kakaobank
The implementation of a clear and successful digital strategy sees kakaobank take best bank for digital solutions in Korea.
More than 70% of the country’s working population are now customers of the bank, after a 14% increase in its customer base to 20.42 million by the end of 2022.
Total deposits increased 10% to W33.1 trillion ($25 billion) in 2022 and kakaobank posted a net profit of W60.6 billion in the final three months of the year, which represented a 67.4% improvement on the same period in 2021.
The bank’s growth can in part be attributed to the appeal of its offering to two core demographics: Gen Z and millennials.
Around 1.61 million customers – a 40% year-on-year increase – aged 14 to 18 now bank with kakobank, while those in their 30s and 40s account for the largest share of kakobank’s customers – just over 36%.