Woori Financial Group Strengthens IT Capabilities of Bank and Card Companies... Drives High-Intensity Innovation

From Consignment Operation to Direct Execution
"To Respond to the Infinite Digital Competition"

Woori Financial Group announced on the 11th that it plans to have its subsidiaries, including Woori Bank and Woori Card, directly operate IT services to strengthen the group's IT competitiveness.

Until now, Woori Financial has outsourced group IT services to its subsidiary Woori FIS to expand synergies through integrated IT management. However, as the business environment has recently shifted to be digital-centric, the group intends to transition to a system where the bank and card company directly perform key IT development and operations to respond more swiftly to market demands.

Along with this, the group plans to enhance IT capabilities by shortening digital service development periods, recruiting experts in new technologies such as artificial intelligence (AI) and cloud computing, and increasing the proportion of in-house development.

Im Jong-ryong, Chairman of Woori Financial Group, stated, “Internalizing IT capabilities is necessary to strengthen the group’s IT competitiveness,” adding, “We will accelerate innovation through communication with executives and employees, including CEOs of the bank, card company, and FIS, during the innovation process.”

To this end, a group-wide joint task force (TF) will be operated with the goal of implementation in January next year. Additionally, a separate organization will be established to monitor IT stability in order to minimize risks that may arise during the process.

A Woori Financial Group official said, “The era has changed to one of endless competition, where we must compete not only with rivals but also with big tech and fintech companies,” and added, “Based on the group’s new IT operation model, we will leap forward as a leading digital and IT financial group.”

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