Simplified financial app available to savings banks users

SB Tok Tok Plus simple mode [Courtesy of Financial Services Commission]

The user-friendly and simplified mode of a mobile banking app, currently available for users of 18 major banks in South Korea, has expanded to include savings banks. The change aims to enhance financial accessibility for the digital vulnerable population, particularly the elderly, by presenting a more intuitive and comprehensible interface.

The Financial Supervisory Service announced that savings bank users can now enjoy the convenience of the simplified mode through the integrated financial app, SB Tok Tok Plus operated by the Korea Federation of Savings Banks.

This mode enables users to easily check multiple savings bank accounts, conduct fund transfers, and seamlessly explore and sign up for various financial products.

As of the end of last year, only 39.2 percent of the savings banks in the country operated mobile banking apps. With the introduction of the simple mode, the industry anticipates a surge in activities such as new account openings, reflecting a positive shift towards increased digital engagement within the savings banking sector.