Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
SC Bank strengthens retirement planning, 'Wealth Care' services
Standard Chartered Bank (SC Bank) Korea's banking application newly offers various retirement planning services. Courtesy of SC Bank Korea
By Anna J. Park
By Anna J. Park
Aiming to target the country's increasing number of senior citizens, Standard Chartered (SC) Bank Korea has rolled out a mobile-based retirement planning service.
Customers can now easily turn on SC Bank's mobile application, without the need for in-person visits at bank branches to receive retirement-specific consultations from experts. The mobile app offers not only an overview of the bank customers' expected retirement timeline and current financial status but also the necessary amount of money for their retirement goals while providing them with various investment means.
Customers can also browse the expected amount of monthly pension payouts as well as the accumulated amount of pension premiums paid so far to the National Pension Service, allowing them to plan meticulously for retirement.
“Given the prolonged life expectancy and the low growth rate, retirement planning is becoming ever-more important, especially in terms of asset management,” said Colin Chiang, senior managing director at SC Bank Korea. “We hope customers could now experience the bank's professional and systemic global retirement management service through our mobile banking app.”
Customers can receive the bank's retirement planning service offline as well. The bank launched its Premier Age lifelong asset management service last November, and customers can receive a detailed consultation from the bank's Insurance and Pension Managers located at SC Bank's main branches in Korea, who are experts in retirement planning.
Meanwhile, the global lender has also strengthened its flagship mobile and online services targeting the country's MZ generation, namely millennials and generation Z. Under the name of “Wealth Care,” the bank offers various investment information including ESG investing, web seminars and financial planning through its banking app.
In addition, the bank newly launched its own digital channel on Kakao Talk, the country's largest mobile messenger, as well as Naver Post channel, in order to increase the bank's exposure to younger generations.
“The main goal of extending the Wealth Care digital channels is to provide customers easy access to refined financial information and market analysis. The country's MZ generation will be guided with SC Bank's sound and safe investment advice,” Chiang explained.