Generation MZ’s Favorite Digital Only Bank Hits 1M Customers in 1 year
LINE Bank, majority owned by Hanka Bank of South Korea, announced today that it has already exceeded 1.1 million customers in just its first year of operations and transformed the way banking operates.
Since launching on April 22, 2021, LINE Bank has established itself as a leading digital financial service, proving to be popular with younger users for off-hour transactions.
This digital first and social bank provider hit several notable achievements in its first year, LINE debit cards have topped all market competitors in total transaction volume, according to data from the National Credit Card Center (NCCC), in both dollar amount and the number of transactions per card in relation to cards in circulation.
And LINE Bank continues to grow rapidly — according to 4Q 2021 data published by Taiwan’s Financial Supervisory Commission, LINE Bank digital (savings) accounts recorded the fastest growth in the industry for the third consecutive quarter. As of the end of March 2022, the growth rate for LINE Bank’s total deposits reached 45%, with loans growing 115% compared to the previous quarter.
This wave of new customers is mostly due to Generation MZ adoption with 75% of users are between the ages of 20 and 39 and are people who say they are familiar with digital technologies. The most active users are office workers, students and people who work in retail.
As an internet-only bank that has no physical branches, LINE Bank in Taiwan offers online financial services anytime, anywhere, without the limitations of opening hours and geographic footprint like traditional banks. Unbound by business hours, LINE Bank has reshaped financial consumers’ habits. According to LINE Bank’s internal data, more than 70 percent of LINE Bank customers opted to apply for loans or draw down loans during non-office hours between 6 p.m. and 9 a.m., which was made possible by the company’s round the clock service to ensure convenience for all customers.
“Since LINE Bank Taiwan began operations in April 2021, we have been at the center of an amazing change, as technology has transformed what banking means,” said Morris Huang, general manager of LINE Bank Taiwan. “We have launched several innovative services exclusive to LINE Bank that have built a foundation for delivering digital and interactive financial services. We are incredibly grateful for the trust and support from our users everywhere. We hope to create even more unique service experiences using innovative technologies in the future.”