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From left, actors Han So-hee and Kang Ha-neul promote NH NongHyup Bank’s products to millennials and members of Gen Z. (NH NongHyup Bank) |
In line with the digitalization of its services, South Korea’s NH NongHyup Bank is rolling out mobile loans and other products for its millennial and Generation Z customers seeking quick access to cash.
Millennial and Gen Z customers can now borrow up to 3 million won ($2,639.68), regardless of their creditworthiness and income, by applying with the lender’s NH Smart Banking and All-One Bank apps.
Approval is based on a credit rating that is calculated based on the applicant’s mobile phone payments and smartphone use history. The data will be provided to NH NongHyup by the three major wireless carriers here -- SK Telecom, KT and LG U-plus -- and used in the credit analysis process. Customers over 19 years of age with mobile credit scores between 1 and 9 are eligible for loans. The apps will offer round-the-clock services for this product.
Interest rates will vary, but could be as low as 2.96 percent annually with special coupons or if the borrower holds certain credit cards issued by NH NongHyup.
NH NongHyup also offers a mobile savings account that could help millennials and Gen Zers develop healthy savings habits.
The 6-month product, launched in 2019, automatically wires a fixed sum of money to the customer’s savings account daily from Monday to Friday, in sync with their “working hours.” That sum has to be over 1,000 won and less than 30,000 won per day.
NH NongHyup Bank -- one of the five major banks in Korea -- is focusing on fostering its mobile services to better cater to customers.
The bank is preparing to launch the latest version of its mobile payment app, “NH Pay,” in August. NH Pay will first be made available to NH NongHyup account holders before gradually being expanded to other people.
Last month, the bank launched a biometric boarding service using a mobile application.
NH NongHyup’s net profit for the first three months of this year gained roughly 30 percent on-year to 49.7 billion won.
By Jung Min-kyung (
mkjung@heraldcorp.com)
