Idols Increasingly Being Used As Advertisement Models For Banks
Recently, South Korean banks have been increasingly turning to K-pop idol groups to get more attention from the public.
Before, banks preferred models that gave credibility to customers due to the characteristic of banks managing the money of customers. Now, they choose idol groups as their promotional models. While they target young customers in Korea, they can also expect to promote their brands overseas.
According to the financial industry on January 29, KB Kookmin Bank, Shinhan Bank, Woori Bank and Nonghyup Bank selected idol groups as advertising models. Woori Bank signed a contract with BLACKPINK. They expect its commercial contract with BLACKPINK, which has grown into a global girl group, to boost its brand image not only in the domestic market but also abroad.
On January 22, NH Nonghyup Bank appointed new idol group GWSN as their model for the bank’s social media. This is the first time Nonghyup has hired an idol group as a public relations model. Nonghyup Bank believes that it will be able to attract young people’s attention by using idol groups as promotional models.
KB Kookmin Bank has been using BTS as its advertising model since last year. It is expected that the group will continue to play a role this year as their contract was recently renewed before its expiration.
Shinhan Bank also used Wanna One as its model last year. The contract has now expired, and a follow-up model is being recruited.
As such, the models in banks are speedily changing. More than anything else, they seem to be actively utilizing idol groups, unlike in the past, which used to focus on other celebrities. They are now able to aim for foreign customers and young customers who are targets of global and digital sectors that banks are currently focusing on. There are expectations that idols will bring in as many new clients as their fan bases.
KB Kookmin Bank made good use of BTS as a model. Analysts say that the group’s “KB Star Banking” promotional video, which surpassed 10 million views on social media channels, increased the popularity of the bank. Shinhan Bank has also gained popularity by issuing 100,000 debit cards with photos of Wanna One members.
However, it is highly likely that using idol groups as models will be a short-term strategy. As trends change rapidly, it is not seen as a long-term strategy.
A banking industry source stated, “In the past, they used to prefer models that give credibility, but now brand promotional effects on young people and their parents are expected by using idol groups as models. When using a model that has gained recognition from overseas, the company can also enjoy a boost in brand image when entering a country.”