Shinhan Financial Group Declares 'Customer-Centric Management'... Strengthening Consumer Protection

Chairman Cho Yong-byeong: "We Will Redefine All Businesses with a Customer-Centric Approach"

Chairman Jo Yong-byeong of Shinhan Financial Group (center) and CEOs of major group companies are posing for a commemorative photo after holding the 'Consumer Protection Enhancement and Customer-Centric Management Declaration Ceremony.'

[Asia Economy Reporter Kwangho Lee] Shinhan Financial Group announced on the 17th that it held a 'Consumer Protection Enhancement and Customer-Centric Management Declaration Ceremony' at its headquarters on Sejong-daero, Jung-gu, Seoul, attended by Chairman Jo Yong-byeong and CEOs of major group companies.

On this day, Chairman Jo and the major group CEOs pledged to practice customer-centric management and take the lead in protecting financial consumers. They also decided to prepare various group-level response measures to realize the basic rights of financial consumers and improve their interests.

First, Shinhan Financial Group established the Group Management Division (CMO) through an organizational restructuring earlier this year and is strengthening monitoring to prevent consumer damage by building a common group platform. In addition, to strengthen internal control and financial consumer protection, the positions of the group’s compliance officer and audit headquarters chief were elevated to vice president level, and personnel in related departments were expanded.

Also, a 'Seon-gyeon' session has been created in the monthly group management meetings attended by all group company CEOs to discuss key issues such as financial consumer protection and internal control policies. Various internal control strengthening policies, including the introduction of preventive audit functions, are being promoted throughout the group.

Shinhan Bank established a Consumer Protection Group early last year and appointed a Chief Consumer Officer (CCO) to manage the entire product sales process from the perspective of consumer protection. Furthermore, it has strengthened mystery shopping (secret inspection system) to restrict the sale of investment products at branches that provide insufficient explanations about financial products.

Shinhan Card plans to provide differentiated customer services by strengthening consumer protection processes from the customer's perspective through an integrated management system that utilizes the voice of customers as a digital-based management resource.

Shinhan Investment Corp. also reorganized its organization for consumer protection management by establishing a Financial Consumer Protection Headquarters, and Shinhan Life Insurance and Orange Life jointly held a 'Complete Insurance Sales Joint Declaration Ceremony' on the 3rd.

Chairman Jo said, "Through this declaration ceremony, we will establish firm principles for customer-centric management and redefine all businesses with a customer focus by internalizing a customer-centric culture in the field."

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