Market shares among the three operators of the National Love Card (3rd phase) are fluctuating. IBK Industrial Bank of Korea, which had held only 10% of cumulative market share in the first quarter, is now securing 17% of newly issued cards in the third quarter by offering benefits worth up to approximately 100,000 won. Shinhan Bank and Hana Bank are also countering with card launches featuring idol models and telecommunications partnerships, signaling a fierce competition for the National Love Card in the second half of the year.
According to financial industry sources on the 6th, as of late August, Shinhan Bank held 46% of the total market share for newly issued cards under the 3rd phase National Love Card program, ranking first. Hana Bank followed with 41.9%, while Industrial Bank of Korea captured 12.1%.
The 3rd phase National Love Card project will run for up to eight years from this year through 2033. With approximately 200,000 new individuals becoming subject to military service each year, the three banks can potentially acquire around 1.6 million new customers over the course of the program. Additionally, since veterans with a history of military fitness examinations after 2007 are also eligible, the program serves as a means to attract up to approximately 7.5 million male customers.
From the early stages of the project, Shinhan Bank and Hana Bank established a two-power structure. In terms of cumulative membership share in the first quarter, Shinhan Bank held 50% and Hana Bank 40%, while Industrial Bank of Korea managed only 10%. However, Industrial Bank of Korea has accelerated its efforts to secure new customers by achieving a 17% share in newly issued cards during the third quarter. Consequently, its cumulative market share rose to 12.1% as of late August.
The rise in Industrial Bank of Korea's market share in the second half is attributed to its intensified large-scale marketing efforts. From August 3 through December 31, the bank has been running an event offering benefits worth up to 98,000 won to customers who newly issue an IBK National Love Card among those undergoing physical examinations by the Military Manpower Administration.
Specifically, customers receive a 10,000 won cashback when they make payments of 10,000 won or more at GS25 and E-Mart24. Additionally, Naver Plus membership subscription fees of 4,900 won are cashbacked monthly for up to six months. Furthermore, registering the card with Naver Pay grants a point gift certificate worth 5,000 won.
Promotion via YouTube has also been strengthened. Industrial Bank of Korea, while separately utilizing its own model idol group AllDeifroject, has fully deployed fromis_9 member Park Ji-won for National Love Card promotions, pushing the video views on YouTube past 20 thousand won.
Leading banks are also stepping up their defense. On the 4th, Shinhan Bank launched the 'Shinhan National Love Card Yuna Edition,' featuring ITZY member Yuna as its advertising model. Although Shinhan Bank had only released general card designs since January, it added a new design approximately eight months later after Hana Bank's card featuring IVE member An Yu-jin became a hit.
Hana Bank is expanding community-focused partnerships. Starting from the 7th, it will introduce a dedicated mobile plan for National Love Card users in collaboration with Toss Mobile. New subscribers can use 71 GB of data per month for 7,500 won monthly over seven months. Previously, since July, Hana Bank has been offering cashback of up to 20,000 won through its 'Hana National Love Card Summer Cashback' event when making payments at partner stores such as CU and McDonald's.
A senior official in the banking sector stated, "The industry's common concern is that 'there are no men in their 20s anywhere,' but the National Love Card is a surefire way to secure this demographic." He added, "Although the card itself operates on a reverse-margin basis, it has become an item welcomed as a partnership target across various industries, prompting banks to bet everything on it."
in FINANCE
