Essay awardees suggest advice for banks

By Nam Hyun-woo

Advice on strategies for domestic banks amid the rapidly changing financial environment dominated this year’s English Essay Contest hosted by The Korea Times and sponsored by Woori Bank.

Six winners of the 12th annual contest were awarded during a ceremony at the Lotte Hotel in Seoul, Wednesday. In their essays, the awardees emphasized that no bank is 100 percent sure about what will happen in the current financial environment and urged banks to take approaches more close to their customers’ point of view.

Also, foreign participants stressed the need for deregulation to nurture a competitive domestic player in the global investment banking market.

“With the essay contest marking its 12th year, some 10,000 students have applied for the winner’s honor so far and the contest has played a key role in promoting finance education and developing English writing skills for university students,” said Korea Times President-Publisher Lee Chang-sup.

“In this year’s essays, students have suggested that banks should not forget about the human touch and the digitally neglected while developing their services. I hope their advice can be of help for not only Woori but also other banks.”

Woori Bank President and CEO Lee Kwang-goo also acknowledged their opinion.

“The essay contest has been making huge contributions in helping domestic students see things more globally and promoting Korea’s economy in the world,” Lee said. “The informed opinions expressed in the essays will be good references for banks to move in the right direction,” he said, adding that more students should seek opportunities not only inside of Korea but also outside of the country.

Of the six winners, Kim Hong-il, a business administration major at Chung-Ang University in Seoul, and Kyle Huntzberry, a senior at Franklin and Marshall College in the U.S., won the Grand Prizes in domestic and foreign entries, respectively. The Runner-up Award was claimed by Lee Joo-young, an English literature major at Sung Kyun Kwan University, and three Commendation Awards went to Cha Jee-hong, a University of Seoul’s School of Business Administration student; Lee Won-hyong, an international studies major at Korea University; and Lee In-hyung, an international business management major at Osnabrueck University of Applied Science.

Huntzberry and Lee In-hyung did not make it to Seoul. Lee was represented by her acquaintance, Kim Ye-won.

“The most valuable experience in entering the contest was that while researching for my essay I could pick up practical knowledge that you can’t learn in school,” said Kim. “My goal is to serve a bridging role between Korean finance and its counterparts in developing countries. And I believe the essay contest helped me a lot in pursuing this goal.”

Huntzberry, who sent a message for the ceremony, said: “The contest gave students around the world the platform to showcase their views on important economic issues that affect Korea. This award has further encouraged me to stay actively engaged in Korean economic issues, and to pursue a career in international business.”

The Grand Prize and Commendation Award winners were given round-trip tickets for international and domestic routes, respectively. The runner-up Award winner received a laptop.