[New Year's Message] Son Byunghwan, Chairman of NongHyup Financial, "The Essence of Finance is the Customer... Need to Strengthen Digital Business"

"Efforts Needed to Reflect Customer Changes and Demands"
"Capabilities Must Also Be Mobilized for ESG and Global Business"

[Asia Economy Reporter Kiho Sung] Sohn Byung-hwan, Chairman of NH Nonghyup Financial Group, emphasized, "We must recognize that the essence of finance lies with the customer and promote differentiated digital businesses."

In his 2022 New Year's address on the 3rd, Chairman Sohn stated, "Please always strive to accurately understand changes in customers and reflect their demands so that financial services can be integrated into customers' daily lives."

Regarding digital transformation, he said, "If customers do not want it, we must boldly change the business models and operational methods that have worked well so far," adding, "Please innovate comprehensively from the customer's perspective, not only in product and service development but also, if necessary, in internal systems and ways of working."

Chairman Sohn also called for changes in ESG (Environmental, Social, and Governance) management. He emphasized, "Based on the ESG management system established last year, this year we must further advance ESG management and actively reflect it throughout overall management," urging, "Please make efforts to internalize ESG management."

Along with this, he said, "In particular, to establish a climate change response system, all capabilities must be focused on achieving carbon neutrality and establishing a climate risk management system," and ordered, "We should expand the development of financial products for carbon neutrality implementation, invest in carbon emission reduction sectors, and organize systems across all business divisions linked to this."

He also stressed the importance of striving for stable development and strengthening capabilities in global business. Chairman Sohn said, "In countries where we have expanded globally, profitability should be increased through business model improvements, and new branches should focus on stabilizing operations in their early stages," adding, "Please proceed without delay with preparations for opening branches in Hong Kong and Beijing this year, as well as opening branches in Sydney, Australia; Ho Chi Minh, Vietnam; and Noida, India."

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