Shinhan Bank: "COVID-19 Crisis is an Opportunity for Change... Leap to Digital-Centered 'Future Shinhan'"

Shinhan Bank's Second Half Management Strategy Meeting on the 17th
Accelerating Digital Innovation with the Theme of 'Opportunity for Change'

Jin Ok-dong, President of Shinhan Bank

[Asia Economy Reporter Kim Hyo-jin] 'The COVID-19 crisis is an opportunity for change'

Shinhan Bank's management strategy for the second half of the year can be summarized this way. On the morning of the 17th, Shinhan Bank held its second half management strategy meeting at the Giheung Training Center in Gyeonggi Province.

At this meeting, Jin Ok-dong, President of Shinhan Bank, presented the slogan "CHANCE TO CHANGE" and urged, "Let us take the digital-centered transformation of the financial industry as an opportunity for change toward the 'Future Shinhan.'"

Shinhan Bank plans to invest company-wide capabilities into digital innovation in response to the shift toward a non-face-to-face transaction environment and the fintech-based comprehensive financial innovation trend. To this end, Shinhan Bank newly established the 'DT (Digital Transformation) Promotion Team' within the Digital Group's Digital Strategy Department to oversee digital transformation planning and execution.

The DT Promotion Team includes not only digital experts but also specialists from various fields such as sales, information and communication technology (ICT), and compliance. The aim is to enable digital transformation to bring about practical changes across various business areas based on the exchange and convergence of technology and value.

The DT Promotion Team is currently focusing all efforts on building the 'ODS (Outdoor Sales)' infrastructure, a 'visiting sales system,' in preparation for the 'post-COVID-19' era.

Based on this, Shinhan Bank plans to introduce a 'customer video consultation system' that enables expert non-face-to-face consultations anytime and anywhere, and establish an artificial intelligence (AI) intelligent consultation center to upgrade customer service levels. Various linked products based on partnerships with ICT companies will also be continuously introduced throughout the second half of the year.

Shinhan Bank is not immune to unprecedented internal and external adversities such as concerns over accumulated non-performing loans due to the COVID-19 pandemic and decreased interest income caused by the ultra-low interest rate environment. Accordingly, Shinhan Bank plans to proactively manage soundness through crisis analysis and risk reassessment.

To this end, starting from this meeting, Shinhan Bank plans to reorganize growth and profitability indicators of major business sectors in line with the 'post-COVID-19' trend.

Shinhan Bank intends to share the strategies decided at this meeting at the Shinhan Financial Group's 'Shinhan Management Forum' scheduled for the 27th to 29th of this month, aiming to maximize synergy across the entire group.

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