Banks Target 'Active Seniors Like Kang Ho-dong'

The banking sector has begun targeting seniors. While seniors are typically defined as those aged 65 and older, the increasing life expectancy and a societal atmosphere that no longer views people in their 60s as elderly, combined with the rise of 'active seniors' who enjoy life after retirement with sufficient financial resources, have made this group a key driver of consumption. Banks are launching products and services tailored for seniors, intensifying competition to attract this emerging blue ocean market.

Hana Financial Group is moving quickly. Recently, Hana Financial launched a senior-specialized brand called 'Hana The Next.' Based on collaboration among group affiliates such as Hana Bank, securities, and life insurance, they plan to provide life care services not only in finance?from retirement planning to inheritance and gifting, and health management?but also across non-financial sectors. They have hired broadcaster Kang Ho-dong as the advertising model to leverage the image of the 'active senior.' A Hana Financial representative explained, "We will expand not only to seniors but also to 'new seniors' who are currently working but interested in preparing for life after retirement. Kang Ho-dong, born in 1970 and 54 years old, can appeal to both groups."

Hana Financial opened the first Hana The Next Lounge at the Hana Bank Euljiro Financial Center located in Euljiro. Here, professional consultants provide specialized advice on analyzing retirement fund needs, designing asset portfolios, preparing asset transfers using testamentary trusts, health management, and other successful aging solutions. Hana Financial plans to expand to major hubs such as Seolleung and Mapo. Additionally, Hana Bank recently expanded the target audience beyond bank customers to include Hana Securities clients by hosting the 'Hana The Next Senior Forum,' where lectures on inheritance-related law, taxation, and testamentary trust alternatives were held.

According to a recent survey and big data analysis conducted by Data & Research over two months (September to October) targeting 14 first-tier banks, Hana Bank ranked first with 1,010 mentions regarding 'seniors.' It was followed by NH Nonghyup Bank (963 mentions), Shinhan Bank (665 mentions), and Woori Bank (452 mentions). However, this reflects the number of times seniors were mentioned in articles over two months, so banks that actively promoted content, launched new services, or ran promotions related to seniors, such as recent physical transfers of retirement pensions, recorded higher figures.

Other banks are also fiercely competing to attract seniors, a blue ocean market. KB Kookmin Bank has operated the personalized retirement asset management center 'KB Golden Life Pension Center' since 2020, currently with 13 branches. KB Financial also runs nursing facilities in partnership with KB Life Insurance. Shinhan Bank established a trust lounge channel in April this year and opened pension lounges in Gangnam, Seoul, Ulsan, and Suwon, Gyeonggi Province. Shinhan Financial is also conducting nursing care businesses led by its insurance affiliate, Shinhan Life. Meanwhile, Woori Bank supports various trust-related legal and tax consultations, including testamentary trusts, through its family trust team and operates senior-plus specialized branches.

The reason banks are targeting seniors is that this group has become a core demographic both in terms of population and consumption. According to Statistics Korea, as of 2024, the population aged 65 and older is 9,938,000, accounting for 19.2% of the total population. Representing about one-fifth of the population, the number of 'active seniors' who enjoy consumption, leisure, and active social participation after retirement has increased with rising life expectancy. Seniors generally have accumulated assets and a high demand for services such as inheritance and gifting, providing banks with various points of approach for asset management. This also effectively contributes to banks' goal of expanding non-interest income.

An official from a major commercial bank said, "The senior demographic is attracting attention not only from banks but across the entire financial sector, with trust-related assets under management increasing sharply by about 50% over the past three years. Since interest income has its limits, capturing the senior segment, rather than a limited VIP customer base, is a key focus for the entire financial industry."