The number of transferable deposits accounts held by banks in South Korea has shown a consistent upward trend. From 2013 to 2023, the value grew steadily, reaching $53.89 billion in 2023. The annual year-on-year growth rates have been gradually decreasing, moving from 7.55% in 2013 to 2.12% in 2023. Over the last two years, this growth rate has continued to slow, indicating a maturing market. The compound annual growth rate (CAGR) for the last five years stands at 2.31%.
Moving forward, the market is forecasted to grow at an average annual rate of 1.47%, with an overall projected growth of 7.57% by 2028. Key trends to watch for include the adoption and integration of digital banking services, regulatory changes, and the impact of economic factors on consumer banking behaviors. The shift towards digital banking and fintech innovations may influence the future trajectory of transferable deposit accounts.
