Woori Bank said Wednesday it would introduce a digital bankbook application next month to phase out conventional bankbooks.

The digital bankbook smart application will be available for Android-based devices as of Aug. 1, while iOS users can download it from Aug. 11, according to Woori officials.

Under the current banking system here, users must use either bankbooks or debit cards to withdraw and deposit cash at ATMs. But the new application will make the process easier by requiring only smartphones and PIN codes.

Bank officials said transaction data made with the new application will be saved for up to 10 years.

Woori, the country’s second-largest lender, issues about 10 million bankbooks every year.

Bank officials, however, would not disclose the amount of losses they incur from having to issue such large quantities of paper bankbooks.

(monicasuk@heraldcorp.com)