Jin Ok-dong, Shinhan Bank President: "Those Without Digital Literacy Will Be Left Behind"

Shinhan Bank Sets This Year's Strategic Goal: 'Customer-Centric! The Standard of Future Finance, Leap to First-Class'
Workshop Held on the Theme 'What Is Shinhan's Kingpin for the Leap to First-Class?'

At the first quarter executive and division head workshop held on the 5th at the headquarters located in Jung-gu, Seoul, Shinhan Bank CEO Jin Ok-dong is seen speaking via smart video conferencing.

[Asia Economy Reporter Kangwook Cho] "Without digital literacy such as digital data, crisis management, agile change, organizational communication, collective creativity, and three-dimensional negotiation skills, one will inevitably be left behind. Preparing future capabilities is a matter of survival, and leaders must create the stage for change and provide the right direction."

Jin Ok-dong, CEO of Shinhan Bank, emphasized the need for leaders to swiftly transform and take on their roles, warning that those who fail to acquire and understand digital knowledge and information this year will be left behind.

On the 6th, CEO Jin held a first-quarter executive and head workshop at the headquarters located in Jung-gu, Seoul, attended by executives and division heads. Considering the ongoing spread of COVID-19, the workshop was conducted via smart video conferencing.

This workshop was organized under the theme "What is Shinhan's King Pin for a leap to first-class?" It was a program designed to concretize the core agenda presented at the Shinhan Financial Group Management Forum and to deeply discuss ways to practically expand it by reflecting it in the bank's business plans.

Customer-Centric! The Standard of Future Finance, Leap to First-Class

CEO Jin explained this year's strategic goal, "Customer-Centric! The Standard of Future Finance, Leap to First-Class," reiterating the "Co-Growth Evaluation" introduced last year to pursue customer-centricity, along with the previously emphasized "legitimacy of process" and "good faith and sincerity."

He said, "This year, we aim to achieve genuine change by increasing the driving force for customer-centric values," emphasizing that "quick decision-making through communication and close cooperation among business areas are necessary, and the role of leaders is very important."

CEO Jin described the current situation as an era of the economy of speed, where customer needs change frequently beyond economies of scale, and explained that rapid transformation is necessary to cope with the constantly changing market. He cited examples such as the delivery application, an innovative financial service promoted by Shinhan Bank, and the partnership with Nexon to promote innovative projects by merging finance and gaming, stressing that "we must not insist solely on traditional finance."

To this end, he introduced the concept of "Pivot boldly" from "Trend Korea 2021," saying, "Like pivoting by fixing one leg as an axis and rotating with the other leg to prepare for the next move, let's take the fundamental competitiveness of finance as the basic axis and seek new opportunities with a flexible strategy by repeating the process of 'hypothesis setting-execution-modification.'"

Those Without Digital Literacy Will Be Left Behind

CEO Jin also introduced a video related to "digital literacy" to the executives and division heads attending the workshop. He said, "Without digital literacy such as digital data, crisis management, agile change, organizational communication, collective creativity, and three-dimensional negotiation skills, one will inevitably be left behind," and urged, "Preparing future capabilities is a matter of survival, and leaders must create the stage for change and provide the right direction."

He then visited the SeoSoMun branch, Shinhan Bank's future-oriented innovative branch called the "Digitate Branch," personally experienced video consultations, observed customer reactions to the Digitate Branch, and took time to reaffirm the commitment to innovation through digital transformation.

Let's Elicit Empathy from Customers and Society with an Unwavering Attitude of Good Faith and Sincerity

Regarding changes for future finance and sustainable co-growth, CEO Jin said, "The criteria for change are clear," emphasizing, "If you can confidently answer the two questions, 'Is it for the customer?' and 'Is it for the future?,' then failures should be recognized as part of the innovation process." He added, "Even if it was a method that achieved great success in the past, if it deviates from the criteria, it should be reviewed from the beginning."

Finally, CEO Jin introduced the work "White Ox" by artist Lee Jung-seop, who symbolized the strong spirit of Koreans by painting a white ox representing the Baekui Minjok (White-Clad People) during a difficult time for the Korean people in 1954, encouraging, "Even in this year, when various variables such as COVID-19 may act unpredictably, I believe that if we proceed steadily like the proverb 우보만리 (牛步萬里, 'a steady ox's pace covering ten thousand miles'), we will succeed."

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