Corporate mascots emerge as key marketing tool for financial groups

The regulatory approval from financial authorities for financial holding groups to commercialize their brand mascots has led to a surge in marketing activities. By crafting engaging stories around their respective characters, these groups aim to challenge the stereotype of being conservative and rigid.

Promotional image of KB Financial Group's art exhibition featuring its mascots / Courtesy of KB Financial Group By Lee Yeon-woo The regulatory approval from financial authorities for financial holding groups to commercialize their brand mascots has led to a surge in marketing activities. By crafting engaging stories around their respective characters, these groups aim to challenge the stereotype of being conservative and rigid. According to market watchers, Monday, Korea's top four financial holding firms are actively promoting their mascots through various marketing campaigns.

Among them, KB Financial Group has taken the most dynamic approach. It is hosting an art exhibition featuring its five mascots, known as Star Friends. KB also produced a music video starring its characters, which has already surpassed 1 million views.

Woori Financial Group also designed its own mascots, WiBee Friends, creating a theme of an idol group's universe. Last year, Woori showcased giant mascot figures as the centerpiece of a photo zone at its company's concert. The group also collaborated with CU, a major convenience store chain, to release different kinds of bread.

Meanwhile, Shinhan and Hana Financial Groups are also broadening their character universes through social media content, branded merchandise and other initiatives aimed at enhancing their corporate identities. "The main advantage of character marketing is its ability to create a sense of familiarity and appeal to a broad audience, regardless of age or gender, at a lower cost than hiring celebrity models. It also makes it easier to capture customers' interest and attention," KB Financial Group's research institute noted.

These efforts come in the wake of the Financial Services Commission's (FSC) recent decision to allow financial holding groups to commercialize their mascots. Under the Banking Act, noncore business activities require regulatory approval. The FSC's decision has opened new business opportunities for the financial sector, which has lagged behind big tech companies like Naver and Kakao in this area.

The FSC plans to finalize detailed measures and pursue amendments to relevant laws by June..