Shinhan Bank, Hana Bank and the Industrial Bank of Korea (IBK), selected as operators for the third phase of the government-backed Nara Sarang Card program for enlisted soldiers, have recently rolled out their respective benefit schemes, kicking off a new round of competition, industry officials said Thursday. The banks aim to reach young soldiers during their first meaningful exposure to formal financial services during mandatory military service and retain them as long-term customers after discharge. The Nara Sarang Card, literally translated as the “Love of Country Card,” is issued to all conscription-eligible men as part of the military enlistment process and functions as both a payment and salary card throughout their service. For banks, securing the mandate means gaining access to around 200,000 new customers annually through a highly stable channel, making the program one of the most sought-after opportunities in the retail banking sector. Shinhan Bank served as the sole operator during the first phase, while the second phase adopted a two-bank model involving KB Kookmin Bank
Banks race to win over military customers to secure lifelong clients
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