Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Woori chief underlines post-virus digital innovation
Woori Financial Group Chairman Son Tae-seung, center in the rear row, poses with executives and young employees while celebrating the establishment of a “digital innovation committee,” at its headquarters in Seoul, Friday. Courtesy of Woori Financial Group
By Lee Min-hyung
By Lee Min-hyung
Woori Financial Group has established what it calls a “digital innovation committee,” in its bid to place a digital drive at the center of the post-virus management strategy, the company said Sunday.
Announcing its digital vision of “Digital for Better Life,” the financial holding company formed the digital control tower co-headed by Woori Financial Group Chairman Son Tae-seung and Woori Bank Kwon Kwong-seok on Friday.
“The rise of the contactless trend has become the new normal after the COVID-19 pandemic,” Son said. “Now is the golden time for digital innovation.”
The Woori chief also presented “Digital First, Change Everything” as the group's new management slogan for the post-coronavirus world.
The announcement comes at a time when the coronavirus pandemic has changed shopping patterns of the public and created a new wave of contactless transactions in every corner of the economy.
While holding a meeting with top executives of Woori's key subsidiaries, Son also stressed the need to embrace digital technologies ― such as artificial intelligence (AI) and big data ― to come up with its super-customized marketing strategies. The company also picked 10 digital innovation tasks ― including establishment of group-wide mobile platforms during the meeting, according to the firm.
Toward the end, Son also shared his vision to actively engage in mergers and acquisitions of fintech companies and sign more proactive digital partnerships with other companies.
Woori also plans to introduce a series of manpower education programs in partnership with information and communication technology companies.
Son will become the leader of the committee, with Kwon taking on the role of general manager. The committee has both top-down and bottom-up management styles by establishing a “blue team” which will consist of young and innovative employees. They will be allowed to freely express their ideas on digital innovation regardless of their position, according to the company.
Local financial companies are going all-out to embrace digital innovation in line with the rise of online transactions.
KB Financial Group, the nation's second largest financial holding company by market capitalization, is particularly cited as the leader in the digital drive among local financial players.
KB Financial Group Chairman Yoon Jong-kyoo has in recent years underlined the importance of embracing digitization in the banking industry.
KB also runs its own digital innovation division headed by KB Kookmin Bank CEO Hur Yin. The digital unit of the company is also divided into three teams: IT, digital innovation and data management.