South Korean banks are moving to capture foreign customers. The foreign population, including international students, workers and long-term residents, has been rising steadily, driving rapid growth in financial demand. Banks are rolling out lifestyle-oriented services that combine financial access with daily convenience.

According to the financial sector on Thursday, Shinhan Bank plans to add its foreigner-only unsecured loan product, SOL Global Loan, to its dedicated app for foreign customers, SOL Global, later this month.

Shinhan Bank has recently overhauled SOL Global to improve non-face-to-face access for foreign customers. It has expanded services by strengthening language support, the user interface and security systems.

SOL Global supports 16 languages, including Korean, and offers key financial services such as account opening, foreign exchange and loans on mobile. The bank simplified the sign-up process and made the interface more intuitive, while applying additional authentication to enhance security. Shinhan Bank is also expanding services that reduce administrative burdens in the early stages after arrival, including stronger non-face-to-face administrative support through partnerships with platforms for foreign students.

Hana Bank is taking one of the most aggressive approaches to targeting foreign customers. It has revamped its existing Hana EZ app into an integrated finance and lifestyle platform and expanded functions so foreigners can use it even before entering the country.

The app covers daily needs such as transportation and accommodation reservations, delivery services, tourism information and job matching, and supports 16 languages. It also added mobile queue ticket issuance and visit reservation functions to make it easier for foreigners to use Sunday-operations branches.

Woori Bank is boosting access for foreign customers through its dedicated app, Woori WON Global. It has opened a foreigner-only complex cultural space, the Woori Global Lounge, offering not only financial consultations but also job and visa consulting, financial education and cultural experience programs, building a comprehensive support model that combines finance and daily life.

KB Kookmin Bank is strengthening face-to-face channels by expanding consulting staff in regions with a high proportion of foreign customers. It improved language support and document guidance systems so foreigners with low financial literacy can resolve issues at branches through one-stop services. The approach is seen as particularly suitable for customers seeking visiting financial services.

NH NongHyup Bank is significantly improving financial access for foreigners by using artificial intelligence. Since Nov. 27, it has introduced a generative AI consultation function to All One Bank's Global Banking service to provide financial advice. It is also piloting an NH Global With Desk at foreigner-specialized branches, offering real-time interpretation and translation in 38 languages to lower language barriers.

In the banking sector, there is analysis that a comprehensive platform strategy combining financial and non-financial services will be a key competitive edge in boosting loyalty among foreign customers.

The base of foreign customers is expanding rapidly. According to the Ministry of Justice, the number of foreigners who entered the country by the end of October reached 14,580,000, up more than 15 percent from a year earlier. The number of foreign residents in South Korea hit a record high of 2,830,000. Demand for remittances by foreign workers and fund management by international students is also steadily rising.

Against this backdrop, banks are expanding beyond branch-centered consultations to digital-based lifestyle services. Foreign customers rely heavily on digital services not only for finance but across daily life, and there is a view that who secures the ecosystem first will determine mid- to long-term competitiveness.

A financial industry official said the key for foreign customers would be how conveniently banks can connect services across daily life rather than simple account opening.

The official added that competition to secure foreign customers would intensify through strategies that combine improved financial access with lifestyle-oriented services, and that the related market would continue to expand given the rising number of long-term foreign residents.