Top executives of the NH Financial Group led by Chairman Kim Yong-hwan and President Lee Kyung-seob of NH Bank raise their arms in celebration of the introduction of “All One Bank” platform in a launching ceremony of the mobile banking service system on Aug. 10 at NH Bank.(Photo: NH Bank)

NH Financial Group has finally jumped on the bandwagon, joining other Korean banks that offer mobile banking services. 

The agricultural cooperative’s banking group on Monday announced it was launching All One Bank and will be providing mobile banking services. 

What makes this service different is that All One is not a solo venture by NH Bank, but one that also includes affiliates under its financial holding company, including non-life insurance, savings banks, fintech companies and others.

The NH Financial Group on Aug. 8 held a session led by Chairman Kim Yong-hwan and President Lee Kyung-seop of NH Bank to launch the new banking platform on Aug. 10.

The customers can customize the main screen of All One Bank according to their needs. There are a number of ways to verify user’s identities, like finger prints and PIN numbers. The services on All One Bank include group fund remittances, individual fund remittances, including remittances for congratulatory wedding funds. 

The funds can be remitted based on phone numbers among the services offered on All One Bank platform.

In November, NH Bank plans to launch the local tax payment services on smartphones. The bank will discuss the option to pay local taxes with individuals and business firms, as well as settlements with local tax authorities and local autonomous administrations. Chairman Kim said all the affiliates of NH Financial Group will be able to boost their profits by making their services accessible on All One Bank platform. 

He plans to help the bank compete with already-established Internet banks with its All One Bank platform. The competition in the mobile financial market is likely to heat with NH Bank entering the fray. 

The ability to customize the front image of the app is designed to target users in their 20s and 30s, according to the company. NH Financial Group plans to also establish a public fintech platform.

The financial company’s All One Bank features two friendly cartoon characters as mascots “Ally,” a baby dinosaur, and “Oney,” a bird.

Other financial companies have already been marketing smartphone banking services with cartoon mascots. 

Woori Bank’s WeBee uses bee characters, Shinhan’s Sunny Bank’s character is a fairy, KB Kookmin’s Liiv is a coin-shaped character and IBK’s is a robot named Ki-eunsen.

With the rapid development of Fintech, the banks have been able to find new profit sources by taking advantage of Fintech in their operations, including automobile financing and others.

But some in the financial industry said All One Bank is no different from other mobile financial service, because other financial platforms can also provide phone number fund transfer services, for example. 

Financial sources said the mobile platforms currently operated by major financial firms are struggling to differentiate themselves, but that is expected to change. It is a matter of time before mobile banking replaces the Internet banking, the financial sources said.