Hana unifies reward points system

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Hana unifies reward points system

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Hana Financial Group Chairman Kim Jung-tai talking about the company’s newly integrated membership at the KEB Hana Bank’s headquarters in central Seoul on Tuesday. [NEWSIS]

Hana Financial Group has integrated all of its membership reward points into one account and is offering cash-back services under a new “Hana Members” system .

This is a major move that the banking group has taken since KEB and Hana Bank merged last month.

Reward points, or Hana Money, from Hana’s six affiliates - KEB Hana Bank, Hana Financial Investment, KEB Hana Card, Hana Life, Hana Capital and Hana Savings Bank - will be issued based on the user’s financial transactions with the affiliates.

Other points collected, such as OK Cashbag or SSG Money from Shinsegae Department Store can be rolled into the Hana Money account.

“We surveyed our clients on membership points and they mostly told us there are few useful ways for them to spend membership rewards points,” Kim Jung-tai, President and CEO of the group, said on Tuesday. “Most of them wanted to spend rewards points just like cash.”

In response to clients’ requests, Hana Money will be used for financial transactions, such as cash, deposits to a KEB Hana Bank account or withdrawing cash in the amount of the reward points. They could be saved in an installment savings account or spent on a financial product. Paying bills is also possible.

Approximately 2.3 million stores nationwide accept payments with the reward money.

The company said anyone aged 14 or older can join the membership online without opening an account or purchasing a product.

“It is the first time for a financial institution to adopt a membership service, which an IT company or a distribution company are using to attract customers,” Kim said. “It will be a successful case of Fintech.”

Kim said the company plans to expand the service overseas. “This will be launched in China and Indonesia,” he said. “We can’t chase the trend of Fintech alone, so we will seek cooperation with Fintech companies to take the path together.”

BY KIM HEE-JIN [kim.heejin@joongang.co.kr]

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