IBK Industrial Bank of Korea main branch in Euljiro, Jung-gu, Seoul. /Courtesy of News1

The Industrial Bank of Korea is adding small business-specific services to its mobile application, "i-ONE Bank." Individual customers who have not made any transactions with the bank can now access services needed by businesses through the app. The bank expects this app service expansion to serve as a stepping stone to convert individual customers into corporate customers.

According to the financial sector on the 17th, the Industrial Bank of Korea plans to incorporate small business-specific services into its personal mobile banking app, i-ONE Bank, in the first quarter of next year. The main services will include revenue and asset management, encompassing basic services for businesses such as monitoring deposit and withdrawal statuses and managing asset liquidity. Additionally, the bank will offer a service that allows users to compare the sales performance of similar businesses in their area by time slot. A marketing solution will also be introduced, providing analysis of store reviews registered on portals and distribution platforms, along with suggestions for improving those reviews.

The Industrial Bank of Korea previously operated a small business-specific app called "i-ONE Small Business." This app ended its service last year, and the personal app only provided limited corporate finance services, creating barriers for users. Given the characteristics of small businesses, many often use personal and corporate finance services simultaneously, which causes inconvenience when switching between different apps. Thus, the bank plans to enhance user convenience by providing business services through its personal app.

The Industrial Bank of Korea sees the expansion of small business services as a foundation for broadening its corporate customer base. When the small business-specific services are released, customers who previously only used the bank's personal financial services will also be able to access these services for free through the i-ONE Bank app. The bank's strategy is to create touchpoints between individual customers and corporate financial services, encouraging individual customers to transition into corporate customers.

Starting with the launch of small business services next year, the Industrial Bank of Korea plans to further enhance the services of its personal app. A bank official noted, "We aim to develop both personal and corporate apps simultaneously so that small business owners can access the financial services they need at any time."

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