Shinhan innovates smart banking

Students of Kyung Hee University use banking services at Shinhan Bank’s S20 Smart Zone, a branch in Seoul offering online services, in this June photo. / Courtesy of Shinhan Bank

By Kim Rahn

Students at Kyung Hee and Hongik universities enjoy different banking services at Shinhan Bank’s S20 Smart Zones, a specially-designed branch for young people who are accustomed to online systems.

The “S20 Hongik University Smart Zone,” which opened last month, is the second of its type, following the first one near Kyung Hee.

Unlike ordinary branches that run from 9 a.m. to 4 p.m., the unmanned branch in central Seoul operates until 6 p.m., in special consideration of the lifestyle of 20-somethings.

Customers can access various banking services there through touch screens of high-end automated-teller-machines, including having check cards issued, opening bank accounts and applying for Internet banking services.

If they want additional information, they can have video consultation for various services such as making deposits, paying installments, and funds. They can also download online leaflets of the bank’s products on their smartphones or tablets via near field communication (NFC) technology.

The branch also offers free Internet use and printing services for students. The bank plans to pick an honorary student branch manager who will promote the branch and Shinhan Bank to classmates.

Additional to these smart branches, Shinhan also operates a “smart counseling center for overseas study or migration” through a website.

College students planning to study overseas or move to other countries can get information about remittance or changing currencies through the website without visiting offline branches.

Video consultation is also available on the website, in which experts review the students’ documents needed for overseas study and give advice. Those experts offer a comprehensive consultation for all stages from selecting schools to prepare such papers.

Other services of the smart consultation website include an online exchange service before departure; exchange rate benefits; automatic remittance on previously arranged dates; and currency exchanges according to rates on a specific date designated by customers.

“We hope collegian customers can enjoy more convenient and smarter financial services through the S20 Smart Zone and the smart consultation website,” a Shinhan official said.

“We’ll continue to communicate with young customers and develop unique smart strategies and services,” he said.

Shinhan’s innovative services are gaining attention from overseas financial institutions. Last month, some 30 executives from Australia and New Zealand Banking Group, Development Bank of Singapore and Overseas Chinese Banking Corp. visited Shinhan to inspect the services.

Their visit was part of the Future Bank Korea Innovation 2013 event organized by Asian Banker, a world-renowned financial information provider. It was designed to offer participants a glimpse of Korea’s innovative financial services.

“The participants showed high interest in Shinhan’s smart services. We’ll more actively associate with global financial institutions that are looking for new business models,” the official said.