Woori Bank to offer IRP pension consulting through Naver Pay

Woori Bank said Wednesday it is partnering with Naver Pay to launch an individual retirement pension (IRP) consulting service.

Through a newly created "Pension Home" section on Naver Pay, customers will be able to consult Woori Bank pension specialists on how to manage their individual IRP accounts.

After a consultation, customers will receive a link to Woori WON Banking to complete a new IRP enrollment. Woori Bank also plans to build infrastructure allowing customers to sign up for an IRP directly through its mobile website, without separately accessing the Woori WON Banking app.

According to Korea Federation of Banks disclosures, Woori Bank posted a return of 51.71 percent on individual IRP accounts (non-principal-guaranteed type) in the second quarter of this year, up sharply from 6.96 percent in the same period a year earlier.

"We will continue to expand collaboration with platform companies to broaden touchpoints for pension subscribers and roll out digital pension services that anyone can use with ease," said Park Eui-jeong, head of Woori Bank's pension marketing support team.