[Financial One-App Strategy] Customers Are App-Rich... Far from 'One-Stop', Still in App Hell

Only 77 Financial Apps Operated by the Top 5 Financial Groups

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[Asia Economy Reporter Sunmi Park] "Dear customer, to trade stocks, you must first access the securities application (app) once and register additional information. Would you like to launch the app?" Kang Jin-young (40), who recently opened a linked bank-securities account, became a new app user after hearing that securities trading was also possible through the bank application (app). However, to trade stocks via the bank app, she had to go through the process of separately installing the securities company app. As a result, two apps were added to the five already installed in Kang’s smartphone finance app category.

The banks’ ‘one-app’ strategy, which aims to handle multiple financial sector tasks through a single mobile app, is currently at a standstill. Although efforts are underway to consolidate functions scattered across dozens of apps into one integrated financial platform, accessibility remains poor and consumer inconvenience continues. Recently, financial authorities promised to ease regulations related to bank apps, but due to gaps between affiliates and security issues, it is expected to be difficult to develop apps as fast and lightweight as those of big tech (large information technology companies) and fintech (finance + technology) firms.

According to the financial sector on the 30th, five financial groups?KB, Shinhan, Hana, Woori, and NH Nonghyup?operate a total of 77 financial apps deemed effective. KB and Shinhan each offer the most, with 21 apps. Hana Financial operates 11, while Woori and NH Nonghyup run 10 and 14 mobile platforms, respectively.

The sector with the most apps is banking, which holds a significant share within financial groups. KB Financial operates the bank’s main integrated app ‘KB Star Banking,’ but also provides seven other apps including ▲KB Star Notification ▲Liiv Next ▲Liiv Smart ▲KB Star Corporate Banking ▲KB Real Estate ▲KB My Money. Similarly, Shinhan Financial runs seven bank apps including the main app ‘SOL,’ ▲Shinhan S Bank Mini ▲SOL Alimi ▲SOL Biz Shinhan Corporate Bank ▲SOL Global, and two apps related to its affiliate Jeju Bank.

Financial groups have been working for several years to create a ‘smart flagship app’ that integrates affiliate services to respond to competition from big tech and fintech and to prevent the outflow of MZ (Millennial + Generation Z) customers. However, as more apps related to various financial services were added, consumer inconvenience increased. Many apps were infrequently used and often neglected, mixed in with existing apps.

For example, with KB Financial’s flagship app KB Star Banking alone, users can access services from six group affiliates without installing separate apps. The problem is that the actual available services are limited. Customers without a KB Securities account must install a separate securities app that supports non-face-to-face account opening to create a new securities account through KB Star Banking.

Financial companies cite regulatory barriers as the reason why the one-app strategy is difficult. A financial sector official explained, “There have been many legal restrictions such as the Financial Holding Companies Act, the Capital Markets Act, and the Financial Consumer Protection Act, which strictly regulate customer information sharing among group companies.”

In contrast, big tech and fintech companies offer all services through a single super app. They include banking, securities, insurance, payments, and other services as functions within one financial app, eliminating the need to install multiple apps from the start and causing a sensation. For example, Toss aimed from its launch to allow users to access all financial services provided by Toss through a single app.

As a single financial platform, Toss allows users to access affiliate services such as Toss Securities and Toss Bank all within one app, in addition to existing Toss services. This approach differs from financial groups that create multiple apps per company and then undergo integration processes for overlapping parts. A Toss representative explained, "A true one-app strategy means that when customers need financial services, they don’t have to go through a difficult and complicated app search or worry; they can solve everything by entering just one app."

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