KB strengthens pension service
KB Financial Group Chairman Yoon Jong-kyoo
By Lee Kyung-min
KB Financial Group will set up a control tower to strengthen its pension service and better serve individual customers in Korea's fast-aging society, the group said Tuesday.
The envisioned unit will be set up under the group's wealth management division to map out a clear, common strategy to be shared among its four subsidiaries ― banking, non-life insurance, securities and credit cards.
The subsidiaries will each have a new pension planning unit.
The group said that profit generation via development of new products will be boosted by closer cooperation among the group's key subsidiaries as well as its investment banking units.
It plans to develop new products fully capitalizing on digital transformation, granting real-time, fuller access to customers without geographical limitations or restrictions.
One-on-one consultations will be available throughout the subscription period to help customers better understand how their investments are managed.
The group will hire experts on different types of pension payout programs to consult with customers that visit banks' branches.
Easy, simple language will be used to provide customers with information on other financial products and overall health and welfare-related services.
A one-stop work process will be established for the group's subsidiaries to help save time and boost overall work productivity.
The group will share business portfolio diversification with customers to give them broader options to choose based on factors including risk management.
The four subsidiaries will be headed by a group-appointed figure to help effective and efficient inter-subsidiary coordination, management and fast decision making.
“Pension service has mostly focused on marketing and sales thus far, lacking concrete, long-term and sustainable business planning. But our new overhaul will help us improve customer satisfaction by providing a full after-sales service,” a KB Financial Group official said.