South Korean financial institutions are accelerating efforts to target senior customers as the country enters a super-aged society, with those aged 65 and older accounting for more than 20 percent of the entire population.

According to data from Statistics Korea and the Financial Supervisory Service, net assets held by those aged 60 and above reached 4,307 trillion won ($3.15 trillion) last year, up 11.7 percent from the previous year.

As demand from this group shifts beyond basic savings and investment products to areas like wealth transfer, healthcare, and lifestyle services, financial institutions are restructuring their business strategies accordingly.

Major commercial banks are launching dedicated teams and senior-focused products and marketing initiatives.

KB Kookmin Bank introduced a pension account offering up to 1.5 percent in preferential interest based on pension deposit frequency.

It also rolled out trust services and a senior-only mobile plan. To address digital exclusion, the bank operates mobile branches for senior customers and provides financial literacy programs at welfare centers.

Shinhan Bank launched a senior task force in May along with a program that rewards customers aged 50 and older with cash for meeting step-count goals.

Blending health management with financial incentives, the program has already attracted 730,000 subscribers. The bank is improving the platform’s user interface, expanding partnerships, and offering integrated trust services that cover pensions, wills, inheritance, and asset management.

Hana Bank has taken a broader approach by launching a dedicated brand and building a senior-specific financial platform.

Hana Financial Group is combining services across affiliates to provide solutions for senior wealth, health, pensions, and estate planning.

The bank has also opened lounge-style consultation spaces and continues to expand offerings such as trust-based target date funds and dementia insurance.

Woori Bank is also expanding its trust product line for seniors. Among them is a will-substitute trust that appoints a manager to oversee assets in the event of cognitive decline, gaining attention as a safeguard against dementia-related financial issues.

The bank has introduced senior-targeted loans and savings products that allow clients to set up high-interest accounts for their children.

NH Nonghyup Bank is rapidly scaling up its network of senior wealth management centers, now totaling 100 locations nationwide.

Its offerings include a product providing up to 2 percent in preferential interest based on pension income and a trust service that facilitates inheritance planning without a will, with the minimum investment threshold lowered to 50 million won.

In the non-financial space, the bank provides retirement planning seminars, wellness and culture programs, and pet care services tailored to elderly pet owners.

Insurers and credit card companies are also enhancing services for senior clients.

Hanwha Life Insurance Co. launched an inheritance-focused research lab last year, staffed with certified financial planners and tax specialists, and offers intergenerational consulting, including sessions with clients’ children.

Samsung Card Co. introduced a credit card for seniors with high spending on healthcare, insurance, and wellness, offering up to 20 percent discounts at hospitals and pharmacies, along with rental, telecom, and membership benefits.

Woori Card Co. offers a senior-oriented product that increases point accumulation at frequently used vendors like pharmacies and hospitals and adds perks such as airport lounge access.

KB Kookmin Card launched a premium card product for high-income seniors, featuring benefits such as discounts at golf courses, hotels, and airlines, as well as medical escort and golf bag delivery services.

Life insurers are moving into the elderly care sector.

KB Life Insurance Co. is establishing care facilities across Seoul and surrounding areas, while Shinhan Life Insurance Co. is developing senior towns and care home complexes in the metropolitan region.

Hana Life Insurance Co. and KDB Life Insurance Co. have similar plans, though implementation remains focused on banking affiliates due to the high upfront investment.

Kyobo Life Insurance Co. has introduced a customized inheritance service that distributes death benefits in installments to cover education, caregiving, and other needs.

The company offers five types of trust services, including for claims, wills, gifts, and guardianship, supported by a team of more than 40 professionals, including attorneys and tax experts, who provide tailored plans based on family structure and asset scale.

“An estimated 800 trillion won in assets is expected to transfer from the baby boomer generation to those in their 30s and 40s over the next 15 years,” said a financial industry insider. “Targeting the senior market is no longer just marketing but a survival strategy.”

[ⓒ 매일경제 & mk.co.kr, 무단 전재, 재배포 및 AI학습 이용 금지]