Jin Ok-dong, Shinhan Bank President: "Our WHY is Customers and the Future"

Shinhan Bank Holds Q1 Executive and Department Head Workshop
Emphasizes Practicing 'Rightly, Quickly, Differently' from Customer Perspective

Jin Ok-dong, President of Shinhan Bank, is speaking at the first quarter executive and head of department workshop held on the 4th.

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 4th that it held a first-quarter executive and head of division workshop at its headquarters in Jung-gu, Seoul, attended by President Jin Ok-dong, executives, and heads of divisions.

Considering the ongoing spread of COVID-19, Shinhan Bank conducted this workshop via video conference.

The workshop was held under the theme "Banking Beyond Limits to Overcome Uncertainty." It was designed as a program to review last year's performance and engage in in-depth discussions on practical ways to expand by reflecting the core agenda presented at the Shinhan Financial Group Management Forum into the bank's business plans.

President Jin stated, "Every journey we have taken together has been a path for our customers and the future," reiterating the previously emphasized concepts of "legitimacy of the process" and "good faith and sincerity." He continued, "In the new year, we must accelerate the pace of change that we have been steadily preparing for," emphasizing, "We are facing major change tasks from the perspectives of organization, platform, and channels, and we must understand the reasons and significance of these tasks to achieve results."

President Jin cited Simon Sinek's book Start with Why and the concept of the "Golden Circle" as an example, explaining to employees that communication methods to elicit enthusiasm and a sense of accomplishment involve WHAT as the result of action, HOW as the method of action, and WHY as the mission and meaning of the work.

He explained, "If you focus only on the WHAT, you can convey the characteristics well but fail to provide special inspiration. However, if you explain the WHY first, it stimulates emotions and naturally leads to HOW and WHAT, that is, to action."

He then gave the example of the delivery application "Ttaenggyeoyo," saying, "The customer's WHY is the desire for all parties?franchise stores, consumers, and riders?to benefit through the platform," and added, "Just as Ttaenggyeoyo was built as a protocol economy ecosystem that starts from the customer's WHY and benefits everyone, we must start the way we work from WHY going forward."

In addition, regarding organizational theory that contains the origin of Shinhan culture, he mentioned that among the four major emotions required of leaders (passion, insight, selflessness, flexibility), instead of teaching the know-how of 'insight,' leaders should teach Know-Why. He emphasized, "Starting from WHY is not new but the way Shinhan's predecessors have done," and urged leaders to devote their 'passion' to spreading WHY.

President Jin expressed, "Ultimately, our WHY is 'customers' and 'the future,' and this year's business, including agile organizations, new platforms, and channel strategies, will be pursued for customers and the future." Finally, addressing the leaders of Shinhan Bank, which is celebrating its 40th anniversary, he quoted Shin Young-bok's phrase "Like the first time," concluding, "When you look back on today's determination in the future, I hope you do not lose your initial resolve and do your best so as not to be ashamed."

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