Financial groups seek innovation

By Lee Kyung-min

Korea's financial groups vowed to spearhead innovation in 2019 in respective moves to take the lead amid ever-intensifying competition.

KB Financial Group Chairman Yoon Jong-kyoo

KB Financial Group Chairman Yoon Jong-kyoo said his group should and will cement itself as the leader in the financial industry through the newly created catchphrase “RISE,” short for reinforcement, innovation, smart working and expansion.

KB seeks to reinforce the competitiveness of the group ― a source of pride as an established industry leader ― through quick and efficient decision making and clear-cut execution.

“The group's card, securities and non-life insurance subsidiaries will secure aggressive management to retain its status as the top-tier financial services firms,” it said in a statement.

The bank will innovate its business infrastructure to improve customer-oriented services, which will also help achieve smart working, mostly through digitization.

“We must strengthen online services and mobile apps to boost customer convenience which will in turn help the group's efficient management by paying close attention to their needs,” it added.

The group's business will be also expanded through strategic mergers and acquisitions (M&As), seeking greater influence and tighter management with priorities equally put on both advanced countries and Southeast Asian nations.

KB Kookmin Bank CEO Hur Yin said much struggle enabled the bank to retake the top position, but far greater painstaking efforts will be required to retain the hard-earned status.

“Perseverance and consistency helped us win the top post. For us to be able to remain confident, we must advance to create a gap wide enough so that our competitors would not dare overtake us,” he said in a statement.

Shinhan Financial Group Chairman Cho Yong-byoung

Shinhan Financial Group Chairman Cho Yong-byoung said workers should set themselves to higher standards and set higher goals to better increase customer satisfaction and compete with global entities.

Ceaseless endeavors should be made to “think outside the box,” and create something new for sustainable growth amid lingering uncertainties including global, external factors over which they have no control, he said.

“We will not survive by remaining in pre-set norms or being complacent with a change that is mediocre at best. We must seek a fundamental change to fully innovate. We must act on our plan and lead by example. Then will come happiness,” he said in a statement.

Shinhan Bank CEO Wi Sung-ho said success will be achieved with a wildly new and different perspective.

“Various global institutions are largely in agreement that this year will be tough for the Korean economy. Repeating the past will only leave us behind. Having a different perspective will guarantee the future of Shinhan,” he said in a statement.