Woori Bank Featuring IU, Enjoys Strong Popularity Effect

Woori WON Banking App Ranks No.1 in Banking Sector
'IU' Effect Boosts App Ranking by 150 Steps in One Year

[Asia Economy Reporter Minwoo Lee] Woori Bank, which appointed a celebrity as its advertising model for the first time in three years, is seeing early success. It has surpassed Toss, KakaoBank, and others to become the number one banking app.

According to data analysis solution "Mobile Index" by IGAWorks on the 29th, Woori Bank's "WooriWON Banking" application ranked 10th in the overall free app popularity ranking on Google Play the previous day. Except for KB Securities' mobile trading system (MTS) app "Marble," it is the highest-ranking app in the financial sector. It left far behind Toss (24th), KakaoBank (30th), and Samsung Group's integrated financial app "Monimo (43rd)."

This popularity is largely attributed to recently recruiting singer and actress IU as the advertising model. In April, Woori Financial Group selected IU as its new advertising model. This is the first time in three years since 2019 that Woori Financial Group has appointed a celebrity as a model. The intention was to raise the group's external recognition as it makes a fresh start with full privatization. Following this news, the ranking of the "WooriWON Banking" app began to soar. Right after the news of IU's recruitment was announced, on April 24th, the app ranked 21st on Google Play. Considering it was 170th on April 14th last year, it rose nearly 150 places in one year. As advertisements and various campaigns began in earnest earlier this month, the app ranked first overall on the 17th.

IU's immense popularity not only among young people but across all age groups is interpreted as greatly contributing to enhancing the group's brand image. In fact, when Woori Financial Group conducted an internal survey among employees to recommend advertising models, IU received the most recommendations across multiple generations from their 20s to 50s.

Woori Financial Group plans to actively utilize this by implementing age-specific promotional strategies at both the group and bank levels. While the group advertisements emphasize a more familiar and comfortable image, Woori Bank's advertisements will focus on a somewhat younger and sophisticated image targeting the MZ generation (Millennials + Generation Z).

A representative of Woori Financial Group stated, "IU's expertise and credibility accumulated through various fields such as music, dramas, and films, as well as her long-standing positive image built through good deeds, align with Woori Financial Group's pursuit of ESG (Environmental, Social, and Governance) management practices. Aiming to become the number one comprehensive financial group, we will showcase diverse promotional content through various digital media together with IU, who appeals to both the MZ generation and older generations."