[1mm Financial Talk] NongHyup Bank's Secret to Becoming No.1 in SNS Subscribers

Facebook and YouTube Combined 3.46 Million Users
Targeting a 'Young Nonghyup' Through Digital Enhancement
Aiming to Expand MZ Generation Customers

#A woman in her 20s lifts a mid-size SUV to retrieve a soccer ball stuck underneath. A young man jumps 2 meters high, crossing stepping stones, and an elderly man with white hair easily carries a heavy iron milk can with one hand as he walks down the street.

NH Nonghyup Bank's rice consumption promotion video 'Our Yukchaemi' / Photo by NH Nonghyup Bank

These scenes are from NH Nonghyup Bank’s rice consumption promotion video titled “Our Yukchaemi,” which depicts gaining strength from eating Korean beef, domestic vegetables, and rice. The video has gained popularity with over 8.21 million views on YouTube. Another ESG promotional video featuring broadcaster Lee Mijoo introducing the “Earth Bank,” where you can save plastic, has also recorded 7.47 million views.

Nonghyup Bank is strengthening its digital content. The combined subscriber count across social networking services (SNS) such as Facebook and YouTube leads the banking sector. The plan is to make a mark on the MZ generation (Millennials + Generation Z) and secure young financial consumers as core customers.

Lee Seok-yong, President of NH Nonghyup Bank, along with 12 employee promotional models for 2023 and 8 NH Tubers, Nonghyup Bank YouTubers, are taking a commemorative photo at the Nonghyup Bank headquarters in Jung-gu, Seoul on the 7th.

In April 2019, Nonghyup Bank launched its official YouTube channel “NH Tube” and has been selecting MZ generation employees as YouTubers. Starting with 19 first-generation YouTubers, around 20 promotional models and YouTubers have been active each year. They promote the bank’s financial products and services by sharing tips on managing retirement pensions or introducing savings products suitable for “Jjantech” (a portmanteau of “jjada” meaning frugal and “fintech”). Videos offering small lifestyle tips such as cooking and hobbies are also popular. Currently, Nonghyup Bank dedicates one manager-level employee and four contract staff solely to SNS management.

The results are visible. As of this month, the combined subscriber count for Nonghyup Bank’s major SNS platforms including Facebook, Instagram, and YouTube is 3.46 million, ranking first among banks. This is a high figure compared to other commercial banks such as Shinhan Bank (2.07 million), Kookmin Bank (1.92 million), Woori Bank (740,000), and Hana Bank (580,000). The growth trend is also rapid, with subscriber counts rising from 2.1 million in 2019, 2.76 million in 2020, 3 million in 2021, to 3.33 million in 2022.

This digital and content strengthening strategy reflects an intention to expand the customer base. The goal is to build a youthful brand image to capture the MZ generation, who are the future core customers and currently lead the financial consumption environment. Especially since NH Nonghyup Bank President Lee Seok-yong, who took office earlier this year, has emphasized digital innovation as a key task, SNS and platform enhancements are expected to accelerate. A Nonghyup Bank official explained, “Nonghyup Bank, which has a relatively large number of agricultural and middle-aged customers, is working to improve its image to attract younger customers.”