Establishing Future-Oriented Innovative Channels Combining Distribution and Finance, Joint Agreement to Promote Digital New Business
Opening of Private Label Convenience Store (PLCS) Specialized in Financial Services Planned
[Asia Economy Reporter Yuri Kim] BGF Retail, operator of CU, announced on the 5th that it has signed a business agreement with Hana Bank to establish future-oriented innovative channels and jointly promote digital new businesses, aiming to build a digital innovation life platform that combines distribution and finance.
The signing ceremony took place on the 3rd at Hana Bank’s headquarters located in Jung-gu, Seoul, with key officials from both companies, including Lee Geon-jun, CEO of BGF Retail, and Park Sung-ho, President of Hana Bank, in attendance.
Through this agreement, both companies will pool their core capabilities to ▲integrate online and offline channels and build digital innovation stores ▲launch partnership products and services through customer data integration ▲jointly develop payment services ▲conduct joint events tailored to the MZ generation, among other initiatives.
BGF Retail and Hana Bank have signed a business agreement to jointly promote the establishment of future-oriented innovative channels and digital new businesses. (From the third person on the left) Park Seong-ho, President of Hana Bank, and Lee Geon-jun, CEO of BGF Retail, along with other officials from both companies, are posing for a commemorative photo.
BGF Retail and Hana Bank will open a CU×Hana Bank financial specialized convenience store in Songpa-gu, Seoul. Since there are no general banks or automated branches within 500 meters of the store, both companies expect this to significantly improve convenience for customers needing financial services.
Notably, this store is CU’s industry-first Private Label Convenience Store (PLCS). CU’s PLCS goes beyond the traditional shop-in-shop model by sharing space and mutually combining services and content of partner brands in a collaborative store model.
The financial specialized convenience store will have a dedicated space for financial services, creating a Hana Bank Smart Self Zone where various banking tasks can be handled.
The Hana Bank Smart Self Zone will be equipped with an STM (Smart Teller Machine), a comprehensive financial device. Tasks that previously required visiting a branch, such as account opening, passbook reissuance, and issuance of check cards and security cards (OTP), can now be completed in a one-stop manner through direct consultation with bank staff.
As a Private Label Convenience Store, the store will apply both companies’ BI and CI to the interior and exterior design. This is the first time CU has displayed a partner brand’s name prominently on the store signage. The strategy is to create a unified space combining convenience store and bank services, offering customers a new usage experience and generating differentiated brand value beyond simply providing ATM access or limited financial services at convenience stores.
Through this PLCS financial specialized convenience store, CU can enhance its service competitiveness as an offline consumption channel, while Hana Bank can contribute to resolving financial blind spots by improving accessibility. Additional financial specialized convenience stores are planned to open within the year.
Based on online and offline platforms, the two companies will also jointly promote digital new businesses in the future. By integrating BGF Retail’s and Hana Bank’s online platforms, they plan to launch subscription services combining popular convenience store products and financial products, as well as short-term savings products offering preferential interest rates using stamps accumulated in Pocket CU.
Furthermore, they will continuously develop joint convenience store financial services such as non-bankbook remittance using CU POS, launch customized products and services based on customer big data, and collaborate on online channel event partnerships.
Lee Geon-jun, CEO of BGF Retail, said, "This meaningful attempt will maximize the synergy of distribution and finance convergence by combining CU’s and Hana Bank’s online and offline capabilities. CU’s PLCS model aims to be a new lifestyle platform that provides customized convenience for rapidly changing lifestyles through innovation in convenience store space and services."
Meanwhile, earlier this year, BGF Retail and Hana Bank signed a win-win financial business agreement to support CU franchisees struggling due to the prolonged COVID-19 pandemic, jointly conducting operations such as ▲CU-exclusive 'My Branch' operation ▲credit guarantee foundation loan agency services ▲win-win cooperation fund management ▲mutual joint marketing ▲development of new products and services.
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