Banks are facing intensifying competition in gathering accounts. KakaoBank has secured an early lead, while commercial banks and savings banks are also rolling out related services to gain the upper hand in everyday finance platforms. Recently launched gathering accounts go beyond simple dues-management accounts by combining higher-interest benefits, schedule sharing and artificial intelligence functions.

According to the financial sector on May 17, Hana Bank recently launched the Hana Gathering Account. Its core is a structure that separates a transaction area from a vault area. General operating funds for dues are managed in the transaction account, while surplus funds can be deposited in a separate vault to receive interest of up to 2.5 percent per year. By combining a parking-style interest benefit offered up to a limit of 3 million won, it is seen as adding small-asset management features beyond basic dues management.

It also strengthened convenience by waiving major transfer fees without limits on the number of transactions and adding functions such as 1/N settlement and changing the treasurer. The strategy targets frequent remittance and settlement demand that arises in running a group.

KakaoBank currently leads the gathering account market. It effectively opened the market by first introducing gathering accounts in 2018. It quickly secured users by promoting a KakaoTalk-based invitation function and real-time dues-sharing services, and has since expanded services to include a bulletin board, dues rules and a group-only debit card.

It is also dominant in scale. As of the first quarter this year, KakaoBank gathering accounts had 12.9 million users and 11.6 trillion won in balances. There is also an assessment that gathering accounts drove deposit growth in the first quarter. Balances increased by about 1 trillion won, mainly in demand deposits, contributing to an expansion of low-cost deposits.

KakaoBank has recently moved to upgrade the service by adding AI functions. The AI group treasurer, introduced late last year, automatically organises information including identifying members who have not paid dues, analysing deposits and withdrawals, and compiling spending statistics by merchant category. There is analysis that it is evolving beyond a simple dues account into a data-based everyday finance platform.

Latecomers are strengthening differentiation strategies. Shinhan Bank overhauled its SOL Gathering Account. It improved the user interface so dues status, notices and transaction history can be checked at once on the home screen, and introduced a chatbot function that notifies users in advance of schedule changes or dues payments. It also strengthened community elements, including expanding calendar functions and adding a gifting function.

With the number of members surpassing 650,000 in just 1 year after launch, Shinhan Bank appears to be actively using gathering accounts as a channel to attract younger customers.

KB Kookmin Bank is operating related services through the KB Gathering Account and KB Gathering Vault. The structure offers interest of up to 2.0 percent per year when surplus funds are kept in a separate vault. Since last year, it has expanded the service to allow group formation and invitations via mobile web only, without the KB Star Banking app, improving accessibility.

In the non-bank sector, efforts to target the market are also continuing. Acuon Savings Bank launched the MoiGo Gathering Account. It combines dues management with schedule sharing and bulletin board functions, and offers interest of up to 2.7 percent per year. It targets demand for various types of groups, including families, couples and clubs.

The reason financial companies are moving so aggressively into the gathering account race is the effect of securing low-cost deposits. Gathering accounts have a strong demand deposit character, so interest rates tend to be low, but average balances are large and funds tend to remain for long periods, making them a means of securing stable deposits for banks.

In particular, with fund flows into stock and crypto markets expanding recently, banks appear to be focusing on strategies to attract funds through everyday financial services rather than aggressively raising term deposit rates. Gathering accounts are assessed as efficient for customer acquisition as well, since they have a clear practical purpose of managing dues and can bring in all group members as new customers.

A banking official said gathering accounts have become a representative service that can increase customer lock-in effects, and banks are continuing to upgrade related functions and benefits. The official added that recently this appears to be leading to a competition to expand practical benefits that reflect customers' broader financial needs in daily life.