Woori Financial Focused on 'MZ'... From Specialized Products to Dedicated Platforms

Building a Platform Specialized for the MZ Generation... "Aiming for Everyday Solution Services"
Subsidiary Woori Bank Actively Engages in 'eSports Marketing'

Chairman Sohn Tae-seung of Woori Financial Group held a Digital Innovation Committee meeting at the Woori Financial headquarters located in Jung-gu, Seoul on the 26th and is taking a commemorative photo with MZ generation employees from group companies.

[Asia Economy Reporter Kim Jin-ho] "The future of Woori Financial Group depends on MZ generation (Millennials + Generation Z) customers." (Chairman Sohn Tae-seung · November 26 · Management-MZ Generation Employee Digital Innovation Committee)

Woori Financial has set its sights on the MZ generation. They have mobilized various means, from financial products to dedicated platforms, specifically targeting the MZ generation. Notably, under the direct leadership of the CEO, Woori Financial has adopted a method of mutual communication with the MZ generation, drawing attention. This strategy is interpreted as recognizing that simply using conventional marketing methods is not enough to capture the MZ generation.

According to the financial sector on the 30th, Woori Financial is pushing forward with the construction of an ‘MZ-specialized platform.’ After practically succeeding in full privatization recently, Chairman Sohn Tae-seung ordered the establishment of an MZ-specialized platform as the first project aimed at ‘securing future customers.’

The platform actively reflects the trend that the MZ generation has a high interest in investing in various assets such as stocks, real estate, and cryptocurrencies. It plans to build a platform specialized in investment support, linked with Woori Financial’s future expansion plans in the securities sector. A Woori Financial official explained, "The goal is to provide daily life solution services that the MZ generation can use anytime and anywhere as soon as they wake up."

In particular, Woori Financial intends to create the MZ-specialized platform in a creative way to differentiate it from existing financial platforms. It is reported that Chairman Sohn’s order to form a task force team (TFT) centered on MZ generation employees to develop a model optimized for the MZ generation has been reflected. This is the result of a strong will to create a platform that the MZ generation can use constantly, based on fresh and innovative ideas.

Woori Financial’s subsidiary, Woori Bank, is also actively working to capture the MZ generation. ‘eSports marketing’ is a representative example. To attract the MZ generation, who have strong individuality, the financial products incorporate ‘story and fun.’

The ‘Woori LCK (League of Legends Champions Korea) Savings’ launched in June recently surpassed 17,000 accounts and 10 billion KRW in deposits within about five months of release. Considering the low-interest rate environment and the MZ generation’s preference for stocks or cryptocurrency investments over savings deposits, this is considered exceptional.

This product allows young customers to directly choose their favorite team among the 10 LCK teams that are overwhelmingly popular among young people. Depending on the performance of the chosen team, customers receive a preferential interest rate of up to 0.7 percentage points, and depending on the number of subscribers, up to 0.3 percentage points. The maximum interest rate is 2.0% per annum.

In fact, the MZ generation accounts for more than 80% of subscribers, and the proportion of new customers among subscribers exceeds 30%, which is significantly higher compared to other products. This means that a single financial product has attracted many MZ generation customers as new clients. Woori Bank also sells specialized financial products targeting MZ generation office workers.

Woori Financial’s efforts to capture the MZ generation were influenced by the limitations of existing financial strategies. It is analyzed that they intend to provide all financial services through a single platform like KakaoBank and actively appeal a flexible and youthful image to the MZ generation.

Chairman Sohn emphasized at the Digital Innovation Committee on the 26th, "By 2030, 60% of the working-age population will be the MZ generation," and added, "Let’s create a new digital future unique to Woori Financial and become a game changer."