Banks rush to attract ‘young and rich’ with tailor-made services

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Commercial banks are rushing to introduce tailor-made services for “young and rich” customers, a marketing term referring to those who are in their 40s or younger and have more than 1 billion won ($730,500) in financial assets.

These customers accumulated wealth at a relatively young age, with some gaining fortune through successful business ventures, while others did so with high investment returns or inherited wealth.

Lenders are seeking to woo them by identifying their lifestyle, hobbies and interests, as their numbers have grown in recent years.

A KB Financial Group study showed the number of these customers reached 461,000 in 2024, a more than 30 percent increase from 2020. A separate study from Hana Bank showed that wealthy people in their 30s and 40s have been accumulating wealth twice as fast as older wealthy clients over the past five years.

Under these circumstances, Woori Bank is offering a range of benefits for young, high-net-worth clients related to hotels, shopping and cultural experiences.

For instance, targeted customers can receive a 5 percent discount on room packages at the Grand Walkerhill Seoul and affiliated hotels, with a 10 percent discount at all restaurants, cafes and bakeries within those hotels.

Shopping benefits are available as well through Woori Bank’s partnership with Hyundai Home Shopping.

KB Kookmin Bank has opened its private lounges for the “young and rich” to watch baseball games, while its “Gallery Bank” program is aimed at facilitating engagement with renowned art galleries.

Hana Bank offers discounted pet funeral services because many of these customers own pets.