KakaoBank has introduced a savings product that utilizes artificial intelligence (AI) to assist customers in setting savings goals and managing their contributions.
On October 13, KakaoBank announced the launch of its flexible savings product, 'AI Goal Savings,' which incorporates AI coaching features.
The AI Goal Savings allows customers to set their desired savings goals, with AI recommending target amounts and contribution periods while providing advice tailored to their savings progress. The product is characterized by its use of AI throughout the entire savings process, from goal setting to maturity.
Eligible participants include South Korean residents aged 14 and older who hold a KakaoBank checking account, with each individual allowed to open one account. The savings period ranges from 3 to 12 months, and customers can contribute up to 1 million won per month freely.
The base interest rate varies from 2.00% to 3.00% annually, depending on the savings period. Customers who make at least one contribution each month and achieve their target amount by maturity can receive a maximum bonus interest rate of 2.00 percentage points, resulting in an overall interest rate of up to 5.00% annually.
During the account setup process, customers can select their savings goals, such as 'Traveling to Europe' or 'Buying a new phone next year.' The AI then suggests appropriate savings amounts and contribution periods based on these goals.
After enrollment, the AI provides guidance on additional contributions based on the customer's savings situation. For instance, it may suggest saving when a salary is deposited or when there are excess funds in the account, using app notifications to encourage savings.
A KakaoBank representative stated, "We have combined AI with savings to ensure that customers experience ongoing satisfaction and enjoyment while achieving their savings goals. We will continue to introduce differentiated services that integrate finance and technology."
* This article has been translated by AI.
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