Airport Check-in via Bank Apps... Fierce Competition Among Financial Sector Apps

In the future, if information is pre-registered in bank apps, it will be possible to depart from the airport without a passport or boarding pass. As competition among financial sector apps intensifies, banks are expanding their scope by integrating various lifestyle services into their existing banking applications, while also pursuing user expansion strategies through affiliated company integrated 'super apps.'

According to KB Kookmin Bank on the 24th, from the end of June, the 'Kookmin Wallet' within KB Star Banking will offer a Smart Pass service. Smart Pass is a service that allows quick passage at Incheon International Airport departure gates and boarding gates using only facial recognition, without the need for a passport or boarding pass, if facial and passport information is pre-registered.

KB Kookmin Bank has been attracting users with various lifestyle services since launching the 'Kookmin Wallet' in 2022, which replaces physical wallets for identification, certification, and payment. The Kookmin Wallet provides functions such as the 'Resident Registration Card Mobile Verification Service,' which allows mobile identity verification at medical institutions and government offices, as well as issuance, inquiry, and submission of electronic certificates like resident registration copies, with subscribers reaching 6 million. KB Kookmin Bank is also implementing a 'super app' strategy in the KB Star Banking app, enabling access to about 70 services from major affiliates.

Shinhan Bank's SOL Bank also plans to offer Smart Pass services in the future. SOL Bank provides lifestyle services by integrating the delivery app 'Ttaenggyeoyo.' Additionally, Shinhan Financial Group launched the integrated financial platform 'Shinhan Super SOL App' in December last year, combining core functions of affiliated financial apps such as banking, cards, securities, life, and savings banks. Unlike the existing complex banking apps, it features a simple and user-friendly UI and UX. Recently, each affiliate has been offering points and convenience store benefits to attract Super SOL users.

Hana Financial Group also operates an integrated bank app that combines major services from its affiliates, including cards, securities, capital, savings banks, and insurance. Woori Financial Group is preparing to launch the super app 'New Won' in November, planning to connect services such as cards, capital, and savings banks into one platform.

In fact, the monthly active users (MAU) of bank apps have surpassed the 10 million mark, narrowing the gap with internet banks. According to Mobile Index, as of April, KB Star Banking recorded an MAU of 13,074,028. The gap with KakaoBank (15,639,550) is about 2.56 million. The combined MAU of Shinhan Super SOL and Shinhan SOL Bank was 11,479,347. Next were Woori Bank's Woori WON Banking with 7,703,139 and Hana Bank's Hana One Q with 5,756,738. Toss, which adopted the super app strategy early, had an MAU of 17,778,564, while K Bank had about 3,668,368.

The reason banks are so eager in app competition is that as digital finance becomes more active, securing app competitiveness has become crucial. With branch offices shrinking and non-face-to-face services expanding, the number of app subscribers and app engagement time are long-term factors connected to customer acquisition. A representative from a commercial bank said, "Currently, young people mainly use these apps, but they will likely maintain strong non-face-to-face financial capabilities as they become middle-aged. Therefore, while face-to-face channels are important, non-face-to-face finance cannot be overlooked."