Since the establishment of the Holy Family Credit Union in 1960, the Credit Union has been a major cooperative and private-sector financial player in the Korean economy. Having recently exceeded KRW 50 trillion in total asset value, CUs are now seeking to quickly double that figure. Since the Asian Financial Crisis, Credit Unions have worked hard to enhance our productivity and competitiveness by merging with various cooperatives, launching new branches, and establishing an advanced computer network. As a result, Korean CUs earned a net income of KRW 292.4 billion in 2011, recording 10 consecutive years of surplus management.
The Credit Union has unveiled two new TV commercials with the slogans “Bridging People with People through Finance” and “Bridging Generation with Generation through Finance.” The new TV commercial campaign, launched in 2011, emphasizes that the Credit Union is not a mere financial institute, but a cooperative that members themselves create and expand to their own benefit. The campaign also emphasizes the fact that the Credit Unions has been a reliable partner for all of members for the last five decades. The new TV commercials, celebrating the 50th anniversary of the Credit Union, focus on six million members whose families have been loyal customers of our credit unions generation after generation. The Credit Union intends to use these commercials to reach out to a younger generation of people in their 30s and 40s, emphasizing the organization’s image as an open and accessible financial cooperative for families and regular people.
The Credit Union will make available the smart phone banking service, “Credit Union S Banking,” on July 1, so that users have greater mobility and flexibility when accessing banking information and services. The new smart phone application will provide a comprehensive range of financial services, including account details, payment of bills and public dues, credit card details, access to tax-deductible savings accounts and funds, and more. The application allows users to make multiple payments or account transfers at once, and also provides many other conveniences. The use of personal verification certificates will provide even better security to protect users’ private information. In addition, the application can access the user’s current location, using GPS and LBS technologies, to provide them with clear information on how to get to the nearest credit union or ATM. The dynamic interface design allows users to choose between a checkerboard style and a cover flow style. Any credit union member with an Internet banking account can download the application, from either the android market or the App Store, and use it without ever visiting a primary credit union. A new member will first have to visit a primary credit union and apply for an internet banking account before being able to use the application. The Credit Union expects that introducing smart banking services will increase its pool of customers in their 20s, 30s, and 40s, while also enhancing the credit union’s dynamic and youthful image.