Web-only Line Bank Taiwan Ltd (連線商業銀行) yesterday said that its client base had reached 1.1 million people as of the end of last month, adding that it aims to expand its client base this year by offering more products and services.
Another Web-only bank, Rakuten International Commercial Bank Co (樂天國際銀行), had 67,204 clients as of the end of last year, while Next Commercial Bank Co (將來商業銀行), the nation’s third Web-only bank, began operations last month.
As Line Bank is to enter its second year of operations, it would no longer prioritize obtaining new clients, but would focus on serving and retaining them, general manager Morris Huang (黃以孟) told a videoconference in Taipei.
Photo courtesy of Line Bank Taiwan Ltd
The bank’s number of clients is expected to grow to between 1.3 million and 1.5 million this year, he added.
“It is more important to satisfy our clients with our service than boost our client base,” Line Bank chairman Hwang In-joon told the conference.
The bank has launched an installment loan program, which posted fast growth, with total loans rising 115 percent quarter-on-quarter in the fourth quarter of last year, Huang said.
The bank plans to launch a revolving credit loan program next month to give clients more options, he said.
It would also start a foreign-exchange service later this year and plans to apply for the regulator’s approval to sell insurance policies online, Huang said.
Its debit card business has surpassed peers in terms of average monthly spending and the number of transactions, Line Bank said, adding that it would consider issuing credit cards.
The bank plans to expand the use of its Line Points by partnering with parking app Autopass Inc (車麻吉), it said.
The reward points can be redeemed as cash in the ecosystem of the bank and its affiliate Line Taiwan Ltd (台灣連線).
Line Bank reported pretax losses of NT$535 million (US$18.29 million) as of the end of February, compared with Next Bank’s losses of NT$140 million and Rakuten Bank’s losses of NT$94 million, Financial Supervisory Commission data showed.
“It is normal for a bank to break even in five years,” Hwang said, adding that he has met with the bank’s major shareholders to seek their consent to inject new capital.
The bank said that 75 percent of its users are aged 20 to 39 and most of its clients use its services from 6pm to 9am during non-conventional office hours, as it offers online financial services any time and anywhere.
The bank aims to develop more innovative financial services assisted by the technology platform managed by its affiliate, it said.
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