[Inside Chodong] "Customer First"... Hoping This Year It Won't Be Just Empty Words

Emphasized in New Year's Addresses by Securities CEOs
Real Improvements in Broken Trust Expected

At the beginning of the new year, major figures deliver their New Year's addresses. The New Year's message from CEOs leading companies includes evaluations of last year's achievements, plans for the upcoming year, and words of comfort and exhortation to employees. Therefore, by reading these addresses, one can infer how a company or organization envisions the blueprint for the year ahead.

This year, most securities firms' CEOs included customer-related keywords such as "customer first," "customer-centric management," "restoring customer trust," and "enhancing customer value" in their New Year's messages. Additionally, there were mentions of adhering to basics and principles, as well as the importance of risk management.

Kim Miseop and Heo Seonho, Vice Chairmen of Mirae Asset Securities, emphasized in their New Year's address, "Mirae Asset Securities exists for the customer, and the beginning and end of all decision-making is the customer," adding, "We have always said that the company prioritizes customer alliances and customer value, but let us soberly reflect on whether the company's interests were ever prioritized over the customer's interests in the decision-making process." Jung Young-chae, President of NH Investment & Securities, also stated, "Ultimately, the foundation and beginning of everything must be the customer, and the more difficult the market, the closer we must get to the customer," urging, "In tough environments, you must constantly seek what more you can do by aligning with customers at the closest point. By doing so, become the most trusted person to the customer." Kim Seong-hyun and Lee Hong-gu, CEOs of KB Securities, said, "The customer-first belief of KB Securities must be deeply ingrained in sales and operations," and added, "All employees must unite to innovate business processes centered on the customer and spread a culture of organic collaboration to build a customer-centric KB Securities."

The call to prioritize customers is not only emphasized this year but is a recurring theme in securities firms' CEOs' New Year's addresses every year. This underscores its importance, but despite its frequent appearance, it often fails to resonate with customers. This is because, despite annual emphasis, incidents that disappoint customers and undermine trust continue to occur.

Last year, a series of stock manipulation cases shattered investors' trust in the market, and numerous misconducts by securities firm employees disappointed customers. Recently, the Financial Supervisory Service investigated bond-type wrap accounts and specific money trust operations, uncovering numerous illegal cases in nine securities firms, including shifting losses from customer accounts to other customers' accounts through illegal wash trades or covering customers' investment losses with the firms' proprietary assets.

In response, last month, securities firm CEOs gathered to reflect on the unfortunate incidents that occurred this year and held an ethics management declaration ceremony. At this event, the CEOs proposed concrete ethics management implementation plans in areas such as strengthening internal controls, fostering a sound sales culture, and fulfilling social responsibilities. However, strengthening internal controls and fostering a sound sales culture are topics repeatedly discussed whenever incidents occur. From the customer's perspective, this can only feel outdated rather than a genuine restoration of trust.

The year of the Blue Dragon, Gapjin year, has dawned. As the new year begins with an emphasis on the importance of customers, it is hoped that the slogan "customer first" will not remain empty words this year. Like the ascending Blue Dragon, the spirit of serving customers should extend far and wide, leading not just to words but to tangible improvements.

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