State financial watchdog releases mobile banking practice app for elderlies

By Park Sae-jin Posted : April 4, 2023, 16:38 Updated : April 4, 2023, 16:38

[Courtesy of the Financial Supervisory Service ]

SEOUL -- In an effort to reduce the information gap between young people and elderlies, South Korea's financial watchdog has released a smartphone app that old people can use to familiarize themselves with mobile banking apps.
South Korea with some 1.5 billion registered online and mobile banking users recorded a daily online transaction of about 75 trillion won ($5.7 billion) in the first half of 2022, according to the country's central bank. Smartphone users rely on mobile banking apps for quick and easy money transfers and to receive loans without having to visit bank branches.
However, according to a survey conducted by the Financial Supervisory Service (FSS) in 2021, more than 80 percent of people aged more than 60 years old visit bank branches instead of using smartphone banking apps because they are not familiar with using digital equipment. Many old people give up using smart banking apps when they do not live with someone who could teach them how to use mobile banking services.
FSS said that the financial watchdog collaborated with the Korea Development Bank to develop and release a mock mobile banking app called "Smart Senior." The mobile banking training app for elderlies has almost every feature of an ordinary banking app but it is not connected to any server. So, old people can practice sending money and applying for a loan without the risk of personal information leakage or sending money to the wrong account.
The financial watchdog will promote and distribute the mobile banking training app through elderly centers across the country to educate old people. The app also indicates that it is a training app in large red letters displayed in the top area of the screen. 
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