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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Data-driven subscriptions along with digitalization for personalized services

Venkatesan DhivyaAdvancement of crypto-currencies, big data and fintech innovations have captured the attention and imagination of customers. Roughly one in four Gen Zers and millennials now call a checking account from a digital bank their primary account. That is about double the percentage it was just nine months ago, according to a Forbes article published in 2021. This data shows that the preferences and expectations of customers from financial companies have transformed.Financial experts like Jim Marous have pointed out this predicament and warned financial companies about their dire need to enrich the platform during the burgeoning of digital platforms. Financial institutions must be able to deliver an easy-to-navigate, seamless digital platform that goes far beyond a miniaturized online banking offering," he said.In that sense, a data-driven, subscription-based business model and digitalization for personalized services are the next steps for financial companies to enrich their platform to lure the MZ generation.Introducing subscriptions to financial companies will allow them

Nov 14, 2022
Data-driven subscriptions along with digitalization for personalized services
  • Economic Essay Contest The finance of the future

Luring MZ Generation into banking

Bastakoti AlokThe generation of young people born between 1981 to 2005 has witnessed unprecedented development in the field of technologies and digitalization of financial tools. The introduction of digital technologies in banking and financial markets has shifted from bank branches to digital banking, which can be a luring factor for young people because they are very techno-savvy and are talented in using modern-day technologies. The banks and financial companies must shift their strategies from traditional tools to digital applications to offer financial and banking services. Traditionally, customers go to banks and finance company premises and conduct their business, but now the new generation does not have time or does not wish to go to such places; they want to do everything through their palms, a tab, or cellular phones on their hand. So we have to cater to the wishes of this generation by introducing state-of-the-art technologies in the banking and financial sectors.There have been significant developments in digitalization and technologies that are attracting the young gener

Nov 14, 2022
Luring MZ Generation into banking
  • Economic Essay Contest The finance of the future

Financial institutions should embrace ESG Software and in-house ESG frameworks

Chong Hye-seung“Considering that a large share of company value is intangible and relates to future earnings, it is evident that risks and opportunities deriving from environmental and social trends are of great importance,” claimed Martin Hancock, previously chief operating officer at Westpac. Today, consumers are significantly conscious of and vocal towards sustainability, demanding transparency and accountability from corporations regarding their business management strategies and decision-making practices. The unexpected occurrence of COVID-19 has also magnified the accelerating need for integrative business models that take both social responsibility and sustainable investment into account. Acknowledging the interconnection between social welfare and business prosperity, various national governments and corporate institutions have initiated ESG integration. ESG integration is a systematic approach toward environmental, social and governance practices through capital allocation and corporate policy arrangement. This facilitates the rise of new value creation opportuni

Nov 14, 2022
Financial institutions should embrace ESG Software and in-house ESG frameworks
  • Economic Essay Contest The finance of the future

How financial companies are to survive in the jungle of overflowing information

Ju Young-jinA rapid overflow of unguaranteed information is what the MZ Generation ― a name referring to the millennials and Gen z ― is facing every day, every second. Born and raised during an era with improved standards of living and easy access to smartphones and technology, the MZ Generation has come to be very intimate with information of all types, especially online. The function of the internet is as if a double-edged sword. Social networking platforms like Twitter, Instagram, Facebook and YouTube have enabled users to share and pick up a great deal of fresh and rare information in a short time without putting much effort into it. On the other side, however, easily obtained information is most likely to be unfiltered and unprocessed, and lacking experts' verification. Over a couple of years, finance has become a hot topic among the young generation particularly in Korea ever since real estate prices have skyrocketed. A lot of social media influencers that create materials about finance have rapidly gained followers and subscribers, and thus a dozen millions of raw information

Nov 14, 2022
How financial companies are to survive in the jungle of overflowing information
  • Economic Essay Contest How ESG practices can help banks attract young customers

Economic Essay Contest The finance of the future

Karlina Lisbeth Castillo JimenezIn today's economy, it is crucial for financial companies to balance maintaining the current customers they have and alluring new loyal customers. In order for them to attract consumers from the MZ Generation specifically, there are a few factors financial companies need to have into consideration. First, it is important for any company to have employees that are able to relate to their customers. When a financial advisor is speaking to a potential client, they usually try to emphasize the countless benefits the service has. But all of this is futile if the employee is not prepared to highlight what a MZ Generation consumer might be particularly interested in. It has become a trend for MZ individuals to shop purposefully, if they do not see any greater use for a service, they will simply not get it. If financial companies were to hire MZ Generation individuals, the chances of obtaining and preserving those customers is higher. Furthermore, having MZ Generation employees will allow financial companies to understand from a business perspective what they

Nov 14, 2022
[Economic Essay Contest] The finance of the future
  • Financial institutions should embrace ESG Software and in-house ESG frameworks
  • Data-driven subscriptions along with digitalization for personalized services
  • Luring MZ Generation into banking

