• kakaobank’s win reflects the true voice of consumers
• Customers laud the bank’s in-app experience and digital products
• The bank is commended for helping consumers weather the COVID-19 crisis

South Korea’s largest digital-only bank Kakaobank (kakaobank) was voted by consumers as the Most Recommended Retail Bank in Asia Pacific in the inaugural BankQuality Consumer Survey on Retail Banks, which involved 11,000 bank customers in 11 markets across the region.

The survey across Asia Pacific gathered feedback from consumers on their engagement, experience and satisfaction with their main retail banks. The findings, which comprised a Net Promoter Score (NPS) derived measurement called BankQuality Score (BQS) as well as detailed channel, service and product level satisfaction scores, have been incorporated into the balanced scorecard of The Asian Banker Excellence in Retail Financial Services Awards Programme in its evaluation and selection of the Best Retail Finance Institutions in the region.

While kakaobank has only been in operation for less than three years, it has already overtaken established competitors in the size of its user base as well as transaction volume. In a country of 52 million people, the bank rapidly grew its customer base to 12 million users as of March 2020, of which 10 million are active.

The bank has also accumulated $17 billion (KRW 21.3 trillion) in deposits and disbursed $14 billion (KRW 16.7 trillion) in loans. It first achieved profitability in 2019. A year later, it became the highest capitalised digital bank in Asia having a total paid-in capital of $1.6 billion, with Kakao Corporation as the largest shareholder with a 34% stake.

kakaobank’s win reflects the true voice of consumers

kakaobank received its licence in 2015. Its digital-only business was bu...

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