Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
All-in-one apps emerge as new battleground among financial groups
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By Lee Hyo-jin
Major financial groups are stepping up efforts to consolidate banking, securities, card and insurance services into single mobile platforms, intensifying competition to build all-in-one financial apps, industry officials said Thursday.
The latest move came from Shinhan Financial Group, which on Wednesday unveiled its new integrated financial platform, Shinhan Super SOL, as part of a broader strategy to unify services across its banking, card, securities and insurance affiliates.
According to the company, the upgraded platform allows customers to access banking, card, securities and insurance functions through one application, reducing the need to repeatedly log in or switch between apps.
The launch reflects a broader industry trend as major financial groups seek to strengthen customer loyalty and increase user engagement within their digital ecosystems.
Other financial groups are pursuing similar strategies.
Earlier this year, Hana Bank overhauled its Hana One Q app to integrate deposits, loans, foreign exchange and card-related services into a single platform.
Woori Bank has expanded the capabilities of its Woori WON Banking app, while KB Kookmin Bank recently enhanced New KB Star Banking to offer a broader range of services through a unified interface.
The push comes as traditional financial institutions face growing competition from internet-only banks, whose streamlined mobile services have proven particularly popular among younger customers.
While banks have traditionally offered separate apps for different services, consumers are increasingly favoring simpler platforms that allow them to manage their finances in one place.
Industry officials say the trend is likely to accelerate as financial groups seek to deepen customer engagement in the digital banking market.
"As more customers choose to access financial services through mobile apps rather than visiting bank branches, financial groups are trying to create seamless user experiences that keep customers within their system," a banking industry official said.