IU and Lim Young-woong Join Hands for 'Hweolhweol'... Reluctant Amid NewJeans Setbacks [1mm Financial Talk]

Banks Crying and Laughing Over 'Star Marketing'
Woori Extends Contract Thanks to the 'IU Effect'
Hana Signs Big Fish 'Lim Young-woong'

The banking sector is experiencing mixed fortunes through 'star marketing.' Some banks are enjoying greater-than-expected increases in recognition and attention, leading them to extend contracts with their advertising models, while others are closely monitoring situations due to sudden 'adverse events' involving their advertising models.

From the left, IU, Lim Young-woong, NewJeans [Image source=Woori Bank·Hana Bank, Yonhap News]

According to the financial sector on the 26th, the four major financial holding companies (KB, Shinhan, Hana, Woori) have each selected star advertising models such as singers, actors, and athletes to promote their various businesses. Each bank employs top-tier star models to enhance their credibility and image.

Woori Financial Group recently decided to extend its advertising contract with singer IU for two more years. This makes IU the first long-term contracted model for Woori Financial Group. Since signing her first advertising contract with Woori Financial in 2022, IU has been praised for demonstrating a remarkable connection with Woori Financial under the concept 'I + YOU = Woori.' Additionally, Woori Financial recently selected actress Kim Hee-ae as the model for its private banking (PB) service.

A Woori Financial representative stated, "For example, Woori Card's specialized card for high-net-worth individuals, the TWO CHAIRS card, has enjoyed significant promotional effects as IU's use of the card has been continuously exposed through short videos," adding, "Although it is difficult to quantify, given IU's recognition across all generations, we assess that it has achieved considerable results in terms of attention and buzz."

Hana Financial is also regarded as having achieved great success in terms of publicity by employing heavyweight stars from the sports and music industries as advertising models. Following footballer Son Heung-min in 2018, Hana Financial strengthened its image this year by recruiting singer Lim Young-woong, considered an idol among middle-aged and older generations, as a model. It is known that Hana Financial spent several months persuading Lim Young-woong, who is considered a major figure in advertising.

For instance, Hana Bank's 15-second advertisement titled "The Hero of Asset Management is Hana!" featuring Lim Young-woong has recorded 15.97 million views as of this date, maintaining high popularity. In the early stages of recruitment, there were continuous contacts from middle-aged and older fans wanting posters and photo cards of Lim Young-woong at various branches. Additionally, KB Financial has maintained a long-standing relationship with figure skating queen Kim Yuna.

Hive is initiating an audit of the management of Adore, a subsidiary to which the group NewJeans belongs, leading to conflicts. The photo shows the Hive headquarters in Yongsan. Photo by Jo Yongjun jun21@

On the other hand, some are tense due to sudden 'adverse events' involving their advertising models. Shinhan Financial selected the girl group NewJeans as its advertising model with the launch of its banking application Shinhan New SOL in 2022 and has maintained the relationship since. NewJeans also played a significant role in promoting the group integrated app Super SOL released late last year.

Although the selection was impeccable in terms of publicity and attention, Shinhan Financial found itself in a somewhat awkward situation when a management dispute erupted between NewJeans' agency ADOR and its parent company HYBE. HYBE and ADOR are preparing for a legal battle, each partnering with law firms Kim & Chang and Sejong, respectively. HYBE plans to accuse ADOR's CEO of attempting to seize management rights and file charges of breach of trust.

Shinhan Financial is in a somewhat difficult position but is monitoring the situation since, unlike similar cases, the musicians themselves are not directly involved. A Shinhan Financial representative said, "It is true that the situation is somewhat surprising, but unlike the previous FIFTY FIFTY incident, this case appears to be a dispute between management teams unrelated to the musicians (NewJeans) so far," adding, "We believe there will be no significant impact."