Savings Banks Seeking Breakthrough on YouTube Amid TV Advertising Regulations

Ban on TV Ads During Key Industry Time Slots
Prohibited Expressions Like Easy Loans, Bundles of Cash
Marketing Expands on Unregulated YouTube

[Asia Economy Reporter Kim Min-young] Savings banks are putting great effort into YouTube marketing. Instead of TV advertisements, which are restricted in terms of advertising phrases and timing, they are finding a breakthrough on YouTube. It is also evaluated as effective in targeting the 2030 generation, who watch a lot of YouTube.

According to the industry on the 2nd, savings banks currently cannot run TV advertisements from 7 a.m. to 9 a.m. and from 1 p.m. to 10 p.m. on weekdays, according to the advertising review regulations of the Korea Federation of Savings Banks. They are also prohibited from advertising between 7 a.m. and 10 p.m. on weekends and holidays, times when children and adolescents can watch. This was triggered by the passage of an amendment to the Loan Business Act by the National Assembly's Political Affairs Committee in 2015, which restricted broadcast advertisements by loan businesses and included a supplementary opinion to prepare regulatory measures for broadcast advertisements for savings banks as well.

Expressions such as "easy and convenient" loans via mobile phones or the internet are also prohibited. Additionally, singing advertisements with short repetitive choruses like "hook songs" is banned.

This is why savings banks are turning their attention to YouTube. An industry insider said, "YouTube is less regulated than TV advertisements and has the advantage of communicating with customers through content that reflects the company's characteristics," adding, "It is advantageous for securing customers in their 20s and 30s by breaking away from the traditional stiff image and adopting a friendly image."

The most active is SBI Savings Bank. This savings bank attracted attention by presenting "Savings Songs," which are popular songs rewritten with a newtro (a neologism combining new and retro) sensibility. For example, singer Hye-eun Lee's "The Third Hangang Bridge" was changed to "The Salary Flows Away," and "You Wouldn't Know" was changed to "You Will Save." In particular, the video "You Will Save" recorded 6.62 million views. By rewriting popular songs from the past to fit the company's image, it evokes nostalgia among middle-aged and older generations and stimulates curiosity among younger generations, securing customer contact points across various age groups. SBI Savings Bank won the silver prize at the Korea Advertising Awards last year for this advertisement.

Welcome Savings Bank created a YouTube channel called "Welcome to Jjantech" in April last year and is producing content. The series featuring broadcaster Cheon Myung-hoon, a "finance beginner," studying finance and improving his skills, and a video of visually impaired marathoner Han Dong-ho running a marathon alone wearing a specially made wearable device, received great attention from young people. The channel gathered 61,700 subscribers in less than a year since its launch.

J Trust Group, which includes JT Savings Bank and JT Chin-ae Savings Bank as affiliates, is actively marketing pet dogs through its YouTube channel. Using the group's pet dog character "Jjeompi," they are establishing a familiar image among customers in their teens to 30s. Also, the video of the popular pet dog contest "JT Wangwang Contest" received a good response from dog lovers.

This content was produced with the assistance of AI translation services.