"Got Starbucks Coffee for Free"... Bank App Becomes a 'Jjantech Platform'

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Various events offered by the four major banks. From the top left corner clockwise: KB Kookmin, Shinhan, Hana, Woori Bank.

[Asia Economy Reporter Song Seung-seop] Ms. Kim Seon-ah (38, pseudonym), who lives in Gwanak-gu, Seoul, these days turns on her phone every day and opens the Woori Card application (app). This is because if you spin the roulette on the Woori Card app by the end of this month, you receive a small prize. After repeatedly hitting blanks, Ms. Kim won a Binggrae banana-flavored milk. She said, “It seems like the coupon will be given next month, but I’m happy to save a little money to use for my child’s snacks.”

Ms. Lee Ji-yeon (41, pseudonym), who lives in Goyang-si, Gyeonggi-do, signed up for KB Kookmin Bank’s ‘Jjakgung Account’ with her husband. The reason was the prizes received through the Jjakgung Account. If you achieve a certain level of average monthly balance or card usage performance, you can get an 8,000 won coupon for GS25 convenience store or two Starbucks Americanos. Ms. Lee said, “Even without much effort, I achieve it about once a year,” adding, “Prices are high these days, so getting two free cups of coffee is something.”

As living expenses have increased significantly due to high prices, bank platforms have become the main stage for the ‘Jjantech’ (frugal + investment) crowd. Occasionally, high-value items such as vehicles or expensive electronics are offered as prizes, and there are dozens of prize events with a 100% winning probability.

"Where is 10 won not worth it?"... Jjantech crowd trying to make money at banks

On the 9th, a financial investment community with about 300,000 users saw a surge of posts related to events run by banks. This contrasts with the past when people shared recommendations for high-interest savings or cheap loan methods. Most benefits received through events are low-priced products worth a few thousand won.

The Jjantech crowd quickly changes their main transaction accounts or cards to participate in events. Mr. A, who reissued a Samsung Card he had canceled long ago, boasted, “Thanks to this, I bought 16 packs of seaweed set for 100 won,” adding, “Since I went through a planner (card recruiter), I also got 130,000 won in cash.” When using the Samsung Card for shopping, you can buy one of the welcome special products (seaweed, detergent, bottled water) for 100 won.

Another characteristic of the Jjantech crowd is that they meticulously manage even amounts down to 10 won units regardless of the price range. They flocked to the ‘Click Accumulation’ event jointly held by Naver Pay and Welcome Savings Bank the day before. This event accumulated points on Naver Pay just by clicking a link at 10 a.m. The accumulated points were only 12 won, but as soon as the event started, a crowd gathered and it ended within 30 seconds.

The Jjantech crowd, who frequently use financial platforms, actively share various information. Some collect and summarize monthly bank events without missing any and share their features. Mr. B, who organizes bank events monthly in the community, said, “This month, there are many events related to housing subscription by bank,” adding, “Nonghyup always has many prizes, and although it requires effort, the benefits are among the best.”

Banks fighting for MAU... Over 100 events every month

The reason why the financial sector is particularly attracting the Jjantech crowd is the overwhelming number of events and prize quantities. As of this day, the four major banks?KB Kookmin, Shinhan, Hana, and Woori?are running more than 100 customer-targeted events. Shinhan Bank has the most with 38, KB Kookmin Bank and Hana Bank each have 26, and Woori Bank has 15. Financial institutions are virtually the only ones maintaining dozens of prize-giving events every month. Including internet-only banks, card companies, and other secondary financial institutions actively attracting customers, the number of events reaches hundreds.

The background behind banks’ focus on customer events is the so-called ‘MAU (Monthly Active Users).’ MAU refers to the number of customers who use a digital platform at least once a month. Banks are attempting to transform from traditional offline branch systems to ‘platform companies’ centered on financial apps. They are making efforts to attract customers by any means. Most of the 100 events by the four major banks require daily app access or achieving digital performance, which is why.

Major banks have already aggressively raised their MAU targets. KB Kookmin Bank’s ‘Star Banking’ aims for an MAU of 15 million by the end of this year, a 50% increase. Earlier this year, Cho Young-seo, head of KB Kookmin Bank’s DT Strategy Headquarters, said, “While product transaction services are important, ultimately it is also important to develop content that makes customers visit the app frequently, so we will drastically strengthen this part.”

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