How BTS and other K-pop idols are adding zest to banks’ branding
KB Kookmin Bank started the trend – and saw a big increase in the demand for its financial services after BTS’ members became its spokesmen
South Korean banks are increasingly turning to K-pop idol groups to help raise their profiles among a younger demographic.
They are hiring members of the boy bands and girl groups as company spokespeople as they try to maximise their appeal among a broad range of potential new customers – particularly “young and hip” K-pop fans.
KB Kookmin Bank, one of the country’s leading banks, started the trend – now an industry norm – by hiring the seven members of the boy band BTS as its spokesmen in January 2018 – just as the group was about to enjoy meteoric international success.
BTS twice topped the US Billboard album chart twice last year, and also enjoyed sold-out concerts in North America as part of its world tour.
“There was initially a strong backlash when a group of bank officials suggested hiring a young pop band to represent the bank,” a KB official said.
“It was understandable given that a financial services firm needs to develop a brand image associated with trustworthiness and credibility – qualities that are less associated with young entertainment figures.”
In hindsight, hiring BTS was a “spot-on” business move that helped to increase the bank’s profile with international audiences – in line with digitisation and globalisation, which were its two initiatives.