Shinhan Bank Intensifies Efforts to Expand Super SOL Customer Base

Shinhan Bank is mobilizing its branch staff to expand the customer base for its integrated platform, Super SOL. This effort comes as online financial transactions are rapidly increasing, with the bank aiming to secure a competitive edge in digital finance by attracting app users. However, there are concerns that the individual membership targets set for employees may increase pressure on the sales front.

According to the financial sector on July 1, Shinhan Bank has instructed retail branch employees to secure approximately 84 memberships each, while financial center staff are tasked with acquiring about 140 memberships each.

Recently, Shinhan Financial Group revamped Super SOL to allow customers to access banking, securities, credit card, and insurance services all in one place. As competition intensifies between financial institutions and fintech companies, the group appears to be making a concerted effort to attract initial users. Shinhan Financial aims to increase the monthly active users (MAU) of Super SOL to 13 million.

The bank's focus on the all-in-one app is driven by the desire to increase customer engagement time, thereby boosting both interest and non-interest income. With a significant portion of major financial transactions, such as household loans, already conducted online, the mobile app is becoming a key platform for revenue growth rather than just a transaction channel. As the user base grows, there is also potential for increased revenue from advertising, affiliate services, and asset management product sales.

The push to expand the super app reflects Shinhan Financial's strategy to leverage its competitive advantage in profitability into the digital platform arena. In the first quarter of this year, Shinhan Bank surpassed KB Kookmin Bank to claim the leading bank position. The bank aims to solidify its leading status by extending this momentum into the online channel competition. However, in the platform competition, KB Financial still holds an advantage, with its MAU reaching 33.83 million in the first quarter, compared to Shinhan Financial's 28.58 million. Kakao Bank, an internet-only bank, has also surpassed 20 million MAU, posing a threat to traditional banks.

Shinhan Financial's early momentum in the integrated super app competition is considered a strength, as it allows customers to access banking, credit card, securities, and insurance services from a single app, catering to the demand for convenience. The recent stock market boom has also increased the number of customers using securities services, presenting an opportunity for new customer acquisition.

Other banks are also revamping their existing mobile apps to enhance usability. However, consolidating all services into one app can lead to larger app sizes and slower speeds due to the increased number of features. As a result, some financial groups are opting to maintain separate apps for their subsidiaries while linking core services.

KB Kookmin Bank integrates frequently used essential financial services through its main app, KB Star Banking, which connects card, securities, insurance, and asset management services. Hana Financial Group revamped its existing app to New Hana OneQ in February, enhancing user-centric personalized services and asset management features. Woori Financial Group's Woori WON Banking app now allows users to open CMA accounts with Woori Investment & Securities and access budget mobile services.

A financial industry official stated, "The competition among financial apps is not just about accumulating subscribers; it’s about who can secure higher usage frequency and engagement time. For the super app strategy to succeed, it must be backed by competitive services that keep customers using the app even after initial sign-ups."