[비즈한국] As the Nara Sarang Card project enters its third term, reshaped into a system involving Shinhan Bank, Hana Bank, and IBK Industrial Bank of Korea (IBK), the three banks are aggressively pursuing military personnel as customers by fronting girl group members. Following the idol-based marketing campaigns by Shinhan Bank and Hana Bank, IBK has recently joined the trend by appointing Park Ji-won of fromis_9 as its model.
The Nara Sarang Card is a debit card issued to individuals fulfilling their military service who have undergone the conscription physical examination since 2007. It is used for receiving salaries and various travel allowances, starting from the physical examination phase through military service and continuing for reserve force training after discharge. Because it can be held even after discharge, it is considered a premier military financial product that allows banks to secure customers in their 20s early on and cultivate long-term banking relationships.
The base period for the third-term Nara Sarang Card project, which began this year, runs until 2030. Depending on policy, it could be extended once for a maximum operation period until 2033. While IBK continued its business rights from the second term, Shinhan Bank rejoined the fold after being involved in the first term, and Hana Bank participated as a new operator. According to the financial sector, as of the end of August, Shinhan Bank held the top spot in the third-term Nara Sarang Card issuance share with 46%. Hana Bank followed with 41.9%, and IBK held 12.1%.
Marketing featuring girl group members stands out in the third-term project. Shinhan Bank, which held the #1 market share as of August, appointed Yuna of ITZY as its model in December last year, prior to the start of the third-term project. Following an advertising campaign featuring Yuna, the bank released the "Yuna Edition" in September, which features her image on the card plate. According to Shinhan Bank, the Yuna Edition has received more attention and positive feedback than anticipated since its launch, particularly among younger customers who value card design and collectibility.
Shinhan Bank assessed that appointing Yuna as a model helped increase customer interest and brand awareness for the Nara Sarang Card. In particular, the bank views it as an effective way to communicate with their main customer base in their 20s.
Hana Bank, which is trailing Shinhan, is also conducting marketing using An Yu-jin of IVE as its model. After launching a Nara Sarang Card advertisement featuring An Yu-jin alongside actor Nam Tae-woo (who played Choi Il-gu in the drama *D.P.*), the bank introduced a Nara Sarang Card featuring An Yu-jin's image on the card plate in January.
The bank explained that it incorporated An Yu-jin’s bright and positive image into the design to convey messages of support to military personnel. When the cards are shipped, they also include a handwritten postcard from An Yu-jin containing words of comfort and encouragement.
The An Yu-jin version of the Nara Sarang Card saw 158,000 cards issued as of the end of August, contributing to Hana Bank maintaining its second-place position in issuance market share.
IBK, which is growing its share by accounting for 17% of new issues in the third quarter, recently joined the competition by appointing Park Ji-won of fromis_9 as its Nara Sarang Card model.
The selection was influenced by the web variety show *Workdol*, where Park Ji-won experienced working as a bank teller at an IBK branch for a day. Since this content received a positive response from younger customers, the bank explained that it chose her as a model to link that friendly image to the Nara Sarang Card.
An official from the bank stated, "We referenced the marketing cases of other banks, but we conducted a comprehensive review of various candidates beyond just girl group members before finally selecting Park Ji-won." IBK expects the appointment of Park Ji-won to expand brand awareness and customer touchpoints for the Nara Sarang Card, leading to an increase in new customers.
However, unlike other banks, there are currently no plans to release a Nara Sarang Card edition featuring the model's image. An IBK official stated, "There are no current plans to release a separate card design or edition using Park Ji-won's image, but we are positively considering the production of merchandise based on customer preference and interest."
The primary strategy behind banks actively utilizing girl group models is to secure male customers in their 20s at an early stage. This is because a customer who establishes their first financial relationship during military service is likely to become a long-term user of various financial products such as salary accounts, savings, loans, and investments. The goal is to create an opportunity for new customer acquisition by boosting interest and intimacy with the brand through girl group models.
However, the banks do not believe that girl group marketing is the only factor for high issuance results. They suggest that in addition to advertising models, providing life-oriented benefits in areas frequently used by soldiers—such as PX, convenience stores, delivery services, transportation, and telecommunications—as well as new issuance promotions and on-site marketing, have also had a significant impact.
In fact, all three banks offer benefits targeting the consumption patterns of soldiers. Hana Bank provides up to 30% cashback at PX and 20% cashback on delivery apps and public transportation. IBK offers up to 50% discounts at PX, as well as discounts on Naver Membership, GS25, and Mega Coffee. Shinhan Bank also offers up to 50% cashback at PX, alongside benefits for convenience stores, transportation, delivery, OTT services, and shopping.
As the first year of the third-term project draws to a close, the competition between the three banks to win over military customers is expected to become even more intense.