Yoon Jong-won, Bank President, "Rebound through Innovative Management at Industrial Bank"

Nationwide Branch Managers Meeting and Innovation Management Proclamation Ceremony Held on the 27th

Yoon Jong-won, President of IBK Industrial Bank of Korea

[Asia Economy Reporter Kim Min-young] “We are making a new leap forward to achieve a top-tier financial group with global competitiveness.”

Yoon Jong-won, President of IBK Industrial Bank of Korea, expressed his ambition to lead the re-advancement of the policy bank, IBK, based on this ‘innovation management blueprint.’

According to the banking sector on the 27th, IBK held a nationwide branch managers’ meeting and an innovation management proclamation ceremony consecutively in the morning. Both events were conducted online to prevent the spread of the novel coronavirus infection (COVID-19).

At the event, President Yoon mentioned IBK’s principles of ‘innovative finance’ and ‘proper management,’ conveying to employees his determination to “make a new leap forward to achieve a top-tier financial group with global competitiveness.”

He said, “The upcoming year 2021 marks the 60th anniversary of IBK’s establishment and a turning point to prepare for the next 60 years,” adding, “Innovation management is a roadmap to grow together with customers and to lead innovation in the financial industry as a policy partner.”

President Yoon also expressed hope that this would be a meaningful turning point not only for IBK but also for the banking industry, repeatedly emphasizing responsible and ethical management that strengthens the bank’s competitiveness through innovative finance, supports customer growth, and secures customer trust through proper management.

What are the tasks for innovative finance and proper management?

IBK presented the following tasks for innovative finance: ▲ Establishing a support system tailored to each stage of corporate growth ▲ Leading the venture capital market for startups ▲ Global expansion of SME finance know-how ▲ Building a customer-first digital environment. Recently, IBK created a new Innovation Finance Group through organizational restructuring.

For proper management, the tasks include ▲ Strengthening customer protection processes ▲ Achieving zero financial accidents and corruption through compliance and ethical management ▲ Fulfilling social responsibility as a corporate citizen ▲ Promoting personnel innovation based on fairness and inclusion.

To implement the innovation management strategy, IBK also completely revamped its performance evaluation system (KPI) on this day. A ‘customer value’ indicator was newly added to the evaluation items, and the scoring and items related to innovative finance were expanded. The number of evaluation indicators was simplified from 30 to 14. According to a bank official, this aims to establish a sales culture that prioritizes customer needs over excessive sales.

IBK will announce its Q2 and first half-year results this afternoon. This year, it is expected to post somewhat weaker results than the first half of last year’s net profit (985.9 billion KRW) due to its focus on financial support for SMEs and small business owners amid COVID-19. In Q1, it achieved a net profit of 500.5 billion KRW, shrinking about 10% compared to the same period last year.

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