Complete Privatization of Woori Financial Group, All-Out Effort to Capture the 'MZ Generation' (Comprehensive)

Promotion of MZ Generation Specialized Platform Construction... "Aiming for Daily Solution Service"
Subsidiary Woori Bank Actively Engages in 'eSports Marketing'

[Asia Economy Reporter Jin-ho Kim] "The future of Woori Financial Group depends on MZ generation (Millennials + Generation Z) customers." (Chairman Tae-seung Son · November 26 · Management-MZ Generation Employee Digital Innovation Committee)

Woori Financial has set its sights on the MZ generation. They have mobilized various means, from financial products to dedicated platforms, specifically targeting the MZ generation. In particular, Woori Financial is drawing attention by adopting a method of mutual communication with the MZ generation under the direct leadership of the CEO. This is interpreted as a strategy considering that it is not easy to capture the MZ generation with simple marketing methods.

According to the financial sector on the 30th, Woori Financial is promoting the construction of an ‘MZ-specialized platform.’ After practically succeeding in full privatization recently, Chairman Tae-seung Son personally ordered the construction of an MZ-specialized platform as the first project to secure future customers.

The platform actively reflects the trend that the MZ generation has a high interest in investing in various assets such as stocks, real estate, and virtual currencies. It plans to build a platform specialized in investment support in connection with Woori Financial’s future plans to expand its securities division. A Woori Financial official explained, "The goal is to provide everyday life solution services that the MZ generation can use anytime and anywhere as soon as they wake up."

In particular, Woori Financial intends to create the MZ-specialized platform in a creative way to differentiate it from existing financial platforms. It is reported that Chairman Son’s order to form a task force team (TFT) centered on MZ generation employees to create a model optimized for the MZ generation has been reflected. This is the result of a strong will to create a platform that the MZ generation can use constantly based on fresh ideas.

Woori Financial’s subsidiary, Woori Bank, is also actively working to capture the MZ generation. ‘eSports marketing’ is a representative example. It is characterized by incorporating ‘story and fun’ into financial products to attract the tastes of the MZ generation, who have strong individuality.

The ‘Woori LCK (League of Legends Champions Korea) Savings’ launched in June recently surpassed 17,000 accounts and 10 billion KRW in just over five months since its release. Considering the MZ generation’s preference for stocks or virtual currency investments over savings deposits amid a low-interest-rate environment, this is considered unusual.

This product allows young customers to choose and subscribe to one of the 10 LCK teams, which are overwhelmingly popular among young people. Depending on the performance of the chosen team, customers receive a preferential interest rate of up to 0.7 percentage points, and depending on the number of subscribers, up to 0.3 percentage points. The maximum interest rate is 2.0% per annum.

In fact, the proportion of MZ generation subscribers exceeds 80%, and the proportion of new customers among subscribers is also over 30%, which is significantly higher compared to other products. This means that a single financial product has attracted many MZ generation customers as new clients.

In addition to this savings product, Woori Bank is selling various specialized financial products targeting the MZ generation. The ‘Twenty-Year-Old Woori Regular Savings’ for young people aged 18 to 30 offers a high interest rate of up to 3.4% per annum. The ‘First Salary Woori Account,’ targeting young workers, provides various benefits such as fee discounts and credit loan interest rate discount coupons if salary transfer conditions are met.

Woori Financial’s efforts to capture the MZ generation reflect the limitations of existing financial strategies. It is analyzed that they intend to provide all financial services through a single platform like KakaoBank and actively appeal a flexible and youthful image to the MZ generation.

Chairman Son emphasized at the Digital Innovation Committee on the 26th, "By 2030, 60% of the working-age population will be the MZ generation," and added, "Let’s create a new digital future unique to Woori Financial and become a game changer."

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