SEOUL, Nov. 27 (Korea Bizwire) — South Korean banks are going beyond past practices to collaborate with other industries.
KB Kookmin Bank’s Liiv Mobile is gaining the attention of the financial services market by combining finance and communications technology.
Current legislation states that banks cannot engage in business activities outside of their traditional domain.
However, KB Kookmin Bank, designated as the government’s regulatory sandbox initiative, became a mobile virtual network operator (MVNO) in late October.
KEB Hana Bank also joined the trend of combining finance with communications.
Jointly with MVNO SK Telink Co., the bank plans to come up with a new mobile plan that offers discounts if the customer agrees to automatically deposit their monthly wage or pension into a Hana Bank account.
The banks are also collaborating with distributors for wider engagement with their customers.
NH Nonghyup Bank opened ‘Cafe in Branch’, a coffee brand located inside the bank, and ‘Hanaro Mini in Branch’, a second project that combines the bank’s Gangwon branch with a convenience store on November 14.
Customers can buy food recipes after they are done with various bank-related work or vice versa.
Woori Bank joined hands with Shinsegae Duty Free Store to introduce the ‘Drive-thru Currency Exchange Service’ this year.
A customer can book an appointment for currency exchange via mobile, drive to the exchange center, and receive the currency.
Competition among banks is expected to rise once the new open banking service that allows users to access all banks with a single app is officially released in December.
H. M. Kang (email@example.com)