SEOUL, Feb.18 (Korea Bizwire) – With the adoption of a new account transfer system and Individual Savings Accounts (ISA), banks are going all out to attract clients with various giveaways.
Industry analysts note that Shinhan Bank is currently running a promotion in which customers will have a chance to win a Hyundai Avante. Clients who open an ISA account will be entered in a raffle for the car.
Shinhan Bank already raffled off a car last year, and as part of this second promotion, washing machines, robot cleaners, and department store gift cards are also on the prize list, as well as the Avante.
Korea SC Bank is also giving away prizes to clients who subscribe to their representative plans. Prizes include a Kia Ray, iPad air, and mobile gift cards.
These promotions are rare in the banking industry, as cars hardly ever appear as raffle prizes for promotional events held by banks.
Bank officials comment that TVs or washing machines were considered to be ‘huge’ gifts in the industry, as common prizes were typically gift cards or small electric appliances. They say that Shinhan Bank was the first in the industry to offer a car as a prize.
Other banks are also offering large prizes to attract new customers.
NH Nonghyup Bank is offering a bar of gold worth 2 million won as a prize. Clients who open an ISA account will have a chance to win. The number of winners has yet to be determined.
Woori Bank is offering the chance to win plane tickets to Hawaii as a giveaway prize to those who open an ISA account. KEB Hana Bank is also using travel tickets as a prize.
Other banks such as KB Kookmin Bank are also preparing large giveaway events to attract clients.
The fact that major banks are offering big prizes to draw the attention of clients reflects the fierce competition to attract new customers.
Once account transfers are started, competition is expected to get even fiercer. In addition, if investment consulting is allowed with the launch of the ISAs, the banks will also have to face off against securities businesses. Since only one ISA account is allowed per person, banks are determined to get a leg up on their competition.
Industry officials comment that considering the changes ISAs will bring, cars appear to be appropriate offerings for customer giveaway promotions.
By M.H.Lee (email@example.com)