Heads of Major Banks' First Steps in the New Year... Focus on Digital and Branches

What Are the First Tasks of Major Domestic Bank Presidents in the New Year?

At the 1st 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 Park Sun-mi] Facing concerns over deteriorating profitability due to prolonged low interest rates and intensified competition with big tech companies, the heads of major domestic banks have focused on digitalization and strengthening branch operations from the very first steps of this year.

According to the banking sector on the 6th, Shin Ok-dong, CEO of Shinhan Bank, convened executives and division heads via video conference at the headquarters the previous afternoon to explain the 2021 strategic goal, "Customer-Centric! The Standard of Future Finance, Leap to First-Class," and held a workshop to discuss key tasks to achieve this.

Shin Ok-dong, CEO of Shinhan Bank, Conducts Video Consultations at Future-Oriented Branch

What CEO Shin particularly emphasized to the executives was the bank’s transformation in line with the rapid pace of market changes. Digital transformation lies at the core. He mentioned Shinhan Bank’s ongoing innovative financial services, such as the delivery application and the partnership with Nexon for the finance-game convergence business, stressing, "We must not insist solely on traditional finance." He then visited the SeoSoMun branch, Shinhan Bank’s future-oriented innovative branch called the 'Digitate Branch,' conducted video consultations in person, and observed customer reactions to the Digitate Branch, reinforcing the commitment to innovation through digital transformation.

Huh In, CEO of KB Kookmin Bank, also held a management workshop via video conference on the first working day of the new year, January 4th, to discuss detailed plans for breaking the mold of traditional banking and transforming into a digital financial platform company. CEO Huh urged the executives, "Let’s not just shout the slogan 'Number One Financial Platform,' but actually build it so that it can be delivered to customers." His determination to accelerate responsiveness to customers and the market through the platform and to provide a more innovative and convenient customer experience than existing digital players was clearly reflected in the first management meeting of the year.

Kwon Kwang-seok, CEO of Woori Bank, took charge of the VG (Value Group) system as his first move of the new year. Viewing the VG system as a new starting point for Woori Bank’s channel strategy, CEO Kwon emphasized the importance of the VG system’s establishment in his New Year’s address to employees, urging "active participation and effort to ensure the VG system is successfully settled." Under CEO Kwon’s leadership, Woori Bank officially launched the VG system on the 4th, which is a collaborative system among branches that groups one hub branch and approximately 4 to 8 nearby branches into one group.

NH Nonghyup Bank President Kwon Jun-hak (left) is taking a commemorative photo with CEO Park Se-geun (right) after visiting the Farm Enjoy farm located in Asan, Chungnam on the 5th.

Yoon Jong-won, CEO of IBK, Visits Branch as First Schedule of the New Year

Despite the spread of COVID-19, some bank CEOs chose to visit branches as their first step of the new year. Yoon Jong-won, CEO of Industrial Bank of Korea (IBK), selected a branch visit as his first schedule on January 4th. He met with branch employees to hear voices from the field and urged strengthening support efforts to alleviate difficulties faced by small and medium-sized enterprises amid the prolonged COVID-19 situation. CEO Yoon emphasized that overcoming the COVID crisis must be IBK’s top priority this year, ordering, "Support the temporary liquidity crises of sound SMEs and small business owners, and induce structural improvements for companies facing structural difficulties through innovation consulting."

Newly appointed this year, Kwon Joon-hak, CEO of NH Nonghyup Bank, visited the youth smart farm 'Farm Enjoy Farm' as his first task of the new year. By visiting a farm that successfully overcame management crises through Nonghyup Bank’s agricultural financial consulting and financial support, he expressed the bank’s commitment to fulfilling its role as an agricultural finance specialized bank through diverse financial support. CEO Kwon is focusing this year’s management strategy on becoming a leading digital finance bank while ensuring Nonghyup Bank faithfully fulfills its original role within Nonghyup Financial Group as a profit center for agriculture and rural areas.

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