Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Think tanks in banking groups play key roles
Shinhan Future Strategy Research Institute head Sunny Yi
By Park Jae-hyuk
By Park Jae-hyuk
The nation's financial groups are enhancing their think tanks amid intensifying competition to discover future growth engines, according to industry officials, Tuesday.
The four largest banking groups ― Shinhan, KB, Hana and Woori ― have increased the size of their research institutes and hired outside experts.
Previously, the institutes focused on analyzing the economy and market trends.
But as financial groups have paid more attention to overseas expansion and fintech, the think tanks have begun studying their groups' business strategies and employee training trends.
Shinhan Financial Group's Future Strategy Research Institute, for example, is devising a plan for the company's next 10 years.
Sunny Yi, who was the senior global director in Bain & Company and CEO of the Accion consulting and investment advisory firm, has led the institute since Chairman Cho Yong-byoung recruited him late last year.
Yi has said that “Shinhan should switch to an IT firm from a financial company,” and he has been making efforts to hire more people with IT skills.
The leading banking group's think tank also is set to establish a platform by September to help the growth of innovative startups and their entry into foreign markets.
KB Financial Group Research Institute head Cho Kyung-yup
The KB Financial Group Research Institute has supported the group's management with its analysis of market trends.
“In cooperation with the group's various divisions, the research institute has played its role as a think tank,” a KB Financial Group spokesman said.
The head of the second-largest banking group's think tank is Cho Kyung-yup, a former reporter at the Maeil Business Newspaper. He joined the research institute in July 2013.
During a seminar in April to mark the second anniversary of President Moon Jae-in's inauguration, Cho urged the government to ease regulations to give financial companies more opportunities for innovation.
Hana Institute of Finance head Jeong Joong-ho
The Hana Institute of Finance, led by analyst Jeong Joong-ho, has supported KEB Hana Bank's entry into the global market and digital transformation.
It has also helped the bank analyze its customers using internal data.
Woori Finance Research Institute, led by former finance ministry official Choi Kwang-hae, has studied the group's growth strategy to help Woori Financial Group's management make decisions.
Unlike other financial groups' think tanks that belong to groups or their subsidiary banks, Woori's think tank is an independent corporation with 20 employees.
Woori Finance Research Institute head Choi Kwang-hae