KEB Hana Bank to Expand ¡®Financial Hallyu¡¯ with 1Q Bank Strategy
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KEB Hana Bank to Expand ¡®Financial Hallyu¡¯ with 1Q Bank Strategy
Bank to increase its banking outlets overseas to 140 in 24 countries to boost international earnings share to 40% of total annual earnings

03(Wed), Aug, 2016




President Ham Young-joo of KEB Hana Bank holds a plaque with a female staff showing the IQ Bank Strategy at the Beijing Branch of the bank during his visit to the branch last year.(Photo: KEB Hana Bank)



KEB Hana Bank has been pushing its strategy to expand the ¡°Financial Hallyu¡± all over the world with the 1Q Bank strategy at the forefront of its moves.

The bank has 131 banking outlets in 24 countries around the world, and plans to increase the number to 140 year as part of its strategy to boost the share of its total annual earnings to come from overseas to 40 percent. The target will also help Hana Financial Group be counted among the 50 largest financial groups in the world.

Leading the bank¡¯s overseas strategy is the 1Q Bank, a mobile banking service, which was first launched at its branch in Canada in January last year.

The non-face-to-face banking service allows the customers to conduct all kinds of banking transactions without visiting a bank, including the transfer of funds, opening new accounts, getting certificates, subscriptions for financial products, checking the transactions and accounts, among others.

KEB Hana Bank branches in Canada have been expanding the number of customers among Canadians, going beyond to the Korean community, in the North American country, taking advantage of its 1Q Bank strategy.

The one feature that sets the 1Q Bank apart from other rival banks¡¯ mobile banking services is the 1QInsta Card, which is most popular among local residents who are used to writing checks, as customers can conduct their banking transactions instantly without remembering the number of their banking accounts. 

On Dec. 27, KEB Hana Bank announced it will launch a pre-arrival bank account opening service that allows customers in Korea and China to open accounts with KEB Hana Bank Canada before they arrive in the country. The service, to be launched on Dec. 28, will be based on 1Q Bank, the global online banking system it developed.

Prospective emigrants to Canada and students can apply to open a Canadian dollar account at branches of KEB Hana Bank in Korea and China, and receive the account the next day. This will allow applicants to remit funds to the accounts and check balances through 1Q Bank, a mobile application, even before they arrive in Canada. 

Furthermore, this account features no ATM usage fees, account maintenance fees, or other fees in Canada, making it appealing for emigrants and students going to study in Canada.

In addition, a service called ¡°1Q Global Chain,¡± developed through a global collaboration among business units of KEB Hana Bank in Korea, China, and Canada, is also scheduled to be launched for Korean and Chinese students studying in the United States, Australia, and 24 other countries worldwide, promising to become a successful case of global synergy creation and expansion for KEB Hana Bank.

Launched in Canada last January and slated for launch in China in January 2016, 1Q Bank is an innovative, global online banking system developed by KEB Hana Bank that enables customers to make all kinds of financial transactions, including opening accounts, via the Bank¡¯s website or mobile application, without having to visit branches.

An official of KEB Hana Bank¡¯s Global Future Financial Department said, ¡°KEB Hana Bank plans to expand the 1Q Bank service across its entire global network and continue to lead the provision of global banking services by developing new global service models, such as pre-arrival account opening and simplified overseas remittance services.¡±

KEB Hana Bank launched its flagship app-based mobile 1Q Bank  at its Chinese head office in Beijing, which enables customers to open bank accounts and perform other financial transactions without visiting a bricks-and-mortar branch.

¡°We aim to attract Chinese retail customers by offering financial products that are exclusively available on the 1Q Bank app,¡± said Byun Chang-jin, head of global future finance team at KEB Hana Bank.

   
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