"Halmi Spent Pocket Money"... Senior Customers Rejoice Over Simplified Bank App (Comprehensive)

Mobile Banking App Revamped to Suit Senior Customer Characteristics
Active Promotion of Senior-Specific Products and Educational Activities

[Asia Economy Reporter Jin-ho Kim] Self-employed Park Kyung-sook (67, pseudonym) has recently become deeply engrossed in using mobile banking. Through mobile banking, she signed up for a savings account offering preferential interest rates and sent pocket money to her grandson with just a few taps. After insisting on using only telebanking for over 20 years, Park started using mobile banking thanks to an application (app) screen specialized for senior customers. The large font and the collection of frequently used functions allowed her to use mobile banking, which had previously felt difficult.

Major commercial banks have rolled up their sleeves to reduce the ‘financial exclusion’ phenomenon among senior customers caused by rapid digitalization. This is interpreted as part of efforts to minimize the ‘digital divide’ between younger and older generations.

According to the financial sector on the 3rd, Woori Bank revamped the main screen of its mobile banking app, Woori Won Banking, this month, considering the characteristics of senior customers. First, the existing main screen was judged to be difficult for senior customers to use due to the scattered various functions, so the screen layout was simplified as much as possible. Only the most frequently used functions by senior customers, such as account inquiry and instant transfer, were placed prominently. Additionally, an important financial schedule notification feature was provided to improve accessibility for senior customers who have difficulty using mobile banking.

Other banks are also devising various measures to enhance convenience for senior customers. Busan Bank is conducting a ‘Mobile Experience in Daily Life Campaign’ for senior customers aged 65 and older in preparation for the ‘With Corona’ era. They provide booklets that guide senior customers visiting branches on how to easily use mobile banking for card loss and reissuance, various utility bill payments, and more.

Gwangju Bank launched a senior customer-specialized product called the ‘Burning Youth Veteran Card.’ It features benefits that help middle-aged and older customers save on medical expenses at hospitals, pharmacies, and other places with high demand.

Internet-only banks without branches are also operating support measures for senior customers. Kakao Bank runs a dedicated call center exclusively for senior customers aged 65 and older. Considering special situations such as inheritance, they have also set up a face-to-face counter at the customer center located at Seoul Station.

The banking sector’s provision of various products and services to improve convenience for senior customers is analyzed as a measure taken in consideration of concerns that these customers might be pushed into blind spots amid the acceleration of digital finance. Senior customers unfamiliar with digital environments are increasingly excluded from so-called financial benefits such as special promotions on deposits and savings through mobile banking. According to data from the Financial Supervisory Service, the proportion of non-face-to-face deposit subscriptions at the five major commercial banks is 86.7% for those in their 30s, while only 19.1% for those aged 60 and above.

A financial sector official said, "With rapid digitalization, branch closures are also progressing quickly, so various protection measures for senior customers are urgently needed," adding, "For this, the banking sector needs to take a more active approach in developing senior-exclusive apps and financial products."

Meanwhile, Jeong Eun-bo, Governor of the Financial Supervisory Service, urged efforts to protect financial consumers, including senior customers, during a meeting with major financial holding company chairpersons on the same day. Governor Jeong requested, "Please discuss various measures to alleviate the inconvenience of financially vulnerable groups caused by the reduction of branches." According to Financial Supervisory Service statistics, the banking sector has reduced about 1,000 branches over the past five years.

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