Accessing financial services was relatively simple in the past, since there were few options other than to physically visit a bank branch to do that. With the advent of digitalization, however, competitors from the IT industry have entered the financial sector, equipped with innovative services that are much more convenient to use.
In 2017, the Korean government approved the launch of internet-only banks, aiming to boost competition in the industry and increase customer convenience. As five years have passed since then, it is time to ask, “Have internet-only banks successfully played their expected roles?”