(Shinhan Bank)
Shinhan Financial Group is set to launch a group-wide integrated one-app platform in June as it moves to strengthen its securities arm.
According to industry sources Wednesday, Shinhan Financial plans to phase out individual affiliate apps as early as next year following the June 17 launch of Shinhan Super SOL. The move would make Shinhan Financial Group the first Korean financial holding company to fully adopt a single-app strategy spanning banking, cards, securities and insurance.
Shinhan previously operated a super app, but customers were still routed to separate apps for banking, cards, securities and life insurance, limiting cross-selling and integration.
Under the revamped strategy, all group financial services will be accessible through a single platform. Shinhan expects the unified app to consolidate monthly active users and expand cross-selling across affiliates.
“Shinhan Card Co. has nearly 10 million monthly active users, but only about half also use Shinhan Bank, while Shinhan Securities has just 1.9 million users, underscoring weak inter-affiliate synergy,” said an official from Shinhan Financial. “The one-app strategy is aimed at closing that gap.”
Shinhan also sees the recent rally in the Korean stock market as an opportunity to expand its brokerage business.
Shinhan Securities Co., long overshadowed by the group’s other nonbank affiliates, posted net profit of 288.4 billion won ($192.5 million) in the first quarter, surpassing Shinhan Card Co. and Shinhan Life Insurance Co. Even so, it still ranks only around eighth or ninth among domestic brokerages.
As part of the new platform strategy, Shinhan plans to roll out the SOL Link Account, a bank account that can also be used for stock trading, insurance premium payments and card settlements. Customers using the account through the Super SOL app will receive benefits including a temporary exemption from securities transaction taxes through year-end and the ability to use reward points for stock investments and insurance purchases. Opening the account will also grant reward points worth between 3,000 won and 1 million won.
Shinhan also plans to integrate nonfinancial services into the platform, including food delivery, academic services, and content tied to the Korean professional baseball league. For example, Shinhan plans to offer coupons and discounts to encourage users of the Ddangyo food delivery app to place orders through Super SOL instead of the standalone service.
Other major Korean financial groups are also pushing to strengthen weaker securities businesses.
KB Financial Group launched the KB able Plus Account with KB Securities Co., while Hana Financial Group has introduced collaborative products such as overseas stock and foreign currency accounts.
Woori Investment Securities Co. under Woori Financial Group has opened a combined banking and brokerage branch in Yeouido, Seoul’s financial district.
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