[THE INVESTOR] NongHyup Financial Group and its subsidiaries are jointly launching a mobile platform to provide one-stop services for various products from insurance policies to car loans.

The holding firm and NongHyup Bank held a launching ceremony for All One Bank on Aug. 8. The service will be officially opened on Aug. 10.

Users can subscribe to various financial products offered by the non-life insurance, savings bank and automotive finance subsidiary of the group on All One Bank’s website. 

The launch aims to provide full-package services to consumers with simplified steps.

For example, allowing customers to purchase a car and get an auto loan on the same platform, or receiving travel information while applying for currency exchange.

The nation’s second-largest financial group’s move is expected to intensify competitions among major commercial banks here which are scurrying to offer digital payments systems.

Woori Bank led the pack with its mobile-only bank service Wibee Bank launched in May last year through which the bank enables customers to apply for loans with the certification done through smartphone cameras.

Kookmin Bank, Shinhan Bank and Korea Industrial Bank of Korea have also opened their mobile-only banks, providing simplified financial services.

By Park Han-na (hnpark@heraldcorp.com)