Major financial groups emphasize digital transformation strategies for 2022

NH NongHyup Financial Group's digital finance chief Lee Sang-rae holds this year's first online supreme council meeting on digital transformation at the group's headquarters in central Seoul, Thursday. Courtesy of NH NongHyup Financial Group

By Anna J. Park

The country's major financial groups are accelerating efforts for digital transformation, which has become key for survival in the industry.

NH NongHyup Financial Group reaffirmed its priority goal of pursuing digital transformation at its first supreme council meeting this week.

The meeting led by the group's digital finance chief Lee Sang-rae decided that the group's banking affiliate will focus on improving its online-only process for customers, while its securities affiliate will put its utmost effort into digitalization of customer services as well as the introduction of online services.

The bank aims to improve online banking procedures, laying solid foundations for the next 10 years of digital development.

NH Securities' priority of enhancing digital customer consultation services includes a 24-hour chatbot service and expansion of digital services in its mobile trading system as well as wealth management centers.

KB Financial Group, which solidified its top position among the country's major financial groups with last year's strong net profit of 4.4 trillion won ($3.7 billion), also declared earlier this month that strengthening its financial platform would be one of its key strategic goals.

The group aims to increase the number of monthly active users (MAU) on its mobile app to 15 million, up from 9 million as of last month.

Shinhan Financial Group, which came in second in terms of annual net profit last year, also vows to strengthen its digital services, in particular by expanding its market share in digital platforms compared to other financial companies. In addition, the bank's affiliate is looking to provide more diverse financial services at its metaverse-based digital branch.

Woori Financial Group is also aiming to further innovate its digital platform services through its affiliates, including Woori Bank. Chairman Son Tae-seung has pointed out that the group's fast decision-making process in its digital innovation taskforce teams would bring more efficient results in realizing an advanced digital financing environment.