Code Marketing

Many banks are moving rapidly to go with the new regulation that the government has put out, “The Code Marketing.” Banks are busy in trying to support the programs that came out since the new administration has taken over the office, like security of citizens, bolstering middle-size businesses, etc. The Industrial Bank of Korea will launch “Serving Common People Passbook” from April that would benefit at the maximum 6.0% of interest. This Passbook does not have the minimum limits in putting the money into the account, but in order to prevent rich people from benefiting from the service, the bank only allows up to 20 million won of deposit and 500,000 won of monthly installment savings per person. One of the bank officials said that in previous year, only a large sum of amount was the target in giving out the high rate of interest through special-deposit services, this one took an unconventional initiative for targeting normal people that serves the same amount of rate on little amount of money. It is a vice-versa program.
Likewise, we can say that the enhancement of services towards common people is one aspect of code marketing. Banks are going in accordance to the MB agenda that tries to develop small businesses through Korea Investment Fund and settle the fund of small businesses and the people through Small Income People Fund and so on. In this complex and diversified society, they try to meet the needs of the people and the small businesses through the MB agenda, moving away from the relationship business to observing different kinds of services to make profits.

Source : http://www.fnnews.com/view?ra=Sent0701m_View&corp=fnnews&arcid=080330221823&cDateYear=2008&cDateMonth=03&cDateDay=31

Student # 20300489 Entry_8