Economic Essay Contest How ESG practices can help banks attract young customers

Kim Ju-hyukIn this current day and age, one word can sum up the whole of society: competition. As the population grows, as more businesses form and as the sacred resources on Earth become more limited, businesses must constantly adapt and fight to last. So, in this competitive society, how can banks, specifically, attract customers and what are some strategies they can apply to gain more customers?The answer is quite simple: by strategically planning and getting to know their target group, the MZ Generation, banks can effectively use environmental, social and corporate governance (ESG) practices to gain many new customers, maximize profit and gain popularity and loyalty within their community.Before we dive into how ESG practices can help banks attract customers, we must first get to know the target customers, which will in turn, answer the preceding question. The MZ Generation, or more popularly known as the Gen Z population, are the young folks of our current society, and they are like no other generation before. The Gen Z youths have no fear, they're devout in their beliefs and vi

Nov 14, 2022
[Economic Essay Contest] How ESG practices can help banks attract young customers
  • How financial companies are to survive in the jungle of overflowing information
  • Inside the minds of the MZ Generation

Cartoonist Jeong Hun dies at 50

Cartoonist Jeong Hun, who had his cartoons carried by the Cine21 magazine for 25 years, died of leukemia, Saturday. YonhapBy Kim RahnCartoonist Jeong Hun, who had his cartoons carried in the movie magazine Cine21 every week for 25 years, died on Saturday. He was 50.He was diagnosed with acute leukemia at the end of 2021, according to his bereaved family. Jeong, who initially dreamed of becoming a soldier, began his career as a cartoonist after winning a rookie cartoonist contest in 1995 and getting an offer from a reporter of the magazine to draw cartoons parodying films.A poster parodying the 2002 film Chihwaseon by cartoonist Jeong Hun / Captured from Cine21 websiteFrom 1996 to 2020, Jeong's two-page cartoon on Cine21, titled “Jeong Huni Cartoon,” which was carried on almost the last page, was a must-see section of the weekly magazine, as readers enjoyed his parodies of movies which often contained satire directed toward then-governments and social issues.After 10 years of working for Cine21, he quit the serial and other cartoonists took over the section, but he came ba

Nov 7, 2022By Kim Rahn
Cartoonist Jeong Hun dies at 50

Haegue Yang listed one of top 100 global artists

Artist Haegue Yang poses at the Museum Ludwig in Cologne, Germany, in this 2018 photo. EPA-YonhapBy Kim RahnInstallation artist Yang Hae-gue, also stylized as Haegue Yang, is on the world's top 100 artist list this year as the only Korean, according to the Korea Art Authentication & Appraisal Research Center, Friday.The list, known as Kunst Kompass, is drawn up and announced by German-language business magazine Capital every year. The magazine selects the artists by assessing factors such as whether they have held private exhibitions at major museums and galleries around the world, if they have participated in major global art fairs, and whether renowned galleries own their artworks.Yang ranked 93rd, up from 99th last year. She is among four Asian artists on the list, with the other three being Ai Weiwei from China, and Yoko Ono and Hiroshi Sugimoto from Japan.Based in Seoul and Berlin, Yang, 51, was the main creator at the Korean Pavilion in the 2009 edition of the Venice Biennale. In 2018, she became the first Asian female artist to receive the Wolfgang Hahn Prize, and this Oct

Nov 4, 2022By Kim Rahn
Haegue Yang listed one of top 100 global artists

Winners of 53rd Modern Korean Literature Translation Awards announced

Poetry Grand Prize winner Gene PngThe Korea Times is pleased to announce the winners of its 53rd Modern Korean Literature Translation Awards.The Grand Prize in poetry goes to Gene Png of Singapore for her translation of poems by Jeong Han-ah, including "Everlasting Snow." She has also won the Minister of Culture, Sports and Tourism Award. The Grand Prize winner in the fiction category is Graham Hand for his translation of novelist Kim Ae-ran's "The Beginning of Winter."The Commendation Award in the fiction category goes to Giulia Macri for her translation of novelist Chung Se-rang's “The Forty-Four Lives of a Wedding Dress." We congratulate all participants and winners for their hard work and hope for more entries next year as Korean literature needs more skilled translators to reach a global audience. Fiction Grand Prize winner Graham HandThe awards are sponsored by the Ministry of Culture, Sports and Tourism and KB Financial Group.Grand Prize in poetry: Gene Png (Jeong Han-ah's poems)Grand Prize in fiction: Graham Hand (Kim Ae-ran's "The Beginning of Winter”)Commendatio

Nov 3, 2022
Winners of 53rd Modern Korean Literature Translation Awards announced

INTERVIEW Oxford professor stresses significance of digital literacy

Jieun Kiaer, a professor of Korean Language and Linguistics at the University of Oxford / Courtesy of Jieun Kiaer'Children have their own languages in the digital, metaverse world': Jieun KiaerBy Dong Sun-hwaAre Korean students becoming less smart because they do not read enough books? This question arose in Korea after the Korea Educational Broadcasting System (EBS) aired a six-episode documentary titled, “Your Literacy,” last March. The documentary featured scenes in which numerous students had trouble understanding their textbooks due to their unfamiliarity with some "basic" Korean words. As to why their literacy skills have deteriorated, some critics say videos should be blamed. They claim the students of the MZ generation ― which refers to millennials (those born between 1981 and 1995) and Generation Z (born between 1996 and 2005) ― have lost their literary abilities as they began replacing books with videos found on platforms like YouTube.Students in a middle school in Seoul / Korea Times fileBut Jieun Kiaer, a professor of Korean Language and Linguistics at the Uni

Nov 2, 2022By Dong Sun-hwa
[INTERVIEW] Oxford professor stresses significance of digital literacy
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