified and presented as a ‘Toss Bank passbook giving an unconditional interest rate of 2% per annum’ without dividing the receiving product into deposits, savings accounts, and frequent deposits and withdrawals, Toss that the keywords for credit products will be ‘simple’ and ‘intuitive’ Bank explained.
Toss Bank predicted, “With a single inquiry, it will be possible to make a loan without a difficult and complicated process.”
The biggest concern is how the interest rate and limit will be decided in a situation where the general credit loan interest rate of major commercial banks has risen to the level of 3-4% before the launch of the credit loan product, and the maximum has been greatly reduced to within the annual salary.
In the banking sector, there is an observation that Toss Bank will set the lowest interest rate for major credit products such as credit loans and negative bankbooks at the lowest level in the banking sector, just as it did when the first and second Internet banks were launched.
A Tosbank official also said, “As there is a market expectation that a competitive product will come out in terms of price, we are trying to meet it.”
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◇ Commercial banks criticize “excessive conditions”… It depends on whether the special benefits will continue
Over Toss Bank’s first product launch, commercial banks were nervous about losing customers, and at the same time, criticized that they were putting unreasonable conditions to secure customers in the early stages.
An official from a commercial bank said, “It appears that Toss Bank has attempted to aggressively attract customers ahead of the launch of an internet-only bank, but it is questionable how long it will be able to maintain it if the actual market interest rate is taken into account.” If the 2% interest rate is prolonged, the cost will eventually be passed on to customers.”
Another commercial bank official also said, “The nature of internet banking is important to secure a large number of customers in the early stages, so killer contents such as K-Bank virtual currency accounts, Kakao Bank credit loans, and 26-week savings accounts would have been necessary. He predicted, “I think that the platform effect maximized by the accumulated customers will become the basis for expanding the business field, and we will aggressively conduct business with a loss in the first few years.”
Another bank official said, “It seems that they are trying to give up some of the loan-to-deposit margin and pursue a growth strategy based on traffic.”
In response, Toss Bank said, “As it is based on the existing 20 million Toss customers without launching a separate app, it is intended to return benefits to customers by minimizing other operating costs and the loan-to-deposit margin. We focused on providing benefits without discrimination and without complicated conditions.”
If you want to sign up because the interest rate is high, the maximum subscription amount is only 100,000 to 200,000 won per month, or it is a ‘special sale’ product with a limited number of sales on a first-come, first-served basis.
A Toss Bank official said, “We will manage and operate to maintain (benefits such as interest rates at the level disclosed this time) as much as possible, and we will continue to make choices for customers rather than the bank’s profit or loss.”
yjkim84@yna.co.kr
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