BNK Busan Bank has embarked on establishing a "web-based loan" system within a loan comparison platform that seamlessly connects loan application to execution. Departing from the trend of faceless financial transactions that require banking app installation, the bank aims to streamline the loan process within the platform.
According to reports by Electronic Times, Busan Bank is developing a mobile web loan service and plans to finalize system implementation and stabilization by the end of the year.
The key focus is enabling the processing of the entire loan process within the Toss platform without the need for separate app installations. Previously, even after completing product inquiries and assessments within loan comparison services, customers had to go through additional steps such as installing the bank app, membership registration, and account opening. This fragmented process often led to customer churn.
To address this, Busan Bank is introducing a web-based loan process. Through web screens within the Toss app, non-members can sequentially handle membership registration, primary assessment, account opening, and loan execution.
The differentiation lies in the structure that connects all the way to the execution stage. While customer acquisition through loan comparison platforms is increasing in the financial sector, reducing churn during the actual execution phase is a major challenge. Busan Bank designed the loan process to flow seamlessly from start to finish, targeting this issue.
Significant changes are also expected in customer experience. By eliminating the need for app installations or separate log-in processes, accessibility to the loan process improves, and processing times are shortened. From the bank's perspective, connecting incoming customers to actual loan execution enhances the efficiency of faceless operations.
Busan Bank aims to improve the loan conversion rate. With plans to increase the current conversion rate of around 13% to 25%, the bank's strategy is interpreted as reshaping its faceless operations based on actual execution results.
The construction method also focuses on efficiency. Development progresses using existing system resources without introducing additional hardware, software, or solutions. Instead, the bank concentrates on enhancing user experience (UI/UX) and simplifying business processes to facilitate quick construction and stabilization.
Scalability was also considered. The web loan structure being built will not only be applied to Toss but also Busan Bank's own channels and can be integrated with other partnership channels in the future. The plan is to build a structure that connects external platforms and internal channels into a single flow.
The financial industry interprets a shift in the direction of faceless financial competition. While previously, securing customers revolved around bank apps, the competitiveness now lies in how seamlessly financial services are provided within platforms where customers reside.
A financial industry official stated, "Busan Bank's initiative is a leading case accelerating the transition to platform-based finance."