Son to head Woori's digital committee

By Kim Bo-eun

Woori Financial Group Chairman Son Tae-seung

Woori Financial Group Chairman Son Tae-seung is set to head the group's committee driving digitization, a ranking official said Sunday.

The committee up until now has been headed by an executive in charge of digital affairs. Making the group chairman the chief of the committee means Son will be looking into the details of the group's digital drive. This signals digitization is among Woori's top priorities, along with M&As of non-banking units.

"Considering digitization will become more important in the post-pandemic era, the committee charged with the task will be elevated as the chairman becomes its chief," the official said.

Financial firms' drive for digitization accelerated after the outbreak of the COVID-19 pandemic, as mobile-based services became crucial at a time face-to-face transactions were largely limited.

As part of such efforts, Woori Financial last month began an in-house mentoring program, to make executives more familiar with digital services. Under the program, employees in charge of devising digital services mentor executives. Woori's major units including the bank and card firm are part of the initiative. Woori plans to gradually expand this to all of its affiliates.

Woori said the program was also a means for younger employees to convey their ideas to executives of the older generation.

The group said it hopes for the program to create a more open culture where lower level employees can freely meet and converse with senior executives.

Financial firms have long been one of the most conservative and rigid organizations. Companies in the finance sector have been seeking to make their culture more horizontal and flexible to facilitate new initiatives and implement changes in the digital era.