KB, Emart launch hybrid convenience store

The first hybrid convenience store chain Emart 24 and KB Kookmin Bank located at Bunpyeong district in Cheongju, North Chungcheong Province. Courtesy of Emart

By Anna J. Park

Emart 24 and KB Kookmin Bank have partnered to open up a hybrid convenience store and commercial bank on Monday.

Located in Cheongju, North Chungcheong Province, one third of the 100-square-meter store is occupied by the digital banking facilities of KB Kookmin Bank, while the rest is operated as a normal convenience store.

Customers can purchase their daily necessities at the store as well as take care of their banking matters at the same time.

The bank's smart teller machine (STM) at the store enables customers to withdraw or deposit cash and checks every weekday from 9 a.m. to 7 p.m. On weekends the STM is operated from 9 a.m. to 6 p.m.

The store also has an online-exclusive window, where customers can consult with bankers about a range of financial services, including opening up savings accounts and getting credit loans. The banking window operates from 9 a.m. to 5 p.m. on weekdays.

Both Emart 24 and KB Kookmin Bank expect the combined store will yield an increase in revenue for the convenience store, while also providing innovative financial services for customers. They also plan to expand the hybrid store model depending on customer feedback.

"Through the hybrid store was built on a partnership with the convenience store chain, we expect to deliver KB Kookmin's innovative financial services to customers. The bank plans to extend its partnerships with various sectors, aiming to come up with optimized banking business models," an official from KB Kookmin Bank said.

Emart 24 also plans to focus on enhancing synergy between the two companies.

"The hybrid service combining retail and finance sectors is now trending, with development of the technology and evolution of life patterns," an official from Emart 24 said, adding that the two firms will try to meet customer expectations by offering innovative services.

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