![[Graphics by Song Ji-yoon]](https://file.mk.co.kr/meet/neds/2024/05/image_readtop_2024_349485_17155605775964094.jpg)
이미지 확대[Graphics by Song Ji-yoon]
Open banking transactions have hit a record-breaking level, according to the most recent data. Open banking is a financial services innovation that provides third-party developers with API access to consumer banking data and gives financial customers more options and control over their information.
According to the data released by the Bank of Korea (BOK), there has been a significant shift toward open banking services during the first quarter of 2024, with transactions totaling 186.9 trillion won ($136.2 billion), up 40 trillion won from 2023’s 146.2 trillion won. Average transactions per day alone were at 2.05 trillion won.
The surge in online banking transactions, driven by a growing number of online banking customers, has spurred commercial banks to develop their own “all-in-one” apps that enable users to access a wider array of conventional financial services from balance inquiry to remittance, and non-financial features as well.
By Park Na-eun and Han Yubin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]