Financial group chiefs try to understand 'millennials'

NH Financial Group Chairman Kim Gwang-soo, second from left, speaks with the group's “young board members,” consisting of 11 employees, during a luncheon at a restaurant near the group's headquarters, Thursday. / Courtesy of NH Financial Group

By Park Jae-hyuk

Heads of the nation's leading financial groups have gone all out to understand “millennials,” as the generation born between 1980 and 2000 has emerged as a major customer group in the financial industry, according to officials, Friday.

NH Financial Group said its Chairman Kim Gwang-soo had a surprising luncheon near the group headquarters in Seoul, Thursday, with the group's so-called “young board members.”

According to the group, the chairman proposed the meeting to encourage them and share insights.

The board of directors, which consists of 11 employees from each of NH Financial Group's departments, was launched in March and its members have discussed various topics, including ways to enhance the digital competence of the group's employees.

“Thank you for making efforts for NH Financial Group,” Kim said during the meeting. “I will do my best to use your ideas.”

Earlier in 2019, he also suggested executives read a best-selling book about people born in the 1990s.

In May, the 63-year-old also held a meeting with 20 employees born in that decade to listen to their opinions about the latest digital trends and business strategies.

KB Financial Group Chairman Yoon Jong-kyoo made a surprise visit to a “KB Hof Day” event on Yeouido in Seoul, Tuesday, to communicate with young employees in their 20s and 30s.

According to the group, the 63-year-old chairman served as a one-day DJ for 200 KB workers.

During the event, he took selfies with employees and drank beer with them.

In a related move. Shinhan Financial Group launched its One Shinhan Panel in March.

Thirty-one working-level employees who constitute the panel have had regular meetings with Chairman Cho Yong-byoung, 63, to improve the group's competitiveness.

Also, Woori Financial Group has been running a mentoring program since late 2018, so that young staff members in their 20s and 30s can give advice to those in their 40s and 50s.

They also regularly convey their ideas to the group's top executives including Chairman Sohn Tae-seung, 60.

“JP Morgan Chase, which showed the highest return on equity among the top four U.S. banks in the second quarter of 2019, attributed its success to its efforts to attract millennials,” Woori Finance Research Institute researcher Yeon Sang-eun said.

“Korean financial firms should focus more on this generation as they have emerged as some of most important users of financial services.”