Financial innovation toward ‘Digital & Global’…Profitability and competitiveness reinforcement
Kang Eun-seong | esther@dt.co.kr | 2017-07-17 19:07:50
What is the keyword of the financial holding management in the second half of the year…
Major financial holders of Korea such as Shinhan, KB, and Nonghyup are expected to start to innovate in the second half of the year with two keywords, Digital and Global. As the era of Internet banking has come, non-face-based digital services are expanding at a rapid pace, and the demand for overseas market expansion is increasing due to intensifying competition and profitability.
Besides, they will also strengthen their profitability by strengthening their asset management area in addition to the core business.
Shinhan Financial Group, KB Financial Group, Nonghyup Financial Group and other major financial holding companies held business meetings on July 14 and proposed management innovation in the second half of the year. Domestic financial holders are bouncing in the first half of the year due to expectations of an economic recovery on the basis of interest rate hikes in the United States. However, demand for management innovation is greater than ever as digital financial innovations such as the launch of Internet banking specialists are intensifying and competition is intensifying.
In the case of Shinhan Financial, the first strategic meeting held since the inauguration of the Chung Yong-bong president in March brought the center of gravity. President Cho checked out the key tasks of the `2020 project` and the status of the strategic platform construction. He said, "After my inauguration, I visited 11 cities in 9 countries (Hong Kong, Singapore, Vietnam, Japan, UK, Sweden, France, the Netherlands and the United States) from May 22 to meet with 58 foreign investors and global companies. In the process of communicating with various stakeholders including domestic and overseas shareholders and investors, we have once again confirmed the unwavering trust in Shinhan and formed a consensus by deeply communicating the main contents and strategic tasks of the 2020 project."
Especially, President Cho presented a plan to strengthen competitiveness based on selecting global, capital, and digital fields as key areas of new growth engines. He has created a problem with the global business division in the holding company, expanded the existing CIB to the GIB business, and upgraded the group`s digital competitiveness to a new level through the recent organizational restructuring. Through these efforts, the company will pursue fundamental changes that bring together the capabilities, resources, and platforms of the group in these three areas.
In the second half of the year, KB Financial Group, which has been discussing the ‘Reading Bank’ position with Shinhan Financial Group for the past 10 years, has been quiet and calm. The company finished the meeting to review the goals set at the beginning of the year without any major organizational changes or vision announcements and major events, and review the progress of the projects.
KB Financial Group president Yoon Jong-gyu stated earlier in July, "We need to respond promptly and efficiently in order to become a first-class bank in the digital age as well as a first-class bank in the traditional domain. We must begin to make substantial efforts to transform our business into so called ‘future bank."
Meanwhile, KB Financial Group plans to build an optimal infrastructure by continuously developing KB Winning Shot. Users and society are predicted to change in advance, to develop services and change their work patterns in the digital age.
Besides, they will focus on ‘corporate finance and centralization of foreign exchange business’ centering on the sales group, and focus on enhancing marketing capabilities by expanding close cooperation marketing in the region.
President Yoon said, "If each business group grants innovative winnings shots and secures and strengthens its status as a sector leader, it will continue the tradition of retailers (retail banking) in the digital age and it will be KB."
Meanwhile, Nonghyup Finance also emphasized strengthening the capabilities of the digital sector. Especially, the government will criticize itself as the worst performer among the four major financial holdings and plan to improve its corporate investment financing by improving its aggressive management.
Kim Yong-hwan, CEO of the Nonghyup Financial Group, announced on July 14 that he would aggressively pursue the corporate investment banking (CIB) business by making a rapid decision-making structure at the management strategy meeting. He pledged to the CIB Council that key executives would attend and speed up decision-making and authorize the organization to speed up its decisions.
Besides, Nonghyup Finance has upgraded its digital finance business, which has achieved success in individual business units, such as enhancing non-face-to-face channel competitiveness represented by the ‘All One Bank’. It plans to respond to the Fourth Industrial Revolution in a comprehensive manner. It is Mr. Kim`s intention to mobilize the capacity of the group level through the digital finance team organized by the landowner and the bank digital innovation team and to systematically promote digitization throughout the financial sector.
President Kim said in a management strategy meeting that Shinhan Financial Group and KB Financial Group, the leading companies in the industry, are confident that "we are never behind (competence)."
Meanwhile, Hana Financial Group (HFG) holds a management strategy meeting in the borough and reviews the results of the first half of the year and progress in the second half of the year. It is expected to strengthen digital process innovation based on the recently opened Hana Financial Integrated IT Center, and to focus on strengthening digital strategies such as upgrading Hana-membership, a non-face-to-face channel strategy. Hana Financial believes that non-banking affiliates` capacity building is still a major issue as bank earnings exceed 70% of total revenue.
