Chairman Kim Kwang-su: "Create a DT Business Model That Goes Beyond Customer Impressions"

NongHyup Financial, Establishes DT Roadmap Advancement Plan Connecting the Entire Digital Ecosystem as "Customers"

On the 23rd, Kim Kwang-soo, Chairman of NH Nonghyup Financial Group, is presiding over the meeting at the 4th Nonghyup Financial DT Promotion Supreme Council of 2020 held in the conference room of the NH Nonghyup Financial Group headquarters located in Jung-gu, Seoul.

[Asia Economy Reporter Park Sun-mi] Kim Kwang-soo, Chairman of NongHyup Financial Group, emphasized, “There will be fierce competition among financial service companies surrounding customer touchpoints and customer experience,” adding, “We must create a business model that goes beyond customer-centricity and customer satisfaction to the level where we are said to be obsessed with customers.”

On the 23rd, at the headquarters' video conference room located in Jung-gu, Seoul, Kim made these remarks during the CEO Council, which also served as the 4th NongHyup Financial Digital Transformation (DT) Promotion Supreme Council of 2020, attended by representatives of affiliated companies. Chairman Kim reviewed the progress of DT and established and announced a plan to advance the DT roadmap that connects the identity, infrastructure, and support drivers of the company-wide digital ecosystem to the customer.

This council was unusually attended by CEOs, Chief Digital Officers (CDO), Chief Marketing Officers (CMO), Chief Information Officers (CIO), and related department heads from banks, life insurance, non-life insurance, securities, capital, and savings banks, reflecting Chairman Kim’s determination to achieve the vision of a people-centered digital NongHyup Financial. The meeting proceeded with presentations and discussions on current issues by each affiliate.

The DT roadmap advancement plan comprehensively reviewed the company-wide digital ecosystem model from the customer perspective under the premise presented at the July management performance analysis meeting that “platform competitiveness = customer?data?trust,” and prepared a detailed implementation roadmap, thereby connecting the entire DT to the customer.

In July, the financial holding company presented affiliates with a platform model establishment, digital ecosystem infrastructure construction, and step-by-step guidelines from the perspective of infrastructure operation. Accordingly, the affiliates conducted a comprehensive review over two months prioritizing customer strategies regarding products, services, channels, and data linkage, and established a differentiated NongHyup-wide digital ecosystem model including agricultural products and distribution.

Additionally, they specified detailed roadmaps related to digital platform infrastructure construction for customer touchpoint management, customer authentication, payment, partnerships, and MyData, while re-examining the organization, personnel, and budget required to operate these.

Following the established advancement plan, NongHyup Financial decided to adjust DT tasks and reflect them in next year’s business plans and organizational restructuring to enhance execution capability. Furthermore, the financial holding company plans to clearly define its role in utilizing external resources such as partnerships with other industries, managing shared resources*, and NongHyup-wide collaboration to actively support the smooth progress of the DT roadmap advancement.

Chairman Kim stated, “Once the MyData business is fully implemented, the competitiveness of financial companies will be completely revealed,” and urged all affiliates to adopt a leading half-step (Yeongseon Banbo, 領先半步) attitude that stays half a step ahead of customer expectations and competitors’ speed in both thorough preparation for the MyData business and ways and speed of working.

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