[Issue Interview] 'Financial Avengers' Samsung-KB Joint 4% Annual Monimo Account "Held Over 10 Meetings in Half a Year"

No. 1 in Banking and Non-Banking Join Forces
A New Standard: 4% Annual Interest Surpassing 3% in Parking Accounts
"Even Developers Couldn’t Win"... Pre-Registration a Big Hit
Security vs. Convenience Dilemma: "The Answer Was from the Customer’s Perspective"
Next Up: Savings Product... "This Is Just the First Step"

"In the end, the answer was with the customers. It is the secret to catching two rabbits: security and convenience."

The annual 4% parking account 'Monimo KB Daily Interest Account' was jointly developed by Samsung Financial Networks, the number one in non-bank sectors (cards and insurance), and KB Kookmin Bank, the number one bank. As the two leading companies in the financial sector put their heads together to develop it, it was a hot topic even before its launch. During the ten-day pre-registration event, 400,000 people participated. The 4% annual interest rate is the highest among parking accounts at commercial banks. We met the 'Financial Avengers,' who showed new possibilities for financial sector collaboration, on the 28th to hear about their success know-how and behind-the-scenes stories of product development.

Annual 4% Interest Rate, a New Standard in the Parking Account Market

Monimo KB Account project managers from Samsung Financial Networks and KB Kookmin Bank meeting at the Samsung Card headquarters in Taepyeong-ro, Jung-gu, Seoul on the 28th.
From the left: Hyunsoo Jeong, Development Project Manager (PM); Kihoon Choi, Monimo Service Marketing Professional; Seungye Shin, Head of Monimo Service Development and Operations Team (all from Samsung Financial Networks); Dongyoon Lee, Embedded Sales Promotion Strategy Team Leader; Jihui Lee, Embedded Service Planning Deputy General Manager; Yohan Yoon, IT Development PM (all from KB Kookmin Bank). Provided by Samsung Financial Networks

The biggest reason Monimo KB Account attracted attention was undoubtedly its high interest rate. Participants also cited the 4% annual interest rate as a key factor in the success of the pre-event.

The highest interest rate for existing commercial bank parking accounts was in the low to mid-3% range, but Samsung and KB offered a 4% interest rate that surpasses this. They provide up to 4% annual interest benefits on deposits up to 2 million KRW. Participants agreed that the interest rate had to be higher than other banks' parking account rates during the product development process.

For example, Hana Bank's similar parking account, Daldal Hana Account, offers up to 3% annual interest on deposits up to 2 million KRW. SC First Bank's Hi Account offers 3.4% interest but targets premium customers with deposits over 300 million KRW.

The project team also devoted great effort to planning the promotional strategy. They set a target of 200,000 participants for the ten-day pre-event. Although some thought it was ambitious, the target was reached within two days due to the enthusiastic response.

Jung Hyun-soo, Project Manager (PM) of Samsung Financial Networks' development team, said, "The customer support was so enthusiastic that even I, as a developer, could not win the lottery."

※ Click the video to see detailed information.

Catching Two Rabbits: Security and Convenience

The project managers of Monimo KB Account from Samsung Financial Networks and KB Kookmin Bank meeting at the Samsung Card headquarters in Taepyeong-ro, Jung-gu, Seoul on the 28th.
From the left: Jeong Hyun-su, Development Project Manager (PM); Choi Ki-hoon, Monimo Service Marketing Professional; Shin Seung-ye, Head of Monimo Service Development and Operations Team (all from Samsung Financial Networks); Lee Dong-yoon, Head of Embedded Sales Promotion Strategy Team; Lee Ji-hee, Deputy General Manager of Embedded Service Planning; Yoon Yo-han, IT Development PM (all from KB Kookmin Bank). Provided by Samsung Financial Networks.

The biggest challenge in developing the Monimo KB Account was simultaneously meeting security and convenience requirements.

Samsung Financial Networks focused on increasing the number of Monimo app subscribers and monthly active users (MAU). To achieve this, they had to enhance customer convenience while meeting security requirements. KB Kookmin Bank had to comply with mandatory security requirements for non-face-to-face account opening.

Choi Ki-hoon, Service Marketing Professional at Samsung Financial Networks' Monimo, revealed, "The key was to improve the convenience of some automatic customer information input processes, but initially, there were disagreements and it was not easy to coordinate."

The project team held meetings twice a month, conducting more than ten meetings over six months. They focused on strengthening customer key information authentication and linkage functions. They continuously researched ways to enhance user convenience while maintaining security procedures essential for non-face-to-face account operations, such as ID verification, one-time password (OTP), and transaction seal registration.

The meeting atmosphere was not always harmonious. Sometimes, there were heated debates. Eventually, they concluded that the answer lay with the 'customer.'

Lee Ji-hee, Embedded Service Planning Deputy General Manager at KB Kookmin Bank, said, "We held more than ten related meetings, each lasting 2 to 3 hours. By reconsidering everything from the customer's perspective and carefully designing the process step by step, we were able to catch both rabbits: security and customer convenience." She added, "I was very pleased to hear from Samsung Financial Networks that the 400,000 customers who participated in the pre-event were due to the high customer convenience."

The Sequel is a Savings Product... "The 4% Account is Just the First Button"

Over the ten-day period from the 25th of last month to the 6th of this month, 400,000 people participated in the Monimo KB Account pre-registration event. This was twice the target number. With 200,000 people joining from the first to the second day, the event was a success. Photo by Samsung Financial Networks

Building on the success of the Monimo KB Account, the two companies plan to develop follow-up financial products. They are preparing to launch a savings product as the next project. They also plan to introduce Monimo-exclusive financial products and services. The scope of collaboration will expand to include digital technology exchange and data utilization system establishment.

The project team’s bond deepened during the Monimo KB Account development process. The 'twice a month, three-hour' meetings have become enjoyable at any time. Although they were initially tense with each other, now they often have dinner together after work. In particular, Shin Seung-ye, Head of Monimo Service Development and Operations at Samsung Financial Networks, and Lee Ji-hee, Deputy General Manager, became neighborhood friends who share concerns about their children's academy tuition, laughing as they said so.

Team Leader Shin Seung-ye said, "While preparing for this project, we became able to read each other's minds," and added, "We will continue to strive to provide products and services." She emphasized, "You can look forward to the activities of the 'Samsung-KB Avengers.'"

Yoon Yo-han, IT Development PM at KB Kookmin Bank, emphasized, "The launch of the Monimo KB Account was just the first button. The two companies will continue to work hard to provide financial services that get closer to customers."