[ copyright ⓒ The Digitaltimes ]
Major financial holders of Korea such as Shinhan, KB, and Nonghyup are expected to start to innovate in the second half of the year with two keywords, Digital and Global. As the era of Internet banking has come, non-face-based digital services are expanding at a rapid pace, and the demand for overseas market expansion is increasing due to intensifying competition and profitability.
Besides, they will also strengthen their profitability by strengthening their asset management area in addition to the core business.
Shinhan Financial Group, KB Financial Group, Nonghyup Financial Group and other major financial holding companies held business meetings on July 14 and proposed management innovation in the second half of the year. Domestic financial holders are bouncing in the first half of the year due to expectations of an economic recovery on the basis of interest rate hikes in the United States. However, demand for management innovation is greater than ever as digital financial innovations such as the launch of Internet banking specialists are intensifying and competition is intensifying.
In the case of Shinhan Financial, the first strategic meeting held since the inauguration of the Chung Yong-bong president in March brought the center of gravity. President Cho checked out the key tasks of the `2020 project` and the status of the strategic platform construction. He said, "After my inauguration, I visited 11 cities in 9 countries (Hong Kong, Singapore, Vietnam, Japan, UK, Sweden, France, the Netherlands and the United States) from May 22 to meet with 58 foreign investors and global companies. In the process of communicating with various stakeholders including domestic and overseas shareholders and investors, we have once again confirmed the unwavering trust in Shinhan and formed a consensus by deeply communicating the main contents and strategic tasks of the 2020 project."
Especially, President Cho presented a plan to strengthen competitiveness based on selecting global, capital, and digital fields as key areas of new growth engines. He has created a problem with the global business division in the holding company, expanded the existing CIB to the GIB business, and upgraded the group`s digital competitiveness to a new level through the recent organizational restructuring. Through these efforts, the company will pursue fundamental changes that bring together the capabilities, resources, and platforms of the group in these three areas.
In the second half of the year, KB Financial Group, which has been discussing the ‘Reading Bank’ position with Shinhan Financial Group for the past 10 years, has been quiet and calm. The company finished the meeting to review the goals set at the beginning of the year without any major organizational changes or vision announcements and major events, and review the progress of the projects.
KB Financial Group president Yoon Jong-gyu stated earlier in July, "We need to respond promptly and efficiently in order to become a first-class bank in the digital age as well as a first-class bank in the traditional domain. We must begin to make substantial efforts to transform our business into so called ‘future bank."
Meanwhile, KB Financial Group plans to build an optimal infrastructure by continuously developing KB Winning Shot. Users and society are predicted to change in advance, to develop services and change their work patterns in the digital age.
Besides, they will focus on ‘corporate finance and centralization of foreign exchange business’ centering on the sales group, and focus on enhancing marketing capabilities by expanding close cooperation marketing in the region.
President Yoon said, "If each business group grants innovative winnings shots and secures and strengthens its status as a sector leader, it will continue the tradition of retailers (retail banking) in the digital age and it will be KB."
Meanwhile, Nonghyup Finance also emphasized strengthening the capabilities of the digital sector. Especially, the government will criticize itself as the worst performer among the four major financial holdings and plan to improve its corporate investment financing by improving its aggressive management.
Kim Yong-hwan, CEO of the Nonghyup Financial Group, announced on July 14 that he would aggressively pursue the corporate investment banking (CIB) business by making a rapid decision-making structure at the management strategy meeting. He pledged to the CIB Council that key executives would attend and speed up decision-making and authorize the organization to speed up its decisions.
Besides, Nonghyup Finance has upgraded its digital finance business, which has achieved success in individual business units, such as enhancing non-face-to-face channel competitiveness represented by the ‘All One Bank’. It plans to respond to the Fourth Industrial Revolution in a comprehensive manner. It is Mr. Kim`s intention to mobilize the capacity of the group level through the digital finance team organized by the landowner and the bank digital innovation team and to systematically promote digitization throughout the financial sector.
President Kim said in a management strategy meeting that Shinhan Financial Group and KB Financial Group, the leading companies in the industry, are confident that "we are never behind (competence)."
Meanwhile, Hana Financial Group (HFG) holds a management strategy meeting in the borough and reviews the results of the first half of the year and progress in the second half of the year. It is expected to strengthen digital process innovation based on the recently opened Hana Financial Integrated IT Center, and to focus on strengthening digital strategies such as upgrading Hana-membership, a non-face-to-face channel strategy. Hana Financial believes that non-banking affiliates` capacity building is still a major issue as bank earnings exceed 70% of total revenue.