Financial companies are rolling out a string of benefits tied to affiliate performance to increase users of their integrated apps (super apps). Beyond simply gathering bank, card, insurance, and securities services into a single application (app), they are steering users to the integrated apps by linking card spending or the number of app logins to preferential interest rates and extra discounts.
Recently, financial holding companies have been accelerating a race to merge their existing affiliate apps into single integrated apps. Hana Financial Group(086790) launched "Next Entertainment World Hana One Q" in Feb., and Shinhan Financial Group(055550) rolled out "Shinhan Super SOL" in June. Although not a financial holding company, Samsung, which offers card, insurance, and securities services, has operated the integrated app "Monimo" since 2022.
The strength of integrated apps is that account inquiries and transfers, checking card usage history, insurance management, and investing are all possible in one app. However, there are many complaints that some functions are deleted or reduced during the app consolidation process. Among customers who use bank, card, insurance, and securities services from different companies, some say the apps have slowed down.
In response, financial firms are putting forward a strategy to guide users to their own services within the integrated apps. They plan to raise integrated app usage by providing larger benefits through consolidation of usage records and perks across affiliates.
The "Monimo Pay Card" from Samsung Card(029780) offers a 10% discount when paying with Monimo Pay if monthly spending in the previous month is at least 300,000 won. If a user logs into the Monimo app for a full month, the discount rate rises by 5 percentage points (p) the following month. In addition, OTT and membership subscription fees such as Netflix, Disney+, YouTube Premium, and Coupang are discounted by 50%. The monthly discount cap is up to 40,000 won depending on the previous month's spending, and the annual fee is 15,000 won.
KB Kookmin Bank on the 21st launched "KB Card Sseu-dam Installment Savings," linking card spending to the savings interest rate. The product offers a maximum annual rate of 12%, with up to 6 percentage points (p) available based on KB Kookmin Card usage. The term is six months, and users can deposit up to 300,000 won per month.
Shinhan Bank is running a promotion that awards additional points each month on a first-come, first-served basis when users pay by credit card on a smartphone through Shinhan Super SOL instead of the existing Shinhan Card app "Shinhan SOL Pay."