"Ban on Excessive Marketing"... Bank Sector MyData Prize 'Car' Canceled

KB Kookmin Bank Event

[Asia Economy Reporter Park Sun-mi] Banks are showing signs of canceling the car prize that was heavily promoted during the marketing of MyData services. It is interpreted that the financial authorities' pressure to avoid excessive marketing to secure MyData customers played a role.

According to the banking sector on the 29th, KB Kookmin Bank informed customers participating in the MyData service pre-registration event through a notification of content change that the event raffle prize was inevitably changed. Initially, the plan was to select one winner to receive a Genesis GV70 2.5 gasoline turbo car, but instead of one winner, the number of winners was increased to 40, and the prize was changed to an Apple iPad Pro 11-inch (128GB). KB Kookmin Bank stated, "Due to the revision of the financial sector MyData service guidelines, we inevitably changed the raffle prize."

Earlier, Woori Bank also planned to provide a Genesis GV70 through a raffle to customers who applied for the MyData pre-registration event, but recently changed the prizes to a Dyson air purifier and National Tourism Culture Gift Certificates.

It is interpreted that the financial authorities are aware of the need to strengthen supervision to ensure that the prize marketing by banks to secure customers does not cross the line. On the 19th, the Financial Supervisory Service (FSS) requested at a meeting with bank vice presidents, "Please make efforts to prevent unhealthy practices such as excessive prize offerings or performance quotas during the marketing process of MyData services."

The revised MyData service guidelines on the 19th also specify a "ban on excessive marketing." In addition to the existing recommendation to provide prizes within a typical limit of up to 30,000 KRW, it adds that even in a raffle format, the amount provided to a specific individual must not excessively exceed 30,000 KRW.