Woori Financial's Innovation Experiment... Introduction of In-House Venture System 'Woori Adventure'

[Asia Economy Reporter Kim Hyo-jin] Woori Financial Group announced on the 7th that it has introduced the in-house venture system at the group level called 'Woori Adventure (A-D Venture).' 'Woori Adventure' refers to a daring venture group that challenges with free and innovative ideas across fields from analog to digital.

Woori Financial was finally selected last October as an operating company for the 'In-house Venture Promotion Program' hosted by the Ministry of SMEs and Startups. It is explained that the strong will of the management for open innovation and the systematic development plan of the 'Woori Adventure' system received high scores.

Woori Financial introduced this in-house venture system to overcome the conservative organizational culture and risk-averse work methods unique to financial companies, which are cited as the biggest limitations and weaknesses of fintech innovation. Through this, all employees of the entire group, including Woori Bank, will be thoroughly guaranteed autonomy in discovering and promoting new businesses, while tolerating failures in results, thereby instilling an 'innovation DNA' based on a spirit of challenge.

In addition, by operating 'Woori Adventure,' a small-scale voluntary innovation organization, the plan is to spread the advantages of startups?such as rapid execution, open innovation, and a challenging culture?to all group companies including Woori Bank. Furthermore, by launching services with minimum requirements and quickly measuring customer responses to reflect in the next idea, the business promotion will follow the Lean Startup approach, minimizing risks in new businesses.

A Woori Financial official said, "With the acceleration of the Big Blur phenomenon, where boundaries between industries are disappearing, it has become an important task for financial institutions to improve understanding and expertise in this regard," adding, "We expect that operating the in-house venture system will establish an innovation culture within the organization and cultivate the potential of employees across all group companies including Woori Bank."

This content was produced with the assistance of AI translation services.