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.
Why did Shinhan paint new platform black, not blue?
Home pages of Inno Talk, left, and Shinhan Future's Lab / Captured from each website
By Park Jae-hyuk
Leading financial group dilutes brand identity to attract innovators
By Park Jae-hyuk
The most eye-catching design feature of Shinhan Financial Group's Inno Talk platform may be its black color, which seems unrelated to the banking group that uses blue as its brand identity.
The website design of the group's new platform, which was established to support innovative companies, is in stark contrast to the blue-colored website for Shinhan Future's Lab, the group's startup nurturing program.
Shinhan Financial Group's Future Strategy Research Institute head Sunny Yi, who has led establishment of the new platform over the past nine months, told The Korea Times, Monday, he intentionally dropped Shinhan's logo and blue color from Inno Talk.
“I intentionally removed the color of Shinhan, because I was sure customers would avoid using the platform if it reminded them of the bank,” he said. “I ordered complete changes in colors and designs, to satisfy our customers' needs.”
The former Bain & Company senior global director, who was recruited by Chairman Cho Yong-byoung in late 2018, has emphasized Shinhan should not use its brand identity if it wanted to attract more customers and switch to an innovative IT firm from an old-fashioned financial company.
The group's think tank leader has claimed the bank's conservative image is unattractive to innovators.
The new platform's design shows his idea was more persuasive to the chairman than the thoughts of longtime Shinhan employees who focused on the company's reputation.
Shinhan is expected to continue to dilute its brand identity, depending on the success of its new platform ― the last of its innovative finance committee's three core tasks.
According to Yi, the new platform features information, consulting, investment and financial services for those who are setting up or considering opening their own businesses.
“After meeting startup founders and those who were preparing to start businesses, I found out they were in need of simple and basic information, such as incorporation procedures and contract samples,” he said. “I was sure they needed a platform that provided them with information about founding a company, and the result was Inno Talk.”
He added part-time lecturers, who lost their jobs after a revision to the Higher Education Act, will also benefit from Inno Talk, because the platform recommends talented people to businesses.
Shinhan Chairman Cho also said in a press release that his group will make every effort to play a role as a pacemaker that supports the ecosystem of innovative startups.