CEOs of Shinhan affiliates take charge of digital transformation

By Kim Bo-eun

Shinhan Financial Group Chairman Cho Yong-byoung / Korea Times file

Shinhan Financial Group said Monday it has introduced a system under which CEOs of affiliates will play a leading role in incorporating key technology into their digital transformation processes.

Under the system, Shinhan Bank CEO Jin Ok-dong will be tasked to ensure that artificial intelligence (AI) is developed in the bank's digital transformation.

The chiefs of Shinhan's card, brokerage and two insurance units will be responsible for seeing that big data, cloud computing, block chain technologies and health care capabilities are developed. Each core technology was matched according to relevance with the units' business.

The CEOs will be tasked with coming up with new business models and collaboration projects, according to the group.

Shinhan Financial Group Chairman Cho Yong-byoung brought up the idea at a management meeting held last week.

"Only 3 percent of companies seeking innovation are seeing successful results," Cho said at the meeting held March 18. "CEOs' digital leadership, along with synchronization of strategy and culture, is crucial for the Shinhan group's successful digital transformation."

The group plans on bringing more of its affiliate CEOs into the system, with the goal of collaboration among the units to maximize synergy.

"The chairman stressed the need for digital transformation to be carried out in an innovative and open manner, at the group's management forum held in January," a Shinhan official said.

"The system is intended to make CEOs of each of the affiliates undertake leadership in the digital transformation, according to the respective key technologies."