|With a rich history being the first bank in South Korea, Shinhan Bank has been one of the most recognizable names in the country. Driven by the goal to differentiate and solidify its position in the market, it came up with an innovative approach that offered an elevated banking experience. After analyzing its consumers’ pain points with the banking system, Shinhan Bank developed a mobile-centric banking platform by integrating six financial applications. It simplified the non-face-to-face real-name verification process by removing unnecessary authentication methods.|
By analyzing the patterns of its application users, it offered services and products fit for their needs, which even included nonfinancial services, such as wine classes, leather workshops, and coffee courses. Combined, these initiatives enticed customers to engage with the bank’s product and eased how they can create new accounts. Since its launch, 9.6 million new customers were recorded and approximately 4.4 million products have been added in just over a year. Aside from improved sales and performance, the migration of bulky and manual banking transactions to a digital platform have created a satisfactory environment for both employees and customers.