KB Kookmin Bank is significantly expanding senior-focused offerings this year to deepen customer engagement, the financial industry said Wednesday. The bank is moving past a consultation-only approach by pairing cultural experiences with locally focused seminars, aiming to build a long-term customer base.
The bank’s Golden Life Division revamped its senior lineup under this year’s theme of “transition and expansion.” It is widening Golden Class — seminars covering financial and nonfinancial topics — from a Seoul-centered program to regional cities such as Busan and Daegu. It also introduced Golden Days, a new series of culture-based events. The bank said it aims to link senior community-building to expanded wealth management over time.
On Feb. 25, the bank held the first Golden Days event, inviting about 1,180 long-term, top-tier customers age 50 and older to see the musical “Life of Pi.” Kookmin Bank rented out the GS Arts Center for the event, and demand was high, with a reported competition rate of about 244 to 1.
Starting Feb. 27, the bank will hold Golden Class senior wealth-management seminars in major regions including Daejeon, Busan, Daegu and Gwangju. Topics will range from how to use digital financial services to inheritance and gifting, retirement-asset management, nursing and caregiving, and health management.
The bank plans to broaden invitations beyond bank customers to include clients of its nonlife insurance and life insurance affiliates, operating the effort as a groupwide integrated customer-management model. It will also open lectures to local residents to attract potential customers.
Banks are focusing on seniors as the asset base held by older adults grows quickly. The asset total for older adults, estimated at about 1,172 trillion won in 2011 when related statistics began, is believed to have nearly quadrupled in recent years. At Kookmin Bank, customers in their 60s and older account for nearly 48.4% of all customers, and demand for retirement-asset management is rising. The industry also sees long-term management of senior assets as a way to expand wealth-management fees and other noninterest income.
Kookmin Bank currently operates 18 Golden Life Centers and is expanding related products, including testamentary trust alternatives. As demand grows for combined advice spanning pension tax strategies, inheritance and gifting, housing, nursing and caregiving, and cash-flow management, the bank’s senior-focused services are also broadening.
The financial industry expects competition for senior customers to intensify further. With slower growth and older adults emerging as a core customer group with relatively stable assets, financial services are expected to keep expanding beyond investing into daily living, caregiving and culture.
* This article has been translated by AI.
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