Publication:
Digital Banks: Lessons from Korea

dc.contributor.authorChoi, Youjin
dc.date.accessioned2020-10-30T14:59:03Z
dc.date.available2020-10-30T14:59:03Z
dc.date.issued2020-10
dc.description.abstractDigital banks have been on the rise as digital technologies transform financial services around the world. Under the Korean government’s new policy framework for digital banks, K Bank and Kakao Bank successfully launched in 2017 with convenient and innovative products and services and brought a substantial impact on Korea’s banking sector. With their businesses growing at a fast pace, these banks sought to increase their capital accordingly, but encountered unforeseen regulatory issues on bank ownership which required new legislation and regulatory efforts to get resolved. After the first three years of operation, as of July 2020, the two banks show contrasting track records, mainly explained by differing challenges and successes in capital increase and marketing. With digital transformation accelerating and competition heightening, digital banks will need to become even more strategic and innovative to continue to be successful. This knowledge note was written to take stock of Korea’s experience with digital banks and share lessons that may be useful for financial policymakers and market players in banking and fintech.en
dc.identifierhttp://documents.worldbank.org/curated/en/579871603861444098/Digital-Banks-Lessons-from-Korea
dc.identifier.doi10.1596/34701
dc.identifier.urihttps://hdl.handle.net/10986/34701
dc.languageEnglish
dc.publisherWorld Bank, Seoul
dc.relation.ispartofseriesKorea Office IInnovation and Technology Note;No. 2
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectDIGITAL BANKING
dc.subjectMOBILE MONEY
dc.subjectACCESS TO FINANCE
dc.subjectPERSONAL INFORMATION PROTECTION
dc.subjectE-FINANCE
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL TECHNOLOGY
dc.subjectONLINE-ONLY BANK
dc.subjectFINANCIAL REGULATION
dc.titleDigital Banksen
dc.title.subtitleLessons from Koreaen
dc.typeBriefen
dc.typeFichefr
dc.typeResumenes
dspace.entity.typePublication
okr.crossref.titleDigital Banks: Lessons from Korea
okr.date.disclosure2020-10-28
okr.doctypePublications & Research
okr.doctypePublications & Research::Brief
okr.docurlhttp://documents.worldbank.org/curated/en/579871603861444098/Digital-Banks-Lessons-from-Korea
okr.guid579871603861444098
okr.identifier.doi10.1596/34701
okr.identifier.externaldocumentum090224b087f23ff8_1_0
okr.identifier.internaldocumentum32521333
okr.identifier.report153910
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/579871603861444098/pdf/Digital-Banks-Lessons-from-Korea.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryKorea, Republic of
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::E-Finance and E-Security
okr.topicFinance and Financial Sector Development::Payment Systems & Infrastructure
okr.topicInformation and Communication Technologies::Information Technology
okr.topicInternational Economics and Trade::Globalization and Financial Integration
okr.unitEFI-EAP-FCI-Finance-1 (EEAF1)
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