Due to the Impact of COVID-19, Financial Sector's May 'Family Month' Events Missing

On the 29th, ahead of the golden holiday weekend, the domestic terminal at Gimpo Airport in Gangseo-gu, Seoul, is bustling with passengers. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Jo Gang-wook] The usual 'Family Month' events held by commercial banks and card companies in May have disappeared this year. This is interpreted as a decision that marketing efforts to attract family customers, as in previous years, do not align with the ongoing 'social distancing' measures due to the impact of the novel coronavirus disease (COVID-19).

According to the financial sector on the 1st, except for promotions aimed at increasing subscriptions to their financial products or card usage, on-site participation events have been drastically reduced compared to previous years. In particular, most banks are conducting events in formats other than traditional Family Month marketing.

Shinhan Bank has launched the mobile platform 'SOL Gifting Service,' which allows users to give and receive financial products as gifts, and is running an event until the end of this month.

Woori Bank is conducting the 'Internet Banking Woori Open Banking Launch Commemorative Event' until the 30th of next month, following the expansion of its open banking service to internet banking.

SC First Bank is offering Starbucks gifticons to customers who subscribe to funds via its mobile banking app and enter the event until the end of next month.

KB Kookmin Bank, in partnership with Coupang, is running the 'iPhone SE Launch Commemorative Liiv M LTE Unlimited Up to 3 Months Free' event until the 29th of this month.

However, KB Kookmin Bank's 'KB Lifetime Love Concert' is unlikely to be held this year during Family Month. The KB Lifetime Love Concert is a large-scale customer invitation cultural event representing KB Kookmin Bank, named 'Lifetime Love' to express gratitude to excellent customers, and has been held annually since 2006.

Among major commercial banks, NongHyup Bank is a representative institution conducting Family Month events in May. NongHyup Bank is offering prizes to a total of 300 customers in three rounds who subscribe to savings and deposit products (excluding demand deposits) or newly execute loans via NH Smart Banking, All One Bank, or NongHyup Internet Banking and enter the event.

In the card industry, May is considered a major marketing season following the Lunar New Year and Chuseok holidays. This is because demand for gifts increases around Children's Day and Parents' Day, leading to more spending. For card companies, it is an opportunity to increase card payment amounts.

However, this year, card companies' Family Month events have significantly decreased compared to previous years. Normally, various events targeting consumers purchasing gifts at large marts and department stores, as well as competitive discounts on airline tickets and hotels aimed at overseas travel demand, would follow, but only minimal marketing has been launched.

Lotte Card is conducting events that provide gift certificates when using Lotte Card at Lotte Department Store, Lotte Super Mall, and other locations. Additionally, it is running an event for overseas direct purchase customers throughout May.

A financial sector official said, "Due to the impact of COVID-19, Family Month events have been scaled down or changed compared to previous years," adding, "Considering the ongoing social distancing, all family customer invitation events have been canceled."

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