Shinhan Financial Group last month launched Shinhan Super SOL, a unified finance application (app) that combines the services it had offered separately (banking, cards, securities, insurance), but critics say it is "integration in name only" because most of the existing apps can still be used as they are. Super SOL was created by overhauling the existing Shinhan SOL Bank, and the existing card, securities, and insurance apps are still in operation.
Among users, some say, "If they're going to keep all the existing apps anyway, I don't know why they launched Super SOL." Others voice complaints such as, "I'm disappointed that some detailed features, like color-coding deposits and withdrawals that existed in SOL Bank, have disappeared," and "It's hard to find the 'Hey Young Money Box (Shinhan Bank flexible high-yield savings accounts)' that I used frequently."
A Shinhan Card official said, "We are keeping the existing apps out of consideration for customers who use only Shinhan for cards but use other companies for insurance or securities." The official added, "Ultimately, we will consolidate into Super SOL alone, but there are no immediate plans to do so."
Other financial groups are also facing difficulties as they integrate the apps of multiple affiliates. They need to retain the essential functions of the separately operated affiliate apps while removing some features so the app does not become overly complex.
Recently, Samsung also drew customer backlash over ending services for and integrating its existing individual apps. Samsung is continuing to update its unified finance app Monimo, but complaints persist from users asking to bring back the previous Samsung Card app, which was faster and more intuitive.
A finance industry official said, "When combining multiple apps into one, you inevitably have to pare back detailed functions for speed and convenience, and the heavier users and loyal customers of the existing apps tend to be more dissatisfied." The official added, "It will also take time to decide which affiliate will have a larger presence within the integrated app."