The Era of 10 Million Banking App Users... Which of the Four Major Banks Will Win the 'Super-App' Race?

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The banking apps of major commercial banks have entered an era where monthly active users (MAU) exceed 10 million. Among the four major commercial banks, KB Kookmin Bank is leading the pack, approaching 15 million users, while Shinhan Bank has also surpassed 10 million, closely trailing behind. As the competitiveness of financial apps becomes increasingly important, banks are fiercely competing to develop 'super apps' by integrating a variety of daily life services into their banking apps.

According to third-quarter earnings reports released by each bank on November 5, KB Kookmin Bank's "KB Star Banking" app recorded 13.789 million MAU, putting it on the verge of reaching 15 million. Unlike the number of subscribers, MAU is a key indicator of actual usage and is an important metric for assessing platform competitiveness. Shinhan Bank's "Shinhan SOL Bank" app also surpassed 10 million, with 10.16 million MAU. Although Woori Bank and Hana Bank did not disclose their figures, estimates from Mobile Index suggest that "Woori WON Banking" and "Hana One Q" have MAU of approximately 7.13 million and 6.41 million, respectively.

KB Kookmin Bank has achieved the top spot in MAU by integrating services closely related to daily life into its app. One of the core features of KB Star Banking, "Kookmin Wallet," offers a mobile ID verification service, with 9.38 million subscribers as of the end of October. The KB Star Banking app allows users to check airport boarding procedures and even view congestion levels at Incheon Airport. At hospitals, users can present this app instead of an ID card to receive medical services.

Shinhan Bank's "Shinhan SOL Bank" app has attracted industry attention by integrating the delivery service "Ttaenggyeoyo," a rare move in the financial sector. Although "Ttaenggyeoyo" was initially considered an underdog, it secured 6.5 million customers, 270,000 partner stores, and a total order value of 339.7 billion won as of the third quarter of this year. In addition, Shinhan Bank recently launched the "Arcade Installment Savings" program, which offers preferential interest rates to users who participate in missions within the Shinhan SOL Bank app, further increasing the time users spend on the app.

Hana Bank also operates the "Hana One Q" super app, which integrates major services from Hana Financial Group affiliates, including cards, securities, capital, savings banks, and insurance. Through its next-generation IT system project, "Project FIRST," Hana Bank plans to rebuild Hana One Q by next year. The goal is to implement a customized structure that classifies customer transaction types, allowing users to quickly access their preferred services.

Woori Bank's "Woori WON Banking" was relaunched last year as a super app encompassing core services from all Woori Financial Group affiliates. Woori WON Banking has incorporated a mobile trading system (MTS) for stock trading, and the bank is currently working to introduce Q-Bank and a global QR payment service.

The financial sector's focus on app competition is closely tied to long-term customer acquisition. As physical branches gradually disappear, conducting business through apps has become as important as face-to-face channels. Significant cost savings have also been reported. In fact, Shinhan Financial Group explained that, by reducing branch operation costs through its financial apps, it achieved cost savings of 484 billion won as of the third quarter.

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As banking apps have reached a certain level of success, competition among banks has evolved from simply increasing subscriber numbers to boosting MAU and user engagement time. An official from a financial holding company stated, "When users spend more time on the app, they are exposed to a wider range of products and are more likely to sign up. In the past, we focused only on physical branches, but now both branches and apps are equally important."

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