HomeShinhan Bank’s Metaversal Leap: A Virtual Revolution in Banking

Shinhan Bank’s Metaversal Leap: A Virtual Revolution in Banking

Shinhan Bank campaign shows how financial sector can utilize Metaverse tech to give customers seamless experience.

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Updated: April 4, 2023
Shinamon Metavers by Shinhan Bank

Shinhan Bank, a titan in South Korea’s financial sector, made waves with its groundbreaking marketing campaign as it ventured into the Metaverse.

Shinhan Bank’s President, Jin Ok-dong, unveiled ‘Shinamon,’ the bank’s self-developed Metaverse platform that offers financial and non-financial services.

The South Korean bank asserts it is the first in the country’s financial industry to launch a metaverse platform.

The Shinamon is a virtual space that links financial and non-financial sectors, offering customers novel experiences.

The Metaverse platform comprises five distinct zones: finance, health, art, sports, and store.

The Campaign–to Expand the Bank’s Presence in the Digital Space and Strengthen Its Brand Image

South Korea’s Shinhan Bank launched the country’s first Metaverse platform in the financial sector, signaling a paradigm shift in the banking experience.

The campaign aimed to create a multipurpose virtual ecosystem, offering customers unparalleled convenience and an immersive digital environment. 

The bank conducted a five-day pilot test of the Shinamon platform, which attracted 85,000 visitors.

Shinhan Bank has scheduled three events for visitors to the Shinamon Metaverse platform until February 10th this year. Visitors can participate in various games and quests to win prizes, such as an iPad Pro, AirPod Max, Dyson hair dryer, and more.

“Recognizing Shinamon’s innovativeness, we plan to participate in the fintech sector exhibition at ‘CES 2023,’ the world’s largest digital exhibition this year. For the first time as a domestic bank, we will have a standalone booth.

Through Shinamon’s boundary-crossing content that connects to reality, we will offer various services that customers can easily participate in,” said a spokesperson from Shinhan Bank.

South Korea elected a pro-crypto president, Yoon Suk-yeol. Shinhan Bank tested real-time international remittance using stablecoin with Standard Bank of South Africa on the Hedera Hashgraph blockchain network.

The Metaverse platform, developed in collaboration with Huawei, allowed users to access non-financial services such as virtual concerts, exhibitions, and conferences.

The campaign’s primary objective was to expand the bank’s presence in the digital space and strengthen its brand image by leveraging the rapidly growing Metaverse trend.

In doing so, Shinhan Bank sought to attract a younger, tech-savvy audience and establish itself as a forward-thinking financial institution.

How Does This Differ From Other Campaigns in the Metaverse?

In the past, Shinhan Bank’s marketing campaigns primarily focused on traditional banking services, emphasizing product offerings and interest rates.

However, the Metaverse campaign marked a departure from these conventional approaches.

The bank dared to venture into uncharted territory, showcasing its innovative spirit and willingness to embrace cutting-edge technology.

Unlike previous campaigns that relied on traditional media channels, the Metaverse campaign leveraged the power of emerging technology to create a captivating virtual world.

The platform’s rich, immersive experience engaged users’ imagination and fostered a sense of community, a stark contrast to the typically transactional nature of banking services.

This groundbreaking campaign allowed Shinhan Bank to position itself as a trailblazer in the industry. It opens the door to future virtual collaborations and solidifies its reputation as a progressive financial institution.

Shinhan Bank conference

How Did the Campaign Perform?

The campaign’s performance exceeded expectations, significantly increasing user engagement and positive reception from the industry and customers.

Let’s break down the results using the marketing analysis:

  1. Reach: The campaign successfully grabbed the attention of users worldwide with 85,000 visitors. It showcases Shinhan Bank’s commitment to technological innovation and attracting a diverse audience.
  2. Impressions: The groundbreaking nature of the campaign generated buzz across various media outlets including Forkast News, Binance, and Yahoo Finance, amplifying its impact.
  3. Engagement: Users flocked to the platform, exploring the virtual world. While they participate in the myriad of activities offered, from attending concerts to networking at conferences.
  4. Conversion: The campaign’s unique appeal and immersive experience translated into increased user registrations and a surge in new customers.
  5. Return on Investment (ROI): With the platform’s success, the bank solidified its position as a digital pioneer. It enhances its brand image and paves the way for long-term growth.

As one user raved, “Shinhan Bank’s Metaverse platform has completely transformed my banking experience. It’s a breath of fresh air in an otherwise stale industry!”

What Could Shinan Bank Learn From Other Campaigns in the Metaverse?

Shinhan Bank’s Metaverse campaign was a vivid example of how embracing new technology. Also, as a brand thinking outside the box can lead to remarkable results.

The campaign’s outstanding performance and divergence from previous marketing efforts exemplified the transformative power of innovative thinking.

As the Metaverse grows and evolves, the virtual world may become the new frontier for financial institutions. Shinhan Bank will be remembered as the daring pioneer that took the first leap into the unknown.

Shinhan Bank Metaverse campaign is the first of its kind.

However, it could still learn from other brand campaigns such as Heytech and Renault.

Heytech entered Metaverse to enhance the brand impact and foster a deeper sense of belonging among employees by partnering with Decentraland for the Diner and Dance campaign.

Hytech aimed to achieve this by venturing into the Metaverse and transitioning to Web3. They provide a fresh and engaging approach to connecting with customers and employees.

While Renault launched an industrial Metaverse platform that utilizes digital technology to manage real-time operations in Renault Group’s factories and supply chain. 

The brands have the same concept as Shinhan Bank to strengthen their brand image digitally while taking advantage of Metaverse trends.

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