South Korea Retail Bank Loyalty Program Market Size, Share, and COVID-19 Impact Analysis, By Type (B2C Solutions, B2B Solutions), By Enterprise Size (Large Enterprise, Small & Medium Enterprises), and South Korea Retail Bank Loyalty Program Market Insights, Industry Trend, Forecasts to 2035.

South Korea Retail Bank Loyalty Program Market Insights Forecasts to 2035

• The South Korea Retail Bank Loyalty Program Market Size Was Estimated at USD 1.2 Billion in 2024 
• The South Korea Retail Bank Loyalty Program Market Size is Expected to Grow at a CAGR of around 7.28% from 2025 to 2035
• The South Korea Retail Bank Loyalty Program Market Size is Expected to Reach USD 2.6 Billion by 2035

According to a research report published by Spherical Insights & Consulting, the South Korea Retail Bank Loyalty Program Market Size is expected to reach USD 2.6 Billion by 2035, growing at a CAGR of 7.28% from 2025 to 2035. The market is driven by increasing digitalization, rising customer expectations, and competition among banks to retain customers and drive engagement.

Market Overview

South Korean retail banking has been a quick embracer of loyalty programs as a strategic initiative to retain customers and create value in the highly competitive market. Banks have evolved from simple point-based incentives to loyalty programmes powered by AI and smart devices. Consumers are want more immediate, personalised rewards for digital banking behaviours, spending, and financial milestones, especially tech-savvy Gen Z and millennials. To retain banking products including loans, insurance, and investment products, banks like KB Kookmin, Shinhan, and Hana use loyalty programmes and cross-selling.

Report Coverage

This research report categorizes the market for the South Korea retail bank loyalty program market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea retail bank loyalty program market. Recent market developments and competitive strategies such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea retail bank loyalty program market.

Driving Factors

With close to 90% of banking transactions in South Korea being conducted online now, banks are interested in loyalty programs for limiting churn, encouraging engagement, and acquiring behavioral insights. With AI solutions, banks can hyper-personalize rewards based on past purchase history, lifestyle behaviors, and money objectives, tremendously enhancing program take-up and satisfaction. Initiatives like the Open Banking Framework and the MyData project make loyalty schemes work seamlessly, thus customer data becomes transferable and portable across systems.

Restraining Factors

The ROI of smaller banks is frequently impacted by the substantial expenditure needed to develop and maintain sophisticated loyalty ecosystems, which include app integration, incentive fulfillment, and fraud control.

Market Segmentation

The South Korea Retail Bank Loyalty Program Market share is classified into type and enterprise size.

• The B2C solutions segment held the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea retail bank loyalty program market is segmented by type into B2C solutions, B2B solutions. Among these, the B2C solutions segment held the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. Banks can communicate directly with individual clients, which makes B2C loyalty programme administration and implementation simple. Driven by the growing use of digital banking platforms, these programmes, which are intended to reward personal banking habits, improve the customer experience by offering tailored benefits.

• The large enterprises segment held the largest market share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea retail bank loyalty program market is segmented by enterprise size into large enterprises, small & medium enterprises. Among these, the large enterprises segment held the largest market share in 2024 and is expected to grow at a significant CAGR during the forecast period. Big businesses use their vast resources, substantial budgets, and well-established brand awareness to create customised, all-encompassing loyalty programmes with a wide range of incentives and precise targeting.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea retail bank loyalty program market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Maritz
• FIS Corporate
• IBM
• Aimia
• TIBCO Software
• Hitachi solutions
• Oracle Corporation
• Comarch
• Exchange Solutions
• Creatio
• Customer Portfolios
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea retail bank loyalty program market based on the below-mentioned segments:

South Korea Retail Bank Loyalty Program Market, By Type

• B2C Solutions
• B2B Solutions

South Korea Retail Bank Loyalty Program Market, By Enterprise Size

• Large Enterprise
• Small & Medium Enterprises