'Innovative DNA Transplanted into Industrial Bank of Korea'... Yoon Jong-won Administration Declares Innovation Management (Comprehensive)

Yoon Jong-won, President of IBK Industrial Bank, is holding an online nationwide branch managers meeting at the bank's headquarters in Euljiro, Jung-gu, Seoul on the 27th. Photo by IBK Industrial Bank

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

On the 27th, Yoon Jong-won, President of IBK Industrial Bank of Korea (IBK), expressed his ambition to lead the re-advancement of the policy bank IBK based on the ‘Innovation Management Blueprint.’

On this day, IBK held a nationwide branch managers’ meeting and an Innovation Management Declaration Ceremony at its headquarters in Euljiro, Jung-gu, Seoul. The event was conducted online to prevent the spread of the novel coronavirus (COVID-19).

At the event, President Yoon mentioned IBK’s principles of ‘Innovative Finance’ and ‘Proper Management,’ conveying his determination to employees that “we will take 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 emphasized responsible and ethical management that strengthens the bank’s competitiveness through innovative finance, supports customer growth, and secures customer trust through proper management, hoping it will be a meaningful turning point not only for IBK but also for the banking industry.

Yoon Jong-won, President of IBK Industrial Bank (center), holds an innovation management declaration ceremony on the 27th at the bank's headquarters in Euljiro, Jung-gu, Seoul. Photo by IBK Industrial Bank

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

For proper management, the bank identified the following tasks: ▲ 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 second quarter and first half performance this afternoon. This year, the bank is expected to post somewhat weaker results than the first half net profit of 985.9 billion KRW last year, as it focuses on financial support for SMEs and small business owners affected by COVID-19. In the first quarter, it achieved a net profit of 500.5 billion KRW, about a 10% decrease compared to the same period last year.

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