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The banking sector is accelerating the convergence of finance and e-commerce by forging consecutive partnerships with non-financial platforms. The trend is viewed as a strategic shift away from traditional customer acquisition methods reliant on brick-and-mortar branches or in-house banking apps, aiming instead to secure new clients by embedding financial services directly into shopping and lifestyle platforms where actual spending and transactions occur.

According to the financial industry on the 8th, Shinhan Bank has been running an Ably Pay account linkage promotion since the 1st of this month with fashion platform Ably. Under the promotion, benefits are provided to users who connect their Shinhan Bank accounts to Ably Pay and make purchases. On the 2nd, the bank also launched an 11pay account linkage promotion with 11st, broadening its integrations with online shopping platforms.

Earlier in April, Shinhan Bank rolled out a dedicated bank account in partnership with Olive Young. Despite being an online-only offering, the product surpassed 100,000 accounts opened in less than five months since its debut. As the strategy of guiding consumers naturally from shopping and payment into opening financial accounts proves effective, the bank is expected to expand related alliances in the second half of the year.

Other commercial lenders are also stepping up collaborations with lifestyle platforms. In March, KB Kookmin Bank teamed up with GS Retail to launch a GS PAY account integration service, broadening its customer touchpoints across convenience stores and retail channels. That same month, Hana Bank partnered with secondhand marketplace Karrot to introduce the Karrot Money Hana Account. Late last year, Woori Bank formed a strategic partnership with travel and leisure platform Nol Universe, moving to broaden bundled travel and finance services.

The primary driver behind the banking sector's focus on non-financial platform partnerships is acquiring new users. Allowing consumers to encounter financial products naturally during everyday activities like shopping and leisure lowers psychological resistance and expands engagement points. The strategy is considered particularly effective in winning over younger demographics, who account for a heavy share of online consumption.

Another major benefit is the lock-in effect, which binds consumers into becoming primary banking clients as initial account linkings lead to broader usage of other financial products. Moving beyond simple account integrations, banks have recently been leveraging partner platforms to launch high-yield installment savings accounts, channeling transaction traffic initiated on outside platforms into diverse banking offerings.

Indeed, a Personal Finance Insight Brief survey conducted by the IBK Economic Research Institute showed that consumers cited familiarity built from long-term use as a key reason for maintaining their primary bank. Analysts note that as the volume of products and transactions used at a single bank rises, consumers are significantly more likely to establish a primary banking relationship.

An official from a commercial bank said, "The main reason we are expanding ties with non-financial platforms is ultimately to grow our new customer base," adding, "We are expanding related ventures because widening touchpoints with younger consumers who have yet to settle on a primary bank offers strong long-term lock-in potential."

                                                                                                             Chae Jong-il