Business - The Korea Times

Shinhan Bank hires chatbot as apprentice

A Shinhan Bank employee promotes the bank's virtual chatbot-assisted communication channel platform, “AI Moli,” at the bank's main branch in Seoul in this file photo. / Courtesy of Shinhan Bank By Park Jae-hyukShinhan Bank has officially appointed its virtual chatbot-assisted communication channel platform, “AI Moli,” as a new “employee” Nov. 21 in line with the beginning of the program's trial run that month, the bank said Wednesday.According to its spokesman, the bank also plans to promote Moli to a higher post in the future.Shinhan launched the AI Moli project in May to improve its work processes through fast and accurate reviews with lowered possibility of careless mistakes.Moli has been used for receiving financial fraud reports, financial transaction approval, sending copies of bank work records and sending promotional mobile messages to customers.When employees enter a few keywords, the program, which functions as a “personal secretary,” shows relevant result

Dec 5, 2019By Park Jae-hyuk

Shinhan Bank hires chatbot as apprentice

Investors to get up to 80% compensation for DLF losses

By Kim Bo-eunThe Financial Supervisory Service building on Yeouido, Seoul / Korea Times fileThe Financial Supervisory Service (FSS) has ruled that banks should offer compensation of between 40 percent and 80 percent of money lost to victims of mis-selling of derivative-linked funds (DLF) that wiped out as much as 98 percent of the principal of investments, the regulator said Thursday.This is the highest level of compensation the authority's dispute settlement committee has concluded so far."For the first time, we reflected in the compensation level the fact that banks' excessive profit-seeking sales strategies and poor internal control led to large-scale mis-selling and caused a social stir," an FSS official said.Previously, the FSS decided on the level of compensation based only on the wrongful practices of sales staff.The authority said that banks should offer 80 percent in compensation for a 79-year-old dementia patient who had trouble hearing and had no experience in investments.The six cases filed with the dispute settlement committee this time were all determined to be cases of

Dec 5, 2019By Kim Bo-eun

Investors to get up to 80% compensation for DLF losses

Hyundai Card breaks hierarchy to spur innovation

Hyundai Card Vice Chairman and CEO Ted Chung speaks with employees during a town hall meeting in this photo provided by the company, Thursday. / Courtesy of Hyundai CardCEO Chung seeks to foster 'open' corporate culture as company's 'DNA'This is the second in a series of articles about firms leading innovative corporate culture in the finance sector, which has been considered one of the most conservative industries.By Kim Bo-eunNumerous books have been published on how companies with happy employees end up being successful. In addition to enhancing work performance, this is also a key means to retaining talent at a time securing competent employees has become an essential but difficult task.This is by no means a new idea, but making employees happy is no easy feat.Hyundai Card, one of the leading players in the credit card market, has accomplished this by maintaining an open culture within the company, creating programs for employees' growth and offering superior welfare benefits for employees.Vice Chairman and CEO Ted Chung describes this corporate culture and HR as the company's "D

Dec 5, 2019By Kim Bo-eun

Orange Life spearheads innovation with 'agile' culture

Finance YouTuber gains traction for easy lecture on banking

Finance YouTuber Kim Ji-a, whose YouTube ID is Delnim, explains what a stock is in a video on her channel. Courtesy of DelnimBy Lee Min-hyungKim Ji-a was an ordinary bank clerk before she decided to become a YouTuber focusing on finance two years ago. Better known by her YouTube ID, Delnim, Kim is rapidly making her presence felt on the video streaming platform by uploading content on financial products and asset management in an easy to understand manner.She was surprised to find out that a family member paid remittance charges when sending money to her account.“In most cases, customers do not have to pay the costs if they use the same bank account from their most frequently-used banks,” she said in an interview, Thursday.“I was shocked to realize my family did not know that. I thought everyone did.”That was when she decided to upload video content explaining basic level financial transactions to ordinary people, she said.“High schools do not offer enough finance and economics education for students, even though they have to start work in the next few y

Dec 5, 2019By Lee Min-hyung

Finance YouTuber gains traction for easy lecture on banking

Lecture by Harvard prof

Shinhan Bank CEO Jin Ok-dong, front row left, and Shinhan Financial Group's Future Strategy Institute chief Lee Seong-yong, front row right, pose with Harvard Business School professor Rosabeth Moss Kanter, center, and group executives at the firm's headquarters in central Seoul, Wednesday. The group invited Kanter to deliver a lecture for the CEOs of Shinhan affiliates. The professor stressed the importance of “thinking outside the building” to brace for digitization. / Courtesy of Shinhan Financial Group

