[THE INVESTOR] Local banks are vying to lure young customers by putting major K-pop acts, including BTS and Wanna One, as the face of their marketing campaign.
KB Kookmin Bank is planning to introduce a debit card and savings product in collaboration with seven-member boy band BTS, which has been modeling for the bank’s advertisement campaign since January.
“We are preparing to unveil BTS debit cards and a savings product by end of June,” an official with the bank said. “We haven’t decided on the details, such as the terms and offers of the card. But the promotions will be geared to meet the needs of young customers, who are the main target.”
KB’s music video-like advertisement campaign featuring BTS has already clinched 7.89 million viewers on YouTube since its launch in March.
Meanwhile, Shinhan Bank chose the 11-member boy act Wanna One to lead its marketing campaign. In March the bank unveiled 12 different designs of its new debit card called “SOL Deep Dream,” with photos of each member and one with the whole group. The bank has issued more than 100,000 cards so far, and is especially popular among Wanna One fans. The bank also introduced “Wanna One” checking and savings bank accounts as well.
Wanna One debit card from Shinhan Bank
The state-run Industrial Bank of Korea partnered with Big Bang member G-Dragon in February, issuing a debit card that was designed by the singer. So far, the “GD Debit Card” has been issued to 70,000 customers.
Industry watchers say the leading banks are pouring money to work with popular K-pop acts to gain young customers. They won’t help the bank’s profit immediately but will become major users in the future.
Woori Bank last year changed its model from veteran comedian Yoo Jae-suk to singer-actor Park Hyung-sik of boy band ZE:A, in a move to appeal to younger consumers.
By Ahn Sung-mi (firstname.lastname@example.org)