Hanwha Group – Fintech trends: 4 insights for today and tomorrow

Digital technologies, from AI to big data, are transforming the world of personal finance.

Over the past decade, there has been a massive shift in the digital financial sphere as mobile apps and technological advancements have placed a variety of personal finance tools in the palms of our hands. This industry transformation has only accelerated in the wake of the COVID-19 pandemic, as billions of people around the world turned to digital tools to manage their daily tasks, including investments and finances.

At the forefront of this transformation is Hanwha, which aims to go beyond traditional finance and offer digital-based financial solutions optimized for a variety of lifestyles. Embracing its mission to improve the lives of its stakeholders, Hanwha’s financial affiliates have developed a range of innovative products and services designed to contribute to the sustainable prosperity of customers by making personal finance more accessible, convenient and user-friendly than ever before .

As global fintech revenues continue to rise, financial institutions are exploring new ways to meet the rapidly evolving needs of their users. Check out these four new personal finance trends resulting from the digital revolution and discover how they can improve your life.

1. Personal finance: Centered on you

Personalization is a growing trend in many industries, and finance is no exception. Personalization is critical for customers in the financial services industry, with 72% of them considering it “very important” in today’s landscape. With the help of advanced analytics and artificial intelligence, financial institutions can collect and analyze data about customers’ financial habits, goals and preferences. This in turn gives better performance and better results. Personal finance goes beyond just tailored investment advice and financial planning to include other services that cater to individual users’ unique needs and preferences.

One such brand is Hanwha’s LIFEPLUS, a shared vision of Hanwha’s financial affiliates that delivers personalized financial solutions to its customers based on their individual needs and goals. The brand is used on various apps and initiatives put forward by each financial affiliate of the Hanwha Group. Hanwha Life, Hanwha General Insurance, Hanwha Investment & Securities, Hanwha Asset Management and Hanwha Savings Bank are united in an effort to provide financial, physical, mental and inspirational wellness products and services to promote a more balanced lifestyle. LIFEPLUS’ concept of “holistic wellness” will enhance the lives of users during their lifelong journey of positive change and continuous growth.

In addition, Hanwha also offers the LIFEPLUS TRIBES app, which connects users to virtual communities based on their hobbies and interests, promotes overall well-being and provides personalized product recommendations. Users can participate in challenges with their “tribes” or virtual communities based on shared interests such as sports, art, gastronomy, music and fireworks. This improves their lives with well-being and a sense of community.

Overall, the personalization trend is likely to continue in the years ahead as consumers increasingly demand tailored experiences and businesses seek to differentiate themselves in a crowded marketplace.

2. Partial shares: Investment made available

Investing is the one thing all the richest have in common. But now investing is not just for the top 1%. Fractional investing challenges the dynamics of traditional investing and makes it more accessible to people from all walks of life. So, what are fractional parts? Instead of buying a whole share of the stock, people can buy a fractional share, which is like a “bit” of the stock that represents a partial share. Lowering the financial barriers to entry makes fractional investing one of the best and most accessible investments for beginners. Partial investments rose to prominence during the pandemic as people spent more time at home, saved more money and looked for ways to invest extra money. Combined with a rise in digital brokerage apps, it’s now easier than ever for people to build a diversified investment portfolio without investing large sums of money up front – all from the comfort of their own home.

In line with this trend, Hanwha Investment & Securities offers a mobile app called STEPS that allows users to invest in fractional shares. Designed to be user-friendly and accessible, it shows people the basic steps of how to invest in stocks, even if they don’t have much previous experience. Hanwha Investment & Securities’ subsidiary in Vietnam, Pinetree Securities, also offers several mobile apps to educate new users about investing and help them make informed decisions, including PineX, Pinetree AlphaTrading and Stock123. Stock123 is a stock learning app, while PineX and Pinetree AlphaTrading are mobile trading systems that provide real-time market data, news and reports to help users track and analyze their investments. With Stock123 for beginners, PineX for experienced traders and Pinetree AlphaTrading for professional traders, Hanwha ensures that all users can learn and grow at all levels.

3. Obile Banking: The New Normal

It is not only investments that have been digitized. Banking has too, and the younger generation is leading the way, leveraging mobile apps to manage their finances in ways that were unimaginable just a few years ago. According to a recent survey, 99% of Gen Z and 98% of millennials use a mobile banking app for various tasks, such as checking balances, paying bills and transferring funds. Additionally, during the COVID-19 pandemic, Gen Z spent twice as much time on financial apps compared to pre-pandemic usage. With installs of fintech apps growing by 32% between 2020 and 2021, this trend is expected to continue into 2023 and beyond, with an increasing shift towards digital banking, online platforms and other digital tools that make finance more accessible.

Hanwha Asset Management embraces this trend by offering a mobile app called PINE, tailored explicitly to Gen Z and Millennial users. Considering that these younger generations tend to have access to less capital and lack the experience and information compared to professional investors, PINE includes budgeting tools, investment advice for beginners and easy-to-understand financial education resources, all designed to help younger users manage their finances his. more effectively in the digital age. For users who are new to investing, the app has optimized retirement solutions and 11 funds carefully selected by professional traders. With these convenient features, PINE aims to level the investment competition for its Gen Z and Millennial clients.

The advantages of mobile banking also include security. Pinetree Securities’ e-KYC (electronic Know-Your-Customer) technology uses facial recognition and AI to verify the identity of customers, leading to faster and more convenient identity verification, improved security and accuracy, and reduced costs for financial institutions, providing better customer experiences overall. With these mobile financial solutions, Hanwha is helping millennials and Gen Z set themselves up for financial success.

4. Superapps: The app for everything

What’s so great about super apps? In the past, people often had to use multiple apps or websites to manage various aspects of their lives, including finances, insurance and health, which could be time-consuming and confusing. However, the rise of super apps in the financial industry is changing that. Superapps, already very popular in Asia and Africa, offer a range of services in one place, from banking and payments to shopping and transport. The popularity of super apps reflects a broader trend toward digital transformation and combining multiple services into a single platform, which is expected to continue as consumers increasingly seek more convenient and streamlined ways to manage their financial lives.

Hanwha Life Vietnam’s LIME is a super app that offers users a one-stop shop for finance, insurance, lifestyle, wellness and more. With LIME, users can access a variety of financial services, including insurance, investment management and more. They can also use the app to manage contracts online, obtain insurance product information, pay insurance premiums online and access wellness and lifestyle content via social networking features. By offering all these services in one place, LIME gives users a more convenient and streamlined way to manage their financial lives.

The future of Fintech begins today

Digitization lays the foundation for a better economic future. Trends such as personalization, fractional investing, mobile banking and super apps are all set to define the personal finance industry in 2023 and beyond. In an era of digital transformation, Hanwha is well positioned to take advantage of these trends with its innovative products and services. From a person just starting their financial journey, a seasoned investor looking to diversify their portfolio or someone just looking to live a more balanced and fulfilling life, Hanwha has something to offer everyone.

Contact:

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T: 82-1588-2299

T: 82-2-789-5484

WEB: www.hanwharesort.co.kr

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