Banks are actively securing senior customers. Not only traditional banks but also internet banks with a high percentage of young customers are participating in the competition by establishing dedicated organizations and preparing specialized services. Recently, as the retirement of the baby boomer generation has intensified, the current moment of their transition into the senior population is a crucial time for customer acquisition.
According to the financial sector on the 19th, Hana Financial Group is recruiting senior customers with its specialized senior brand, "HANA THE NEXT." HANA THE NEXT provides financial services to help senior customers prepare for retirement, inheritance, and gift giving. It is characterized by the collaboration of group subsidiaries, including Hana Bank, Hana Securities, Hana Life Insurance, and Hana General Insurance, to support comprehensive asset management solutions. After the launch of the HANA THE NEXT brand, the number of senior customers with investments exceeding 100 million won increased by 17,877 from the end of September last year to the end of March this year, and those with investments over 1 billion won increased by 1,303.
KB Financial Group also has established and is operating a task force (TF) for senior business in which its subsidiaries participate, centered around the bank. KB Kookmin Bank is preparing specialized services for senior customers through the reorganization of its "Golden Life Center." The key focus is on expanding from a pension specialist to new businesses such as nursing and inheritance. NongHyup Bank is also reportedly rebuilding its wealth management (WM) business aimed at targeting high-net-worth individuals and senior retirees for the first time in 12 years.
Improving the application (app) usage environment to expand senior-related services is an important task for banks. Related improvement work is also in full swing, as Shinhan Bank established a senior TF early this year to strengthen its senior-related business and improved the user interface (UI) and user experience (UX) of its service "Shinhan 50+ Walk" aimed at senior customers.
Internet banks, primarily used by younger individuals, are also actively seizing the increasing senior customer base through improvements in UI and UX. Toss Bank revamped its face-to-face customer support center into the "Toss Bank Lounge" last year to serve as a space that informs the elderly, who are not familiar with smartphone usage, about how to use its services. KakaoBank and Kbank are also supporting a "simple home" mode designed for senior customers with simplified home screen layouts.
The reason banks are so focused on acquiring senior customers is not solely because the senior population is increasing. The fact that the retired baby boomer generation has a higher income and asset level compared to previous generations is also significant. According to the 2024 Household Financial Welfare Survey by the National Statistical Office, the average net worth of households headed by individuals aged 60 and above was 519.22 million won, the highest amount, and the year-on-year growth rate was also the highest at 6.8%. With the second baby boomer generation (born from 1964 to 1974) approaching retirement, there is expected to be a growing interest in effectively managing the assets they have accumulated.
Lee Eun-mi, CEO of Toss Bank, said at a press conference on the 16th that she would establish a dedicated organization for middle-aged and senior customers and noted, "Active seniors over 50 are retiring as part of the second baby boomer generation, leading to increased financial demand. We are considering asset management and savings products, and we are also looking into products that combine financial and non-financial services."
A spokesperson for a major bank said, "The reason banks are interested in acquiring insurance companies and financial institutions are establishing nursing businesses is all due to the senior business." They noted, "It's not just about conducting financial planning at banks anymore; it seems that the current interests of financial institutions lie in being able to care for non-financial areas all at once."