Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Financial industry leaders seek new business models at CES
People walk by the Las Vegas Convention Center during setup ahead of the CES tech show in Las Vegas, Nev., Saturday. AP-Yonhap
By Lee Yeon-woo
Financial industry leaders are converging in Las Vegas to explore emerging trends and discover opportunities for innovative business models as CES 2024, the world's largest tech show, approaches.
CES has served as a pivotal platform to explore the latest information and communication technologies, such as AI and blockchain. The increased involvement of the financial sector in CES aligns with a strategic emphasis on establishing a substantial competitive edge in the digital era. Earlier this year, each of Korea's four major financial holding firms pinpointed AI as a central theme in their business strategies.
According to financial industry sources, Ham Young-joo, the chairman of Hana Financial Group, will be attending CES 2024. This is the second year he is visiting the show.
Ham is anticipated to closely monitor the latest trends in artificial intelligence (AI), collaborating with the lender's young, forward-thinking employees who are at the forefront of the sector. He also plans to explore the investment strategies and AI utilization cases of foreign tech firms, including a visit to Amazon's headquarters after CES.
"AI is expected to be the keyword of CES 2024," a Hana Financial Group official said. "It is anticipated to facilitate a hands-on experience in integrating industries such as smart homes, health care, fintech, manufacturing and finance, thereby transcending traditional sector boundaries. Such integration is expected to provide valuable insights that could shape the future direction of the financial group."
Shinhan Bank CEO Jung Sang-hyuk will also attend the exhibition along with employees. Building on last year's participation, Shinhan Bank will once again host its own booth at CES, this time unveiling an interactive space designed around the concept of a cutting-edge bank branch. The exhibit will feature AI bank tellers and smart kiosks. Shinhan is the only Korean bank to operate an independent booth at CES.
"Shinhan Bank is dedicated to realizing the concept of 'Everywhere Bank,' providing customers with a seamless experience in our system 24/7, 365 days a year. Our goal is to present the future of banking, encompassing how customers engage with both digital and physical branches," a Shinhan official said.
KB Financial Group will also be dispatching a team of employees to evaluate the offerings at this year's CES.
The banking sector is not the only one keenly interested in the much-waited event. The Korea Financial Investment Association (KOFIA) also formed a team, which includes Chairman Seo Yoo-seok and 14 CEOs from brokerages and asset management firms, to explore CES and Silicon Valley.
During their tour of CES, the team will meet various officials from both domestic and international firms. Additionally, they plan to visit booths operated by 600 Korean startups.
"CES will present an opportunity for Korean financial companies to broaden their investment scope and foster a spirit of innovation through engagement with global corporations," Seo said.