Shinhan leads in mobile banking with auto loan service
Sunny of Girls’ Generation promotes Shinhan Bank’s mobile banking application Sunny Bank. Shinhan said that it leads the mobile banking market with the application, offering competitive services in foreign exchange and car loans. / Courtesy of Shinhan Bank
By Kim Jae-won
Shinhan Bank said Wednesday that it is in the lead in the emerging mobile banking market with its application Sunny Bank offering competitive foreign exchange (FX) and car loan services.
Shinhan said that Sunny has provided more than 420,000 FX services worth 282.8 billion won, drawing attention from consumers and market players. Salaried workers have been key customers of the service as they can exchange currencies with a few touches on their smartphones.
The service fees are cut by up to 90 percent for key foreign currencies, such as U.S. dollars, euros and Japanese yen. Shinhan said that the service has been popular among both its loyal customers and those who have not used the bank before.
Its Sunny MyCar Loan has also been used by people planning to buy new cars since its launch in February, extending more than 13 billion won in car loans to them. Customers can use the service without visiting bank branches; and the loans carry low interest guaranteed by Seoul Guarantee Insurance. They also can get the loans at a fixed rate, without fear that it will be hiked later.
“We expect to consolidate our leading status through our mobile application Sunny Bank,” said Shinhan in a statement. “We are going one step further to comprehensive mobile banking, adding MyCar and loyal customers’ accounts to Sunny which has been strong in FX services.”
Sunny Bank is an example of Shinhan Bank’s innovative business model, bracing for changing circumstances in the financial sector. The banking industry faces paradigm changes in how it does business as the financial regulator allowed lenders to identify customers opening accounts without meeting them face to face in December.
Shinhan is the nation’s most profitable bank, and is a flagship affiliate of its parent, Shinhan Financial Group.