Gwangju Bank Launches Non-Face-to-Face Exclusive 'Group Service' & 'Group Savings'

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Gwangju Bank announced on the 20th that it has launched ‘Group Service’ and ‘Group Savings’ that can be easily managed and subscribed to through Smart Banking (APP).

‘Group Service’ is applied for through the group leader’s deposit and withdrawal account using Smart Banking. After establishing the group, members can be invited to check account inquiries and membership fee management details together with group members. Functions such as sending membership fee request notifications and modifying the payer’s name help manage group funds safely and conveniently.

In particular, the ‘Group Lounge’ menu provides a screen where the group status and schedule can be checked at a glance, offering convenience in managing group activities.

‘Group Service’ allows participation as a group member simply by signing up for Gwangju Bank Smart Banking, even without having a Gwangju Bank account.

‘Group Savings’ is a group-specialized product that allows ‘Group Service,’ which was only available for deposit and withdrawal accounts, to be applied to savings accounts as well. When opening a new savings account, subscribing to ‘Group Service’ together enables the use of membership fee inquiry and management as well as the ‘Group Lounge’ service.

Up to 3 accounts per person can be subscribed on a one-year basis, with monthly deposits possible from a minimum of 10,000 KRW to a maximum of 5 million KRW. In case of urgent group expenses, partial withdrawal functions can be used without early termination.

‘Group Savings’ offers a basic interest rate of 3% per annum, and with an event preferential interest rate of 0.2%p per annum applied, the highest interest rate can reach 3.2% per annum.

A launch event will be held until July 31 next year, providing a preferential interest rate of 0.2%p per annum if the product is subscribed to during the event period and if the group service is used with at least one group member as of the end of the month two months before maturity.

The biggest advantage of ‘Group Savings’ is that unlike most existing group services which mainly provide services for deposit and withdrawal accounts, it applies ‘Group Service’ to savings accounts, meeting the needs for group management and lump-sum fund accumulation. Additionally, it enhances customer convenience by allowing non-face-to-face subscription through Smart Banking without visiting the bank.

Kim Hoon, Head of Digital Strategy Department, said, “As non-face-to-face meetings increase and the need for convenience in managing group membership fees is reflected, we have implemented ‘Group Service’ and launched ‘Group Savings,’ which is perfect for collecting lump-sum funds such as group travel expenses and parents’ 60th birthday costs. We ask for much interest in this product that enables transparent fund management and information sharing.” He added, “We will do our best to develop various products and services that reflect customers’ lifestyles and financial trends in line with the rapidly changing financial environment through digital innovation.”

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