"Conduct 50 Types of Banking Services at Convenience Stores" CU and Hana Bank Open First 'Commercially Branded Convenience Store'

'CU Machon Park Branch × Hana Bank' exterior.

Seoul Songpa-gu CU Macheon Park Branch Renovated…Smart Self Zone Established
Approximately 50 Services Available from Deposits and Withdrawals to Check Card Issuance
"Positioning as a Core Lifestyle Platform in the O2O Financial Era"

[Asia Economy Reporter Kim Yuri] BGF Retail announced that the industry's first Private Label Convenience Store (PLCS), 'CU Macheon Park Branch × Hana Bank,' opened on the 12th.

Last month, BGF Retail signed a business agreement with Hana Bank to jointly promote the establishment of a future-oriented innovative channel and digital new business, joining hands to co-develop the Private Label Convenience Store. The Private Label Convenience Store concept borrows from the idea of Private Label Credit Cards (PLCC), which are credit cards specialized with benefits through collaboration with specific brands or companies. CU explained, "It is a new collaboration model that goes beyond simple space sharing to mutually combine brand services and content."

'CU Macheon Park Branch × Hana Bank' was created by renovating the CU Macheon Park Branch in Songpa-gu, Seoul. The store is located in an area within a 500m radius where there are no bank branches or automated banking corners, including Hana Bank, so the company expects that the convenience of service use for customers who had difficulties with offline financial services will improve.

Through this renovation, about 40㎡ (approximately 12 pyeong) of the 165㎡ (about 50 pyeong) interior space of CU Macheon Park Branch was transformed into Hana Bank’s Smart Self Zone.

Here, one Smart Teller Machine (STM), a comprehensive financial device capable of about 50 banking services, and one Cash Dispenser (CD) are installed. The STM allows not only basic services available at general ATMs such as deposits, withdrawals, and passbook updates but also financial services that previously required visiting a branch, such as account opening, passbook reissuance, check card and security card (OTP) issuance through video consultation and biometric authentication. Except for some services requiring connection to a consultant, Hana Bank’s Smart Self Zone is available 24 hours a day, and the service fees are at the same level as those charged at general bank ATM corners or branches.

The model is introducing the facility at 'CU Macheon Park Branch × Hana Bank'.

The signboard of 'CU Macheon Park Branch × Hana Bank' was designed by combining CU’s BI color and Hana Bank’s CI color. This is the first time CU has displayed the name of a partner brand on the front of a store signboard. The interior design also differentiates itself from typical bank automated corners by creating a comfortable service environment pursued by Hana Bank, including installing rest facilities for customers and creating a mini garden.

BGF Retail offers various synergistic events, such as additional discounts and CU membership point accumulation benefits when purchasing products with the Hana Card issued at this store. The two companies plan to continue tangible and intangible collaborations to establish themselves as a core platform in the online-to-offline (O2O) financial era by opening additional offline partner stores with Hana Bank and considering the entry of CU unmanned stores within Hana Bank branches.

Song Jitaek, Head of Innovation Division at BGF Retail, said, "This is the first start of an innovative PLCS that goes beyond the simple concept of space rental in a shop-in-shop format to combine services and content," adding, "We will continue to leverage each other's capabilities to build an innovative, life-oriented financial infrastructure."

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