5 Major Financial Group Chairmen: "Strengthening Comprehensive Financial Capabilities and Digitalization in 2022 is Important" (Comprehensive)

Looking into the New Year's Messages of the Five Major Financial Holding Companies

(From left) Yoon Jong-kyu, Chairman of KB Financial Group; Cho Yong-byeong, Chairman of Shinhan Financial Group; Kim Jung-tae, Chairman of Hana Financial Group; Son Tae-seung, Chairman of Woori Financial Group; Son Byung-hwan, Chairman of NongHyup Financial Group.

[Asia Economy Reporter Park Sun-mi] The chairmen of the five major financial holding companies unanimously agreed that strengthening comprehensive financial group capabilities and enhancing competitiveness against big tech and platform companies through digital innovation are urgently needed to survive the uncertain financial market environment this year.

According to the financial sector on the 3rd, KB Financial Group Chairman Yoon Jong-kyu presented the group’s mid-to-long-term management strategy, ‘R.E.N.E.W.’, in his New Year's address, stating that the group must become the number one financial platform company providing the best customer experience through digital innovation.

‘R.E.N.E.W.’ is KB Financial’s management strategy consisting of five directions: Reinforcing core competitiveness (R), Expanding global and non-financial business areas (E), Expanding the role of KB Star Banking (N), Securing differentiated ESG leadership (E), and Developing top talent and realizing an open and creative organization (W). Chairman Yoon said, “As financial experts, let us faithfully adhere to basics and principles to become the ‘most beloved lifelong financial partner’ who earns customers’ trust.”

In particular, Chairman Yoon emphasized, “All employees should adopt a customer-centric mindset to provide customers with economic benefits, convenience, and enjoyment, and create a trusted KB through ‘High Quality,’ ‘High Speed,’ and ‘Low Cost.’ To fulfill the mission of finance that changes the world, we must continuously innovate with the attitude of Da-in-ho-byeon (大人虎變) and provide the best customer experience.”

Shinhan Financial Group Chairman Cho Yong-byeong unveiled Shinhan’s new core value, ‘Shinhan WAY 2.0 (Right! Fast! Different!)’, to realize the new vision of ‘easier, more comfortable, and newer finance’ from the customer’s perspective. Chairman Cho said, “New attempts by internet banks and big tech companies are leading changes in the financial market. We will operate the group’s digital platforms ‘rightly, quickly, and differently’ to stay ahead in competition with big tech and platform companies.”

He added, “Customers now move based on the value of experience, not the size or profits of financial companies,” and said, “Let us expand the scope of warm finance and provide various solutions through our core financial business so that we can leave a healthier life for the next generation along with the growth of our industry.”

Hana Financial Group Chairman Kim Jung-tae expressed his determination to leverage the strong offline channels that big tech companies do not have.

He urged, “We must transform our offline channels into customer-centered omni-channels and provide differentiated consulting services in areas where human expertise is essential, based on financial professionalism.” He also added, “We should actively promote digital customized services for corporate clients that are difficult for big tech to enter and invest in and collaborate with future growth companies based on the group’s capital strength.”

Woori Financial Group Chairman Sohn Tae-seung announced that the management goal for this year is to ‘complete a digital-based comprehensive financial group system.’ To achieve this, he identified six major management strategies: expanding revenue and growth bases, promoting digital super-innovation, nurturing core growth engines such as wealth management (WM), corporate investment banking (CIB), and global business, strengthening proactive risk management, enhancing corporate culture, brand, and ESG, and improving group synergy and management efficiency. Chairman Sohn said, “I urge all Woori Financial Group employees to pursue creative innovation this year,” adding, “With Woori Financial’s unique creative innovation that solves customer needs in new ways and brings dynamic changes to market conditions, let us strongly overcome the challenging year of 2022 that will be difficult for any company.”

NongHyup Financial Group Chairman Son Byung-hwan emphasized that this year is a meaningful year marking the 10th anniversary of NongHyup Financial’s launch. He said, “I hope this year will be a time to look back on the 10-year journey of NongHyup Financial and draw a new blueprint for the future,” and added, “Looking ahead to the next 10 years, I hope NongHyup Financial will become Korea’s top financial company by getting closer to customers.” He also urged the promotion of digital business from the customer’s perspective, internalization of ESG management, stable development and capability enhancement of global business, and strengthening customer asset management and retirement finance capabilities.

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