Woori Bank "Directly Overcoming 'Post-Corona' with Four Digital-Centered Strategies"

Woori Bank, Second Half Management Strategy Meeting on the 17th
Focus on Digital, Non-Face-to-Face, New Normal, and Risk Management

Kwon Kwang-seok, President of Woori Bank

[Asia Economy Reporter Kim Hyo-jin] Digital, non-face-to-face, new normal, risk management. Woori Bank's management strategy for the second half of this year can be summarized with these keywords.

On the afternoon of the 17th, Woori Bank will hold a second-half management strategy meeting at its headquarters in Jung-gu, Seoul. At this meeting, Kwon Kwang-seok, President of Woori Bank, is expected to present four key focus areas for the second half: ▲digital transformation ▲channel transformation ▲new normal management ▲risk management.

Woori Bank plans to first drastically strengthen its company-wide digital capabilities and lead new digital businesses. In addition, it will review the government's financial innovation initiatives such as the introduction of MyData and MyPayment, and proactively consider the adoption of new business models and services.

In particular, Woori Bank aims to accelerate digitalization in financial sectors unique to the bank, such as corporate finance and wealth management (WM), which are difficult for fintech or big tech companies to imitate, thereby continuously expanding its digital business areas.

Accordingly, Woori Bank plans to build a transaction environment suitable for the non-face-to-face era and focus on maximizing the efficiency of transaction channels. Discovering sustainable new growth businesses amid the structurally low growth and ultra-low interest rate environment triggered by COVID-19 is also a challenge Woori Bank faces.

Furthermore, to manage potential non-performing loans arising from extensive financial support related to COVID-19, Woori Bank plans to proactively reorganize its loan and deposit business structure and significantly strengthen the WM sector. To this end, the bank recently established the 'Investment Product Strategy Division' in its organizational restructuring. This division oversees products such as funds and trusts, formulates investment strategies, and manages investment risks.

Alongside this, Woori Bank intends to further solidify its 'customer-centric management' system through ▲operation of customer-centered key performance indicators (KPIs) ▲strengthening investment product management and establishing complete sales practices. Accordingly, the bank plans to actively launch new products focused on customer benefits and strengthen dedicated channels and personnel for asset management.

Additionally, as measures such as travel restrictions and temporary holidays continue in overseas countries where Woori Bank currently operates due to the COVID-19 pandemic, the bank plans to strengthen its global non-face-to-face sales channels and focus on building a 'qualitative growth system' through asset soundness management.

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