Expanding Profitability and Customer Base
In 2024, IBK's retail finance operating income reached KRW 540.6 billion, marking a 288.9% increase from the previous year and achieving the highest performance on record. The number of individual customers increased by 243,000, and retail deposits grew by KRW 5.7 trillion, resulting in 16.917 million individual customers and a total of KRW 91.3 trillion in retail deposits as of the end of 2024. This accounted for 41.1% of IBK's total branch-sourced deposits (KRW 225 trillion), representing the highest proportion compared to SMEs and mid-sized companies (37.9%) and large enterprises and institutions (21.0%).
Retail Loan
As of the end of December 2024, the balance of retail loans of IBK was KRW 42.7 trillion, an increase of KRW 874.8 billion (2.09%) compared to the previous year. Mortgage loans (including lump-sum housing lease loans) increased, led by real demand loans. Credit loans also rose slightly. The balance of mortgage loans (including lump-sum housing lease loans) was KRW 27.7 trillion, an increase of KRW 1 trillion compared to the previous year, while secured loans other than mortgage loans decreased slightly to KRW 8.5 trillion. Credit loans increased by KRW 7 billion from the previous year to KRW 6.5 trillion.
IBK operates retail loan products and policy finance to support financially vulnerable groups, continuously developing customized loan products to expand their financial accessibility.
To minimize customer interest rate volatility, the bank launched a periodic mortgage loan. Also, through the introduction of new non-face-to-face loans and microfinance products, as well as the enhancement of existing products, it improved financial accessibility and expanded support for financially vulnerable groups.
New Retail Loan Products
IBK received the Domestic Retail Bank of The Year award at the 2024 20th ABF Awards for the SME Employee Preferential Program, marking its first international award in the retail finance sector. The SME Employee Preferential Program offers differentiated benefits based on the length of service to encourage long-term employment of SME workers and alleviate the manpower shortage in SMEs. By October 2024, a total of 178,000 customers had enrolled, providing financial support for 268,000 deposits and loans, amounting to a total of KRW 5.8 trillion.
Additionally, in the 2024 government deposit insurance premium differentiation assessment, IBK achieved the highest rating for the sixth consecutive year, recognizing its top-tier financial stability in the country. Since 2019, the bank has maintained the highest rating for six consecutive years, recognized by financial authorities for its stability and excellence, resulting in savings of approximately KRW 53 billion in deposit insurance premiums over six years.
To enhance operational efficiency, IBK introduced the ONE-SHOT Report and Application process and innovated branch processes to increase customer convenience. The result is a reduction of 11,000 working hours, 360,000 sheets of paper, and 480,000 cases of business procedures in a year. Additionally, IBK has continuously expanded non-face-to-face financial services, implemented automated systems, and simplified unnecessary documentation procedures to reduce customer inconvenience.
Policy Finance
IBK has promoted government cooperative projects and strengthened its role as a policy bank. To manage the total amount of retail loans, it has implemented price and non-price measures and expanded the five-year cycle mortgage products through the improvement of mortgage structures. It has also expanded financial service support for foreign students and workers, and enhanced financial inclusivity by participating in events such as the 20th anniversary of the Employment Permit System and job fairs for foreign students.
To drive customer-centric financial innovation, IBK has launched four new products, offering the maximum benefits in the financial sector with simple preferential conditions. The IBK Retail Deposit and Withdrawal Account offers exemption from all financial transaction fees, the Money Box provides up to 3% preferential interest rates, and the IBK Mougi Account and IBK Gulligi Account support the formation of customers' financial assets with a simple and intuitive structure.
Job fair for international students
Inclusive Finance
IBK operates the SME Employee Preferential Program to encourage long-term employment of SME employees and support job stability. Through the program, a total of KRW 4.1 trillion in retail loans was supported, and interest reduction benefits amounting to KRW 14.08 billion were provided as of December 2024.
Additionally, the bank expanded Inclusive Finance and was selected as a “meritorious institution for inclusive and mutual growth finance" by the Financial Supervisory Service for two consecutive years. The bank has strengthened financial support for financially vulnerable groups by supplying microfinance policy products, such as the Living Stabilization Fund and New Hope Seed Loan, with a total scale of KRW 754 billion. The bank exceeded the target especially for the New Hope Seed Loan, with 99% of the supply amount provided through non-face-to-face methods, significantly improving financial accessibility.
