"Regain a Stable Image" From 'Bank Face' Idol to Actor Again

Shinhan Bank model actor Jo Seung-woo

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[Asia Economy Reporter Kim Min-young] The 'face' of bank advertisements is shifting from idol groups back to actors. Banks that had hired idols as models to target younger audiences in an effort to break away from a conservative image are now turning to figures who can provide stability and trust.

According to the banking sector on the 5th, Shinhan Bank recently selected actor Jo Seung-woo as its advertising model to pursue an image transformation.

Shinhan Bank stated, "We judged that Jo Seung-woo's career and sincerity in acting, who has satisfied audiences by presenting his own style and character in each role, are suitable for conveying Shinhan Bank's 'sincerity' to customers."

Currently, the advertising model for NongHyup Bank is actor Jung Hae-in. At Hana Bank, actor Kim Soo-hyun and soccer player Son Heung-min are active as models.

Until the mid-2010s, most bank advertising models were actors. Hana Bank's Ahn Sung-ki and Industrial Bank of Korea's Cha In-pyo and Lee Jung-jae are representative long-term models.

This trend changed with the emergence of internet-only banks. To target the 10-20 age group, they began consecutively hiring popular idol groups.

In particular, when KB Kookmin Bank reaped significant global marketing benefits through BTS (Bangtan Sonyeondan), other banks also began hiring idols as models one after another. In 2018, Shinhan Bank hired the boy group 'Wanna One,' formed from the survival program Produce 101, to promote its newly launched mobile application SOL. Woori Bank signed an advertising model contract with the girl group 'BLACKPINK' last year.

NongHyup Bank Model Jung Hae-in

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Hana Bank also hired rapper Kim Ha-on, a contestant from the teenage hip-hop competition program High School Rapper, and presented a hip-hop concept advertisement.

The turning point for banks changing their minds was the derivative-linked fund (DLF) and Lime and Optimus private equity fund incidents. Due to large-scale principal losses and redemption suspensions causing customer damage, banks concluded that they must restore trust through a stable image, even if conservative. A bank official said, "Banks operate based on customers' trust, so it is time to appeal to customers again by employing advertising models with a stable image."

There is also concern that, given the large number of members in idol groups, if even a few are involved in scandals, it could damage the bank's image. Another bank official said, "If an idol causes a scandal, the advertiser's image also suffers. With actors, only one person needs to be verified, so the risk is lower."

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