KB Kookmin Bank has been challenging the real estate market with its Mobile Real Estate App. The bank stepped up KB Real Estate Liiv ON to provide One Stop services from search to loan to compete with rival real estate apps such as O2O (online to offline). Officials of the bank are confident that the synergy from linking loan requests is big enough to overpower its rivals in the real estate market since upgrading the Liiv ON App on Oct. 24, which now includes real estate search and the financial services.
Customers can now find prices of apartments and villas on the Liiv ON App and apply for a mortgage.
‘KB Star Banking’ appears when the loan request menu is selected within the Liiv ON App. Also, customers can discuss financial matters on the Liiv ON App. By accessing a call center for real time financial consultations. Customers just have to input the conditions of the real estate purchases and they will get complementary information on real estate pieces through the Smart Phone Info function in real time.
The bank also set up the Exclusive Hall for the Newly Married Couples and Those About to Get Married to provide financial information related to real estate transactions they might need, including a function to look for a home which suit their financial and other condition. The financial information provided includes what applicants need to know to get a mortgage.
The bank’s intent was to compete with rival professional real estate O2O, including Naver, with its new real estate service to take advantage of its abundant experience in real estate deals coming from its merger with Korea Housing Bank.
But the bank felt threatened as real estate searches have been going mobile. To be able to conduct the real estate service online, bank officials said it’s necessary to be have people on the ground and online. The bank will not charge fees on real estate transactions made through its app, except for those for real estate consulting services. Customers can put their real estate up for sale on the Exclusive Hall for Real Estate free of charge, along with ads for their property, unlike its rival like Naver who charge fees for listings on their online service facilities.
Other officials of the bank said the bank had to withdraw its real estate service facility, “KB Real Estate Notice,” which provide a one-stop service for real estate deals from buying to management, and then sale for free, due to protests from authorized real estate agents.
The bank held a celebrative event on the launching of Liiv ON App on Oct. 24 at the Conrad Hilton in Yeouido, Seoul, with a slew of officials of the bank attending led by Chairman Yoon Jong-kyoo and President-designate Hur Yin of the bank.
Chairman Yoon said the bank should build an ecological system good for both the financial organizations and the real estate agents.
KB Kookmin Bank provides various banking products and financial services to individuals and households, as well as large, small, and medium-sized enterprises. It offers deposit service, loan service, payment guarantee, securities investment, trust business, investment trust products, foreign exchange service, credit card service, Bancassurance, wealth management service, derivative business service, and E-banking service etc., as well as offering loan products and integrated money management services for corporate customers. As of Dec. 31, 2016, it operated 1,130 domestic branches and four overseas branches. The company was founded in 1963 and is headquartered in Seoul, South Korea. KB Kookmin Bank operates as a subsidiary of KB Financial Group, Inc.