Consumer Protection
IBK has improved the loan agreement content and maturity notification system to enhance customer protection. It regularly informs customers of additional agreement details such as housing purchase restrictions and conditions for disposing of existing housing to prevent their disadvantages. Furthermore, it provides customers with advance notice of interest rates and maturity information when the loan matures, supporting smoother interest rate comparisons and extension procedures. It has also introduced a notification service that provides real-time updates on loan progress, allowing customers to check the loan review and processing stages without needing to contact individual branches directly.
Digital Financial Innovation
IBK, as a leader in digital financial innovation, has continuously provided enhanced customer-centric financial experience through i-ONE Bank and i-ONE Personal Finance Management (PFM) Service. In 2024, i-ONE Bank won the National Service Award in the mobile banking (finance) category for the fifth consecutive year. Additionally, it became the first domestic bank to win the Best Financial Mobile App award at the global fintech competition, the Finovate Awards. Furthermore, i-ONE PFM was named Consumer's Choice Brand of the Year for three consecutive years in the MyData Services category, making it the only company in the financial industry to be recognized.
Enhancing Security for Consumer Protection
To prevent digital financial fraud and enhance security, IBK has introduced Mobile Safe PLUS and the Suspicious Account Automatic Inquiry Service. Mobile Safe PLUS is a system that checks the number of lines and whether a customer is using the mobile virtual network operator (MVNO) system when they perform identity verification, thereby preemptively blocking the risks of identity theft and voice phishing. Suspicious Account Automatic Inquiry Service has further strengthened IBK’s security system by automatically checking and informing customers if the accounts they are transacting with have potential links to fraud, thereby protecting them from financial fraud.
Expansion of Non-face-to-face Financial Services
IBK has continuously expanded services that allow financial transactions to be conducted non-face-to-face without visiting a branch. It has improved the i-ONE Bank global app to allow foreign customers to use their residence card or permanent residence card for non-face-to-face identity verification and account opening. Additionally, it has introduced a simple membership system that allows customers to use i-ONE Bank without opening an account, thereby establishing an open platform for easier access to financial and non-financial services. IBK has enhanced convenience by allowing customers to issue, store, and submit necessary documents using electronic certificates in i-ONE Bank without installing the Government 24 app. The bank has also introduced a facial recognition system that automatically verifies the authenticity by comparing and analyzing the photo on the identity verification document with the actual face in real-time, enabling customers without financial accounts to safely conduct non-face-to-face identity verification.
Enhancement of Customized PFM Services
IBK has continuously improved and launched i-ONE PFM Services, taking into account the age group and lifestyle of its customers. It has launched the IBK Military Lounge for men in their 20s to provide customized financial and lifestyle services for military personnel, and introduced the Today's Fortune service for women in their 30s and 40s, connecting finance with lifestyle services. Additionally, it provides My Data-based Pension Management Service for middle-aged and older adults in their 50s and 60s to support their stable finance management before or after retirement.
Digital ESG Management Practice
IBK continues to expand its social contribution activities utilizing digital technology to strengthen ESG management. One such initiative is the Stray Animals Support service, where it donates on behalf of customers when they click the “Donate” button, reinforcing ESG values through finance. Also, IBK collaborates with the eco-friendly lifestyle platform ECOYA Earth to enable customers to engage in environmental protection activities through resource recycling.
Expanding Customer Acquisition through Digital Marketing
IBK utilizes efficient digital marketing strategies to acquire new customers and enhance existing customers' service usage. It has maximized the attraction of new customers by focusing Cost Per Action (CPA)-based advertisements on channels with high reward responses such as webtoons and games. It also utilized Cost Per Engagement (CPE) reward advertisements to expand customized targeting and external media partnerships, thereby encouraging app usage by customers. IBK has introduced various digital benefits and promotions beyond financial services to increase the monthly active users (MAUs) of i-ONE Bank: for example, the Lotte Resort room discount event (March), My Data Roulette event (May), Military Service Agency new issuance event (September), and foreign customer non-face-to-face subscription event (November).
Launch of i-ONE Bank FUNS Game – Expanding Metaverse-Based Financial Services
IBK has launched the i-ONE Bank FUNS Game service to enhance customers' digital financial experience. This metaverse-based financial platform allows users to participate in virtual financial-related games, share rankings with friends, and enjoy a fun and practical financial experience. It also increases user service retention time and maximizes the LOCK-IN effect.