[Weekly Savings Bank] Support for COVID-19 Medical Staff and Consumer Interest in 7% Savings Accounts Up

[Asia Economy Reporter Minyoung Kim] The savings bank industry has stepped forward to support medical staff fighting on the front lines against the novel coronavirus infection (COVID-19). Additionally, they have introduced a rare unconditional 7% annual savings product that is gaining word-of-mouth popularity among financial consumers.

◆ Korea Federation of Savings Banks joins the ‘#ThanksChallenge’

On the 2nd, Park Jaesik, chairman of the Korea Federation of Savings Banks, along with executives and employees, participated in the ‘#ThanksChallenge’ to express gratitude to medical personnel dedicated to overcoming COVID-19.

The Thanks Challenge is a campaign initiated by the Central Disaster and Safety Countermeasures Headquarters on April 16 to encourage medical staff working hard to overcome COVID-19. It involves expressing respect and gratitude to medical personnel through sign language and nominating the next participant in a relay format.

Chairman Park said, “We thank the medical staff who are devoted to overcoming COVID-19, and the industry is also practicing social distancing to quickly overcome the COVID situation.”

The industry has provided a total of 347.1 billion KRW in COVID financial support, including new loans, maturity extensions, and principal repayment deferrals for small business owners and individual entrepreneurs.

◆ SangSangIn Savings Bank’s 7% Savings Account ‘Popular’

SangSangIn Savings Bank’s 7% annual savings account, launched to commemorate the release of its digital financial platform app ‘BangBangBang,’ is gaining popularity.

The BangBangBang app is SangSangIn Savings Bank’s first comprehensive digital financial platform, named after the first syllables of ‘BankBankBank’ to make it easy for customers to remember and pronounce. Using this app, customers can open deposit and withdrawal accounts anytime, 24/7, through non-face-to-face real-name verification. The app also offers services such as automatic loans without phone calls, account and loan management, and instant transfers. Transfer fees are free.

The ‘BangBangBang 777 Regular Savings’ product, launched to celebrate the app release, offers a 7% interest rate to the first customers without any conditions. Up to 777 customers can join on a first-come, first-served basis every day from 10 a.m. until the 31st, and it has been sold out each time. The monthly deposit limit for this product is up to 200,000 KRW, and the subscription period is 12 months.

Kim Young-pyo, CEO of Shinhan Savings Bank

◆ No.1 Quality Savings Bank… ‘Shinhan’

Shinhan Savings Bank announced that it ranked first in the savings bank category for six consecutive years in the ‘2020 Korea Service Quality Index (KS-SQI) Evaluation’ hosted by the Korea Standards Association.

The Korea Service Quality Index is a service quality evaluation model jointly developed by the Korea Standards Association and Seoul National University Business Research Institute, reflecting the characteristics of domestic service industries and consumers.

Shinhan Savings Bank was highly evaluated for enhancing customer convenience by providing differentiated digital-based financial services and improving customer satisfaction by strengthening customer-centric processes, earning the honor of first place for six consecutive years.

Kim Youngpyo, CEO of Shinhan Savings Bank, said, “We will strive to become a leading financial institution for ordinary citizens by providing differentiated financial services.”

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