Banks Accelerate 'Lifestyle Finance Platform'... Shinhan Bank Launches Delivery App 'Ttaenggyeoyo'

Woori Bank Launches Convenience Store Product Ordering and Delivery on 'Woori WON Banking'
NongHyup Bank Starts Flower Delivery Service 'AllOne Flower' on 'AllOne Bank'

[Asia Economy Reporter Kwangho Lee] Major commercial banks are stepping out of traditional financial services and entering the lifestyle service market. This move is interpreted as an effort to enter key businesses of big tech companies and complete a lifestyle finance platform.

According to the financial sector on the 19th, Shinhan Bank plans to launch its independent food delivery service application (app) 'Ttaenggyeoyo' on the 22nd and enter beta service. The full service will begin next month.

This service will not be added as an auxiliary service within the mobile banking app 'Shinhan SOL,' but will operate through a separate standalone app. This signifies Shinhan Bank's full-scale entry into the food delivery service market.

Initially, the service will start focusing on five districts in Seoul including Gangnam, Seocho, and Songpa, and plans to expand the service area to cover all of Seoul and Gyeonggi Province with about 80,000 affiliated stores by the end of next year.

A Shinhan Bank official said, "The strengths are that there are no franchise store entry fees or advertising costs, and the brokerage fees are as low as those of public delivery apps," adding, "We can manage regular customers and promote sales through Shinhan Bank's marketing support funds."

Woori Bank is also introducing a service that allows ordering and delivery of convenience store products through its mobile banking app 'Woori WON Banking.'

In August, NH Nonghyup Bank launched the flower delivery payment service 'All One Flower' on its mobile banking app 'All One Bank.' Users can purchase and gift floral products such as bouquets, wreaths, and orchids from the Korea Flower Farmers' Cooperative using registered Nonghyup accounts and cards.

An official from a commercial bank said, "Banks are attempting to enter the lifestyle service platform market, but there are many constraints," and expressed, "To evolve into a comprehensive platform, regulatory relaxation such as data collection and utilization is necessary."

In this regard, the banking sector is paying attention to recent remarks by the Financial Services Commission chairman. On the 15th, Financial Services Commission Chairman Ko Seung-beom said at the 'Financial Platform Innovation Activation' meeting, "We will seek reasonable alternatives to actively support not only the digital financial transformation of existing financial companies but also efforts to provide lifestyle financial services."

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