Shinhan leading mobile banking service

Shinhan Bank CEO Cho Yong-byoung, fourth from left, poses with singer Sunny of girl group Girls’ Generation, fifth from left, who is a promotional ambassador of “Sunny Bank,” at a launch ceremony for Shinhan’s new mobile banking platform held at the bank’s headquarters in downtown Seoul, in this Dec. 2 file photo.

By Yoon Ja-young

Amid intensifying competition to go mobile, banks are launching new platforms to meet diverse consumer needs. It seems only a matter of time until all financial transactions can be done mobile.

Sunny Bank, a new mobile platform launched by Shinhan Bank on Dec. 2, made another meaningful step forward in this big transition toward mobile finance.

Most notable about Sunny Bank is that it enables users to authenticate themselves without visiting a bank. Users can open an account at Shinhan through mobile authentication, without face-to-face interaction with a bank teller. They can also use diverse services such as foreign currency exchange, credit loans and overseas remittances.

For foreign currency exchange, Sunny Bank has a “mobile safe” service to attract users sensitive to volatile rates. It is a virtual safe where users can keep their money. For instance, they can convert won to dollars when the dollar is cheap and keep the dollars in the “mobile safe.” They can withdraw the dollars later when they need it or convert it into Korean won again if the dollar gets expensive. They can thus enjoy gains from changing foreign exchange rates.

Sunny Bank also provides a reservation service. If the won/dollar rate reaches the level designated by the customer in advance, won are automatically converted into dollars. They don’t have to monitor the rates continuously to make exchanges at the right time.

Overseas remittance is a complicated banking service where users are required to visit a bank, but customers can now do it in a simple, fast and convenient manner through Sunny Bank thanks to the mobile authentication system.

Sunny Bank also offers mobile loans, by estimating customer’s income based on big data. It is expected to be useful for housewives and freelancers who have difficulty in proving their income. They can apply for loans through Sunny Bank App as well as enjoying additional services such as ATM cash withdrawal. It also launched Sunny Watch service, where they can check accounts, transfer money, withdraw from ATMs or make payment using smart watches. Customers can pay at convenience stores by simply inputting password numbers on their watches. Shinhan expects to provide a more convenient user experience by converging mobile platforms with not only smartphones but also wearables.

Sunny Bank plans to expand into a global mobile platform, launching in Vietnam as “Sunny Club.” It focuses on non-financial contents such as fashion, beauty and hallyu, with the aim of expanding its customer base through credit cards and loans.

It plans to provide diverse content tailored to each market based on the Sunny Bank platform, expanding its global network in 19 countries.

“Our focus is on developing new services that customers need most. We expect to apply new technology in cooperation with fintech companies in the near future,” a Shinhan Bank spokesman said.