Internet Banking

Internet banking (phonetically written as 인터넷뱅킹) refers to a web-based banking through a computer and web browser, almost exclusively Internet Explorer on Windows machines. The reason for this is licensing of technology in which early online encryption was expensive and so Korea developed their own encryption standards which were ActiveX based. Change is hard, so several decades later the security was still primarily based on ActiveX. As that software framework has been phasing out, security standards in Korea are adapting accordingly. Traditionally, to simply log into banking websites, users were required to download multiple ActiveX products. The tunnel vision toward compatibility with Internet Explorer stems from nearly all Korean citizens using IE exclusively. Chrome and Firefox still have a long way before penetration is common. A few years prior to 2020, some banking websites have been offering support for Chrome and MacOS.

Internet banking which enables transferring money, making payments for tax or utility fees, or general management of your account. For security protocols, you will need a pin code from a security card or OTP card and digital certificate. Depending on the bank, you might use the digital certificate to login or might have a separate ID and password.

The first internet-only bank in Korea is KakaoBank (website, Wikipedia) founded in early 2016. A thorough comparison of KakaoBank and the traditional banking services was written on the design website Under Glass.

Mobile Banking

Usually called mobile banking, this is the ability to access your account and do the same kind of activities as internet banking but via a smartphone app. Mobile banking also requires security card or OTP card and a digital certificate in order to do a transaction. Depending on the bank, you might use the digital certificate to login or might have a separate ID and password. Brick and mortar banks in Korea tend to have a large number of banking apps, even within the same brand. Most are still exclusively in Korean but some of the larger brands are expanding linguistically.