KB Financial Group said on the 2nd that it signed a strategic memorandum of understanding (MOU) with Hyundai Department Store Group to build a cooperation model for customer experience innovation and finance-retail synergy.
According to KB Financial Group, the signing ceremony was held on the 31st in Apgujeong-dong, Gangnam-gu, Seoul, at the premium comprehensive wealth management center KB Gold & Wise The First Apgujeong. It was attended by KB Financial Group Chairman Yang Jong-hee, KB Kookmin Bank Retail Banking Group Vice President Park Byung-gon, Hyundai G.F Holdings President Jang Ho-jin, and Hyundai Department Store President Jung Ji-young.
KB Financial Group and Hyundai Department Store will use this MOU to pursue practical collaboration centered on customer value, including: ▲ expanding the customer base and strengthening customer touchpoints ▲ launching co-branded products and services ▲ ESG (environment, social, and governance)-based social contribution cooperation. They plan to offer customers a more advanced experience of managing both asset and lifestyle by combining premium brand values that span finance and retail.
They will introduce products and services that enhance customer convenience and satisfaction in various areas, such as co-branded products including dedicated deposit accounts that combine Hyundai Department Store's shopping benefits with KB Financial Group's high-interest benefits, easy payment services using KB Financial Group platforms such as KB Star Banking, and a joint points-linkage service between the two companies.
They will also strengthen premium customer benefits with dedicated programs and preferred services for top-tier customers. KB Financial Group will offer financial services for Hyundai Department Store's top-tier customers through the premium comprehensive wealth management center KB Gold & Wise The First. When KB Gold & Wise The First customers use Hyundai Department Store, Hyundai Department Store will provide shopping services and benefits, including accompaniment by a personal shopper.
In addition, to support the growth of outstanding small business owners, KB Financial Group will work with the Ministry of SMEs and Startups to review operating pop-up stores using Hyundai Department Store Group's distribution and sales channels. For small business owners that have stores inside Hyundai Department Store, it will also prepare financial support solutions to ease management burdens, such as supply chain finance based on department store sales. Through this, the plan is to create sustainable social value based on co-growth with small business owners.