Competition among Korean banks to attract ultra-high-net-worth clients is expanding beyond wealth management into daily lifestyle services. Private banking (PB) services, which previously focused on tax, inheritance, and investment consulting, are now broadening into non-financial areas such as travel, concerts, golf, and artwork, as banks engage in a "customized life care" race.
According to the financial industry on the 7th, KB Kookmin Bank is reviewing the introduction of a "Premier Client Concierge Service" (tentative name) for ultra-high-net-worth customers. Concierge refers to a customized support service that arranges and connects travel itineraries, concert attendance, and golf reservations on behalf of clients upon request.
Kookmin Bank is examining a plan to provide the service to approximately the top 100 clients by assets. The aim is to offer more segmented benefits than existing PB services to the top tier of clients holding tens of billions of won in assets. The service budget is expected to be tiered by client grade. Under the structure being discussed, Tier 1 clients would receive up to 5 million won, Tier 2 up to 4 million won, and Tier 3 up to 3 million won in personalized service support.
Kookmin Bank currently provides wealth management services to ultra-high-net-worth individuals with at least 3 billion won in financial assets through its "Gold & Wise The First Center." Offerings include real estate investment advisory and tax consulting, along with bank-hosted opera concerts and golf events. Once the concierge service is introduced, the bank will be able to move beyond inviting clients to pre-set events and tailor services to each client's personal tastes and schedules.
In the banking sector, competition over non-financial services targeting ultra-high-net-worth clients is already in full swing. Woori Bank operates a concierge service through its PB brand "Two Chairs," supporting artwork purchases, domestic and international concerts, airline tickets, accommodations, and golf tour reservations. In March, the bank invited ultra-high-net-worth clients to The Shilla Seoul hotel for a premium seminar combining whisky and dining.
Shinhan Bank is also expanding services for wealthy clients through its "Shinhan Premier Membership." For ultra-high-net-worth clients, the bank offers health checkups, artwork advisory, appraisal, and auction support, as well as legal consulting. Leisure services are also included, such as guidance on overseas golf club memberships and booking assistance, along with ticketing for concerts, sports events, art museums, and fashion shows.
Hana Bank operates "Club1" for clients with at least 3 billion won in assets. It provides customized investment banking (IB) services, REITs, overseas investment, and global asset portfolio design, strengthening its dedicated services for high-net-worth clients.
"Ultra-high-net-worth clients are a core customer group that holds both profitability and symbolic value for banks," a financial industry official said. "Recently, the competitiveness of PB services is increasingly defined not only by wealth management capabilities but also by how meticulously banks can cater to clients' lifestyle conveniences and personal tastes."
