Song Jong-wook, President of Gwangju Bank, Visits Toss Headquarters to Experience 'Digital Mindset'

Discussion on Innovation Directions in Financial Services with CEO Lee Seung-geon

"Creating Corporate Culture through Horizontal Communication"

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Song Jong-wook, President of Gwangju Bank, personally experienced the digital mindset of fintech companies that creatively combine finance and innovative technology, breaking away from the conventional mindset confined to bank employees, in order to lead digital innovation in finance.

On the 2nd, according to Gwangju Bank, President Song visited the Toss headquarters to find ways to strengthen digital capabilities.

The tour was personally guided by Lee Seung-geon, CEO of Viva Republica Inc.

President Song paid close attention to the free work atmosphere and autonomous decision-making process of Toss employees, noting that the CEO and executives do not have separate offices but work side by side in the same space as other employees.

He also engaged in a heated discussion with CEO Lee of Viva Republica Inc. about the direction of innovation in financial services amid the rapid transition to the digital finance era.

At the meeting, they promised to significantly expand personnel exchanges between Gwangju Bank and Toss in the future and to establish an organic cooperative system with Toss Bank, which is licensed as a bank.

President Song of Gwangju Bank said, “Seeing the creativity and work drive demonstrated by employees through Toss’s free work style gave me many tasks to consider,” adding, “Recently, Gwangju Bank has also been making various efforts to break away from the conservative banking work atmosphere accustomed to top-down communication and to foster a corporate culture for horizontal communication with employees.”

He continued, “We intend to actively apply communication and work methods that can draw out employees’ potential,” and stated, “In the fiercely competitive environment with fintech and big tech companies entering the financial industry, traditional banks also need unavoidable change and innovation. While faithfully fulfilling the role of regional financial development as a local community bank, we will lead digital innovation and grow into a sustainable 100-year bank.”

Recently, President Song also attracted attention by practicing horizontal leadership while sharing directions and strategies on digital strategy with employees at the in-house event ‘Sympathy Gathering with Song Pro.’

Gwangju Bank signed two business agreements with Toss in September 2019 and February this year to activate new financial services and partnership marketing, becoming the first in the first-tier financial sector to offer a ‘mobile loan interest rate comparison service’ through the Toss app. Additionally, it was the first in the entire banking sector to enable notifications of transaction details for Gwangju Bank deposit and withdrawal accounts via the Toss app.

Compared to commercial banks, Gwangju Bank made quick decisions to collaborate with fintech companies one step ahead, swiftly responding to changes in the digital financial environment, achieving customer inflow effects, and earning praise for establishing a fintech win-win model and innovative financial services.

Also, at the suggestion of Song Jong-wook, President of Gwangju Bank, the first personnel exchange program between Gwangju Bank and Toss in the financial sector was conducted.

In April, eight employees including bank clerks and managers from Gwangju Bank first visited Toss to experience their working methods and share organizational culture and work styles between the companies.

In May, Toss requested to share Gwangju Bank’s work processes and know-how, leading to one-on-one matching of personnel responsible for finance, business support, post-loan management, cards, customer management and product development, security, and other banking operations to share expertise.

Continuing various activities for digital innovation finance, Gwangju Bank has been vigorously advancing its transition to a digital bank since opening its next-generation IT system in 2018, introducing Paperless Process Reengineering (PPR), Robotic Process Automation (RPA), mobile web banking, and robo-advisor (asset management consulting service). It is actively collaborating with fintech companies, such as holding events that provide Toss Money when opening Gwangju Bank’s ‘SsolSsolhan MY Account’ or ‘Changed Foreign Currency Savings’ on the Toss app, focusing all efforts on leaping forward as a leading digital bank.

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