K bank maintains top position in brand reputation among local internet banks

The Korea Times

The Korea Times

Finance

Tue, September 26, 2023 | 08:32

Companies

K bank maintains top position in brand reputation among local internet banks

Posted : 2023-05-04 15:50

Updated : 2023-05-05 15:36

The headquarters of K bank in central Seoul / Courtesy of K bank

By Anna J. Park

K bank has topped April's monthly chart rankings among the country's internet-only banks in terms of brand reputation. The mobile bank has maintained the top spot in the monthly Brand Reputation index (BRI) ranking ― for seven consecutive months since last October. The rankings announcement was made by the Korea Corporate Reputation Research Institute.

According to April's brand reputation ranking, KakaoBank took second place, and Toss Bank came in third place.

The Korea Corporate Reputation Research Institute announces the Brand Reputation Index every month in various industry sectors, analyzing a great deal of big data information to determine the ranking of the reputation of various domestic brands.

The institute put together 4.59 million pieces big data information regarding Korea's internet banks from March 28 to April 28 to come up with April's index result. The monthly index for mobile banks is largely comprised of two categories of indices; one for the comprehensive brand reputation index and the six sub-indices of media, communication, community, social contribution, CEO and participation. The six sub-indices compile big data information on internet-only banks, quantifying the banks' influence in each of the sub-items.

In April's index, K bank was top in five of the six sub-indices among the local internet banks. KakaoBank ranked higher in the sub-index of participation than K bank. However, K bank achieved more points in the remaining five sub-indices.

Since its launch back in April 2017, K bank has been posting solid growth by innovating the local banking system. The bank marked a turnaround in 2021, posting an annual net profit of 22.5 billion won ($16.9 million). The bank logged an annual net profit of 83.6 billion won last year, which is more than triple the previous year's net profit.

It was not only the first internet-only bank to begin operating in Korea, but also the first internet bank that started to offer fix-rate mortgages loans for "jeonse," Korea's unique lump-sum rental payment contract system, in March this year. As of May 3, K bank offers a fixed-rate of 3.62 percent interest per year for jeonse mortgages.

The bank has also been active in diverse social contribution activities. In partnership with Save the Children, a global NGO, K bank has provided hundreds of laptops and desktops to nine children welfare centers across the country in the month of April. The bank has been donating to childcare facilities since last year.

"The achievement of maintaining the top brand reputation ranking for seven consecutive months shows K bank's continuous efforts in bringing about innovation and social contributions. The bank will continue to put its utmost efforts to launch beneficial products and services, while seeking to make social contributions," an official from K bank said.

annajpark@koreatimes.co.kr