Shinhan Card Declares 'Customer-Centric' Management Focused on Consumer Protection

CEO Attendance at the Consumer Protection Committee
Resolution on Compliance with Internal Consumer Protection Controls and Declaration of Customer-Centric Management

At the 'Consumer Protection Internal Control Compliance and Customer-Centric Management Resolution Ceremony' held at the Euljiro headquarters in Jung-gu, Seoul, Lim Young-jin, President of Shinhan Card (center front row), and Jin Mi-kyung, Chief Consumer Protection Officer (CCO) of Shinhan Card (front row right), along with other executives, are taking a commemorative photo.

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 30th that it has resolved to comply with the internal control standards of the Financial Consumer Protection Act and declared 'Customer-Centric' management, which practices customer-oriented management.

At the 2021 first half expanded Consumer Protection Committee meeting attended by President Lim and the management team, Shinhan Card discussed establishing internal control standards to enhance and protect the rights and interests of financial consumers, reaffirming the 'Customer-Centric' principle of setting customers first, not the company, as the primary standard for business operations.

The internal control standards for financial consumer protection assign management responsibility to financial companies to ensure that employees, sales agents, and brokers thoroughly implement financial consumer protection. These standards have the nature of business regulations under the Financial Consumer Protection Act and will be enforced on September 25 after a six-month grace period following the Act's implementation.

Before the full enforcement of the internal control standards under the Financial Consumer Protection Act, Shinhan Card proactively reviews the essential items that must be included in these standards. Additionally, it plans to strengthen consumer protection processes from the customer's perspective and provide differentiated customer services by integrating the standards with the integrated management system currently being built to utilize the 50,000 annual customer feedback cases as digital-based management resources.

Shinhan Card monitors consumer protection activities through the monthly Consumer Protection Committee meetings, and especially discusses company-wide consumer protection strategic directions at the expanded Consumer Protection Committee meetings held twice a year in the first and second halves, with direct participation from the Chief Executive Officer (CEO).

Jin Mi-kyung, Senior Executive Vice President and Chief Consumer Officer (CCO) of Shinhan Card, said, "Through this resolution to comply with the internal control standards of financial consumer protection, we have been reminded of the first principle of consumer-centric management that Shinhan Card pursues, which is customer-centricity. We will firmly establish customer-centric management in the hearts of all employees and embed it throughout all business areas."

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