NH NongHyup Financial Group is stepping up a companywide push to win senior customers, who account for more than half of its client base. The group plans to roll out 21 senior-focused products in stages and build about 100 regional senior hubs by using what it calls the country’s largest offline branch network. As major banks shrink their branch footprints, NongHyup Financial aims to use its nationwide network—reaching from city centers to remote mountain areas—to better serve seniors in underserved financial areas.
According to the financial industry on the 23rd, NongHyup Financial plans to sequentially launch 21 senior-only products this year built around three themes: “health,” “assets” and “daily life.”
The expansion builds on “NH All One Wonderful,” a senior-focused brand introduced in November. The group said it is tailoring solutions to issues it sees among customers preparing for a second chapter of life, including money, health and loneliness.
In the second quarter, it plans to release three protection-type products, including the nonlife “Proper Treatment and 365 Caregiver Insurance” and the life “Long-Term Care Peace-of-Mind Caregiver Insurance.” NH NongHyup Bank plans to introduce “Youth Loan,” while NongHyup Capital will offer a “Senior Small Loan.” The group said it is also developing products and services to support stable cash flow after retirement. It is reviewing a reverse mortgage product and plans to add a senior re-employment linkage service to the “NH All One Bank” app.
The strategy reflects the group’s customer mix. NongHyup Financial has about 12 million senior customers, more than 55% of its total. It believes its nationwide network—spanning financial affiliates as well as nonfinancial units such as supermarkets, gas stations and parcel delivery—can broaden access for seniors in smaller cities and rural and fishing communities.
Local NongHyup cooperatives operate 4,894 main and branch offices, more than KB Kookmin Bank (771), Shinhan Bank (650), Hana Bank (608) and Woori Bank (656). The group views its branch count as a competitive advantage for attracting seniors and improving satisfaction, and said it could also support the government’s push for balanced regional development.
NongHyup Financial is also overhauling its sales channels. In June, NH NongHyup Bank plans to set up “NH All One Wonderful Retirement Planning Consultation Desks” at 100 wealth management-focused branches nationwide. The bank plans to create senior-friendly spaces by region that combine financial counseling with links to farm experiences and cultural classes. A premium consultation area for high-net-worth senior clients will also be created inside the bank’s Royal Chamber.
Nonbank affiliates are moving to expand in-person touchpoints as well. NongHyup Life Insurance and NongHyup Savings Bank plan to introduce senior-only counters in the second and third quarters, respectively, to improve offline access.
A NongHyup Financial official said the group is pursuing 22 strategic tasks under seven pillars for its senior business strategy—covering customers, products and services, channels, organization, innovation, partnerships and brand. “We will go beyond simply selling financial products and present a new service model that combines finance and care,” the official said.
* This article has been translated by AI.
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