Banks seek to attract child customers

Figure 2Woori Bank Senior Executive Vice President Cheong Chai-pong, left, and Smart Study CFO Lee Seung-kyu hold characters from “Pinkfong,” a popular children's cartoon, at the bank's headquarters in Seoul, May 3. Courtesy of Woori Bank

By Lee Kyung-min

Local banks are introducing financial products targeting children to strengthen their future customer base.

Woori Bank said Tuesday it has signed a memorandum of understanding (MOU) with Smart Study, a Seoul-based global entertainment company best known as the producer of Pinkfong, a popular children's cartoon.

The MOU enables Woori Bank to use Pinkfong's characters to promote its financial services and products.

“By using the cartoon characters to promote the bank's numerous products, children will likely become more interested in what our financial products have to offer,” the bank said in a statement.

The theme song of the cartoon, titled “Baby Shark Dance,” entered the Billboard Hot 100 chart and stayed there for 17 consecutive weeks.

The video for the song has racked up 2.7 billion views on YouTube. More than 100 adaptions have been made in 11 languages.

The bank and the entertainment company also agreed to utilize YouTube as well as other digital platforms in promoting the benefits of opening savings accounts to children.

Similarly, Shinhan Bank has issued an installment savings product jointly with KidZania, an amusement park franchise.

The new savings account offers up to a 2.75 percent annual interest rate and account holders can get a 35 percent discount on park entrance fees.

“We will continue to develop financial products that will help attract young customers,” a Shinhan official said.