Dec 5, 2019By Kim Bo-eun

BOK urged to reinvent itself in digital era

Governor Lee needs to set clear direction in self-reform driveBy Lee Min-hyungCentral banks across the globe are facing grave challenges, with digitization bringing fundamental changes to the economy and business ecosystem. Traditional monetary policy medicine does not work well in containing inflation, stimulating growth or maintaining financial stability. Simply speaking, the effect of key rate policies has been weakening as technology penetration has gradually impaired monetary transmission channels.Reforming the organizational structure and mindset is not a matter of choice but of necessity for the central banks. Those unwilling to drastically change are all but destined to lose their clout in the market For these reasons, central banks from major economies have overhauled their organizations and strengthened digital capabilities. Many of them have already implemented new strategies under a detailed vision and roadmaps.In contrast, the Bank of Korea (BOK) has been very insular and slow in embracing change. BOK Governor Lee Ju-yeol recently unveiled its so-called 2030 Strategy but

Dec 4, 2019By Lee Min-hyung

BOK urged to reinvent itself in digital era

Learning about finance

Students from 10 ASEAN countries pose after learning about foreign exchange trading at KEB Hana Bank's headquarters in central Seoul, Nov. 27. Hana Financial Group invited 100 students from the region for its finance education program on the occasion of the Korea-ASEAN Commemorative Summit held in Busan, Nov. 25 and 26. / Courtesy of Hana Financial Group

Dec 4, 2019By Kim Bo-eun

Digital wallet for Cambodia

A customer makes a payment with Shinhan Bank's digital wallet after using the Cambodian mobility service provider MVL's TADA ride-hailing service in the Southeast Asian country. Shinhan said Wednesday it launched the digital wallet service to expand its presence in Cambodia's mobile payment market. / Courtesy of Shinhan Bank

Dec 4, 2019By Park Jae-hyuk

NongHyup Bank CEO to serve third term

By Kim Bo-eunNongHyup Bank CEO Lee Dae-hoonNongHyup Bank CEO Lee Dae-hoon is set to become the first chief executive of the lender to serve three terms.Up to now, the heads of NongHyup Financial Group's affiliates had only served a maximum of two terms.At the group's recommendation committee meeting held Monday, Lee was forwarded as the only candidate for the position."Procedures remain, but he will likely retain the CEO post," a NongHyup Bank official said.Lee, who was appointed CEO in December 2017, will serve through 2020.Analyst say Lee was seen as a shoe-in because of the bank's record earnings under his leadership.The lender's net profit in 2017 stood at 652.1 billion won, but in 2018 jumped to 1.22 trillion won.This was the first time the bank posted over 1 trillion won.In the first three quarters of this year, NongHyup saw its net profit rise to 1.19 trillion won.Lee is also seen to have laid the groundwork for the lender's digital transformation, as well as overseas expansion.The final and fifth recommendation committee meeting for Lee's appointment will take place Friday. T

Dec 4, 2019By Kim Bo-eun

Fitch vs. Moody's: Should Korean banks go abroad?

Fitch Ratings' head of Asia-Pacific bank ratings Jonathan Cornish, left, and Moody's Investors Service's senior credit officer of financial institution group Sophia Lee / Courtesy of each companyBy Park Jae-hyukFitch Ratings and Moody's Investors Service are divided over the expansion of Korean banks overseas ― especially in the Southeast Asian market, which has seen brisk activity recently in line with the Moon Jae-in administration's New Southern Policy.While the former has remained skeptical of the strategy, the latter has supported their moves, citing the low growth and interest rates here.Fitch said Friday that Korean banks and their holding companies have yet to achieve favorable outcomes abroad.“Overseas growth has fallen short of banks' ambitious targets. Higher capital charges, competition and few affordable acquisition targets will likely keep offshore growth in check,” Fitch's head of Asia-Pacific bank ratings Jonathan Cornish said in a special report titled, “What Investors Want to Know: Asia-Pacific Investment-Grade Banks.”The U.S. ratings agency

Dec 4, 2019By Park Jae-hyuk

Banking & Finance

Banking & Finance

Shinhan Bank hires chatbot as apprentice

Investors to get up to 80% compensation for DLF losses

Hyundai Card breaks hierarchy to spur innovation

Finance YouTuber gains traction for easy lecture on banking

Lecture by Harvard prof

BOK urged to reinvent itself in digital era

Learning about finance

Digital wallet for Cambodia

NongHyup Bank CEO to serve third term

Fitch vs. Moody's: Should Korean banks go abroad?

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