NH Financial Targets Senior Market With ‘NH All One Wonderful’ Platform

As South Korea moves deeper into a super-aged society, financial firms are intensifying competition for older customers. Banks are rolling out senior brands that go beyond deposits and loans to offer broader services such as trusts, inheritance, pensions and long-term care.

Hong Sun-ok, executive vice president for business strategy at NH Financial Group, said in an interview Thursday at the company’s headquarters in Seoul that senior-focused business is “no longer a choice but a sign of the times,” adding that the senior market’s economic influence is growing.

Hong said South Korea’s retirement pension reserves totaled about 500 trillion won as of the end of last year, rising more than 10% annually over the past three years. She added that annual asset transfers through inheritance and gifts have exceeded 120 trillion won. “We will build the ‘NH All One Wonderful’ brand not as a set of financial products, but as a platform that takes responsibility for customers’ lives overall,” she said.

NH Financial launched the senior-focused brand in November, aiming to support customers preparing for the second stage of life, including financial needs and broader daily-life services, while also considering their children’s generation.

In the near term, Hong said the group will expand product offerings to meet demand during “income cliff” periods, including funding for children’s wedding costs and education expenses. Over the medium to long term, she said, the platform will link to nonfinancial areas such as health care, nursing care and re-employment to broaden the customer experience.

With competition rising across the financial sector, Hong pointed to NH Financial’s nationwide network as a key differentiator. She said the group plans to provide close-to-home services by leveraging about 12 million senior customers across the group and its regional base. “Aging is not a problem of one generation but a structural change across society,” she said. “NH Financial is expanding its role as a financial partner that systematically supports seniors’ lives beyond simply offering products.”

Hong said the group will pursue a strategy of “nearby, long-lasting finance” using infrastructure that extends beyond the Seoul area to smaller regional cities. She said NH Financial plans to develop 100 branches nationwide as senior comprehensive counseling hubs offering retirement planning and tailored asset management. She also said the group plans to expand into health care through initiatives such as senior day care centers inside Hanaro Mart stores and cooperative projects for dementia management.

Hong said last year focused on laying the groundwork for the senior business through the NH All One Wonderful brand, while this year is significant because the group has built a dedicated system to coordinate efforts across affiliates. She said the group will continue developing life-stage products and services so that “every moment” of seniors’ lives after retirement can be “filled in a wonderful way.”