"Let's Nurture Directly" Commercial Banks Strive to Develop Digital Talent

Woori, Hana, and NH Nonghyup Bank Operate Digital Talent Development Program
Also Actively Recruiting External Experts

(From left) Hana Bank, KB Kookmin Bank, Woori Bank, Shinhan Bank headquarters. [Photo by each company]

[Asia Economy Reporter Jin-ho Kim] "Even if banks disappear, banking (platforms) will survive." Amid the intensifying challenges from fintech (finance + technology) and big tech (large information and communication companies), commercial banks are deepening their concerns for survival. This is because they are struggling to secure top talent to maintain market dominance amid accelerating digital innovation. Banks' concerns about nurturing excellent talent have led to collaborations with major universities. Since there are limits to recruiting external talent alone, there is a strong will to directly cultivate internal talent.

According to the financial sector on the 9th, Woori Bank is providing a "Future Digital Finance Expert Training Program" for all new employees in the digital and IT departments in the first half of this year.

They plan to develop core competencies necessary for the digital financial market, such as artificial intelligence (AI), blockchain, and big data analysis, through the digital finance MBA programs at major domestic universities like KAIST for the double-digit number of new employees, and assign them to frontline digital and IT-related departments. A Woori Bank official explained, "Through investment in nurturing talent in the digital and IT sectors, we will cultivate them as key personnel to lead Woori Bank's digital finance."

Hana Bank has also joined hands with universities to nurture future digital talent. Recently, it signed a business agreement with KAIST and developed the "Digital Warrior Program." The core of this program is teaching computer science major courses to 40 selected young employees in their 20s and 30s.

NH Nonghyup Bank has signed digital education course agreements with major domestic universities such as Seoul National University, Kookmin University, and Nonghyup University. In the case of Seoul National University, they offer a big data analysis course; Kookmin University and Nonghyup University provide AI application courses and digital MBA courses, respectively. Additionally, they operate advanced degree programs related to digital education with Yonsei University, Sogang University, Korea University, and KAIST.

The banks' efforts to secure digital talent are also evident in their recruitment processes. Kookmin Bank announced yesterday that it will hire about 200 new and experienced employees in IT, data, and management sectors through the "2021 First Half Open Recruitment." Major banks such as Shinhan Bank and Hana Bank are also continuing "pinpoint" recruitment to select digital talent.

Securing excellent digital talent is a matter of survival for the banking industry, where the speed of digital transformation is accelerating. It is considered an essential requirement for banks to have competitive platforms amid challenges from big tech and fintech companies like Naver and Kakao. The banking sector, which has deep roots in pure-bloodism, has been focusing on recruiting digital and IT specialists over the past few years. In fact, data strategy and ICT heads at KB Kookmin Bank, Woori Financial Group, and Shinhan Bank come from IT companies and academia.

A banking industry official said, "The efforts to nurture digital talent in banks are being carried out with a long-term perspective," adding, "One reason is that it is not easy to recruit because high-level digital talent tends to gravitate toward major IT companies like Google and Facebook."

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