Do not go gentle into that good night, old age should burn and rave at close of day; Rage, rage against the dying of the light, though wise men at their end know dark is right, because their words had forked no lightning they, do not go gentle into that good night.
Bank Salad attracts 5 mil. customers for easy money management service
Rainist CEO Kim Tae-hoon
By Jhoo Dong-chan
By Jhoo Dong-chan
A 37-year-old Gyeonggi Province resident surnamed Song starts his day by checking his financial information via the Bank Salad mobile app.
“I used to have four or five different banking and credit card apps to check my financial status. It was not only inconvenient but also time-consuming. But things have completely changed since I downloaded Bank Salad,” Song said.
“It pools my entire financial information from different financial companies. It also calculates my monthly spending budget by analyzing my card transactions. This is really convenient.”
Fintech firm Rainist said Friday its mobile money management app Bank Salad has attracted over 5 million customers.
The app offers an open banking platform for customers by pooling a user's financial information from different banks and financial companies. Customers can monitor not only their bank balance and transactions but also credit card bills and outstanding loans via the app.
Bank Salad also recommends suitable financial products such as credit cards, deposits, savings, loans, insurance products and pension plans based on a user's financial assets and spending habits.
Thanks to users' steady rush to download the app, the amount of money handled by the app also surpassed 150 trillion won ($12.7 billion) this month, jumping 15 times from its January 2018 figure of 10 trillion won.
The average amount of money handled by the app was 140 million won per user. Each user averagely monitors and manages 20.4 financial products via the app.
Bank Salad also allows customers to monitor their credit ratings via the app. Based on each customer's credit grade, the app even recommends spending habits.
It can be linked to most financial companies except Kakao Bank and capital firms. A Rainist official said it will soon expand its coverage to both Kakao and capital companies.
“We will develop the Bank Salad app as a comprehensive platform to recommend an ideal financial solution for each customer,” Rainist CEO Kim Tae-hoon said.
Bank Salad introduced a cancer insurance product exclusively for female customers jointly with Mirae Asset Life. It said it will donate 10,000 won every time one customer buys the insurance product via the app.
Following Bank Salad's lead, Viva Republica added similar features in its mobile wire transfer app Toss. It also analyzes each user's spending patterns as well as credit ratings to recommend various small investment products via the app.