Shinhan Bank to Launch Future-Oriented Digital Banking System 'The Next' with 300 Billion KRW Investment

Jin Ok-dong, Bank President, Emphasizes Overwhelming Online and Offline through Successful DT Promotion
Building a Customer- and Future-Oriented Digital Banking System to Enhance the Bank's DT Speed and Quality
Investing a Total Budget of 300 Billion KRW to Transition to a Digital-Centric Future ICT System

[Asia Economy Reporter Kiho Sung] Shinhan Bank announced on the 21st that it will promote the ‘The Next’ project to transition to a future-oriented digital banking system.

Having successfully established an integrated banking system in 2006, Shinhan Bank judged that ICT competitiveness would become an important differentiating factor amid rapid changes in the financial environment and decided to build a new future-oriented system to innovate the financial industry.

Since his inauguration, Jin Ok-dong, the bank president who has focused on accelerating the bank’s digital transformation (DT), recently emphasized in his New Year’s address that the fate of the organization depends on the success of DT and urged bold challenges to make the ‘Shinhan’ brand a platform that dominates the market both online and offline.

To this end, Shinhan Bank declared a new ICT vision of ‘digital platform connecting customers and the world’ and is promoting the establishment of a digital banking system from the perspective of customers and the future with five strategic goals: ▲ flexible customer experience ▲ digital-based work platform ▲ digital-centered banking platform ▲ data-driven business innovation ▲ modernization of ICT and digital infrastructure.

The bank will build a system that can integrate and manage customer behavior data and marketing information across all channels, including branches, Shinhan SOL, and customer consultation centers, so that customers can experience consistent services and continuous banking transactions without distinction between branches and non-face-to-face channels.

Through this, it plans to provide flexible financial services so that transactions and consultations interrupted by customers in specific channels can continue seamlessly in other channels.

In addition, a new digital-based work platform will be established so that employees can handle customer consultations and transactions anytime and anywhere, and standardization of terminals and improvements in UI/UX will be promoted to enable easy and convenient work processing.

In particular, to innovate data-driven business, which is the biggest topic in recent digital innovations including MyData, the bank plans to reorganize its data management policies and standards and build a data navigation system capable of tracking and managing data to advance the bank’s data utilization and analysis environment.

Shinhan Bank will officially start the The Next project as soon as it completes preliminary preparations such as selecting contractors. Unlike existing next-generation financial ICT projects, it will proceed over 42 months with a total budget of about 300 billion KRW, adopting a phased and gradual transition method that first establishes an ICT innovation foundation and then gradually converts ICT services.

A Shinhan Bank official said, “We expect that this project will lay the foundation for a future bank optimized for digital,” adding, “Through the transition to a customer-centered digital banking system, we will improve the speed and quality of DT throughout the bank.”

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