Market shares among the third-generation operators of the National Love Card are fluctuating. IBK Industrial Bank of Korea, which held a cumulative market share of just 10% in the first quarter, secured 17% of new card issuances by the third quarter after offering benefits worth up to 100,000 won. Shinhan Bank and Hana Bank are also countering with strategies such as launching cards featuring idol models and forming partnerships with telecommunications companies, signaling that competition for the National Love Card is heating up in the second half of the year.
According to the financial sector on the 6th, as of late August, Shinhan Bank held a 46% market share of new National Love Card issuances, ranking first. Hana Bank followed with 41.9%, while Industrial Bank of Korea captured 12.1%.
The third-generation National Love Card project will operate 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 could potentially acquire around 1.6 million new customers over the course of the project period. Additionally, since veterans with a history of military fitness examinations after 2007 are also eligible for issuance, the card 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 accounted for only 10%. However, Industrial Bank of Korea recorded a 17% share in new issuances during the third quarter, accelerating its acquisition of new customers. 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 of the year 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 military fitness examinations at 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 not only utilized its own model, the idol group AllDeifroject, but also fully deployed fromis_9 member Park Ji-won for National Love Card promotion on YouTube, pushing video views past 20 thousand won.
Leading banks have also moved to defend their positions. On the 4th, Shinhan Bank launched the 'Shinhan National Love Card Yuna Edition,' featuring ITZY member Yuna as its advertising model. While Shinhan Bank had only released cards with standard 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 life-oriented partnerships. Starting from the 7th, it will introduce an exclusive budget mobile plan for the National Love Card in collaboration with Toss Mobile. New subscribers can use up to 71 gigabytes of data per month for 7,500 won monthly over a seven-month period. Previously, since July, the bank has offered cashback of up to 20,000 won through its 'Hana National Love Card Summer Cashback' event when customers make payments at partner stores such as CU and McDonald's.
A senior banking official stated, "The industry-wide concern is that 'there are no 20-something males anywhere,' but the National Love Card is a surefire way to secure this demographic." The official added, "While the card itself operates at a loss, it has become an item welcomed as a partnership target across various industries, prompting banks to go all out."
in FINANCE
