New WON Banking app, launched by Woori Bank, Thursday / Courtesy of Woori Bank

Woori Bank launched a mobile application integrating the services offered by Woori Financial Group's affiliates on Thursday, joining other financial institutions' move to allow customers to access all their financial services within a single application.

The so-called "super app" is the latest trend in the financial industry. Financial institutions are not only meeting the demands of the digital age through their super apps but are also enhancing app functionality by adding new nonfinancial and lifestyle services and integrating other apps to attract more customers.

Woori unveiled the New WON Banking app, which integrates banking services and comprehensive services from its group companies, including credit card, savings bank and capital services.

Additionally, the real estate-focused platform Woori Wonderland and the mobile trading system of Woori Investment & Securities will be incorporated soon.

“Our new app aims to provide customers with enhanced asset and spending analysis services, offering a simple and intuitive process,” a Woori Bank official said. “Improvements to the IT infrastructure have significantly upgraded the app's performance and speed.”

With Woori's launch of the new app, all five major banks, KB, Shinhan, Hana, Woori and NH NongHyup, have established the one-app system in response to consumers' growing demand for simple and convenient financial platforms.

For financial institutions, the greater the number of app users, the more likely subscriptions to products and services will increase, making it essential to centralize traffic.

In particular, showcasing services from other affiliates within the app significantly enhances the ability to lock in customers, yielding substantial benefits.

As a result, companies that have already been operating super apps are focused on enhancing their competitiveness by continuously adding new features and services. They are also employing strategies to increase app usage time by incorporating lifestyle-oriented services such as sports, culture, shopping, travel and mini-games into their super apps.

However, addressing the drawbacks of the one-app system remains a challenge.

As the apps grow larger, there are concerns that slower performance and unnecessary information could hinder users seeking to complete simple tasks, ultimately reducing convenience.

Another issue is the need to mitigate the impact of critical features, such as authentication services. If such services become unresponsive, it can result in multiple functionalities being disrupted simultaneously.

For instance, a three-hour access issue with KB Star Banking in September not only affected banking services but also blocked access to KB Securities' mobile trading system. This led to a wave of user complaints on online forums and communities.

“Equally important as stability is creating a streamlined user interface and experience that enhances simplicity and ease of use for customers,” an official from one of the major banks said.