Shinhan Financial Group Chairman Jin Ok-dong emphasized that the financial group exists for its customers, and it can only achieve its sustainability by becoming a necessary presence for them.
In his New Year’s message released on Jan. 2, he explained the financial group’s management strategies and goals for the new year.
Commenting on this year’s business environment, Jin said, “Our business environment is expected to be more challenging than ever, due to sluggish domestic demand, slowing-down exports and growing external uncertainties.”
Jin expected the year 2025 will determine the sustainability of Shinhan Financial Group.
“Shinhan Financial Group must complete the task of becoming a world-class financial group in the face of the nation’s entry into an ultra-elderly society and changes in industrial ecosystems,” Jin said.
“We have to successfully fulfill our promises to shareholders and the market that we made in our corporate value enhancement plan.”
To this end, Chairman Jin outlined three strategic directions — establishing internal control, creating differentiated customer value and enhancing corporate citizenship.
Jin underscored internal control in his New Year’s speech for 2025.
He believes that effective internal control is the key to the group boosting competitiveness in the face of increasing internal and external uncertainties including sluggish domestic demand and Korea’s shrinking exports.
Amid recent problems, caused by poor internal control across, the banking sector, Shinhan Financial Group reflected in its New Year’s message the recognition that its internal control efforts should focus more on the needs of customers and society.
This is in line with a recent reorganization of the financial group’s internal control organization.
While Shinhan Financial Group will put internal control front and center, it is actually a strategy for customers who have always been the financial group’s top priority.
The direction of pursuing business innovation by looking at finance from the customer’s perspective is consistent with last year’s efforts, so there is not much difference.
“The year of 2025 will determine the sustainability of Shinhan,” Jin said, noting that the financial group needs to complete its tasks to make Shinhan a world-class financial player in the face of an uncertain business environment, Korea’s transformation into ultra-elderly society, and changes in industrial ecosystems.
The first strategic direction Jin proposed was to establish effective internal control.
“This year, we will carefully examine the overall management, supervision, evaluation, and monitoring, and strengthen employees’ ethical awareness so that Shinhan Financial Group will be able to run a more practical internal control system,” Jin said.
“Shinhan Financial Group will pursue fundamental innovation in our business by looking at finance from customers’ perspective,” Jin added.
“We will further enhance customer experience management, develop solutions centered on financial consumers, and explore synergies among group affiliates.”
Jin underscored that Shinhan Financial will fulfill its social responsibilities as a corporate citizen.
“We will contribute to Korea’s transition to a low-carbon economy by increasing the supply of green finance and transition finance services,” Jin explained.
“We will make more efforts to find practical solutions to Korea’s declining birthrate and support the younger generation.”
Jin also announced that Shinhan Financial Group’s management keywords for the new year are “Humanitas” and “Communitas.”
Humanitas means humanity and human duties. It means that as a financial institution, Shinhan Financial Group should fulfill its social responsibilities and give customers trust.
Communitas means a community. As part of a community called Shinhan Financial Group, Shinhan employees should respect their colleagues, be concerned about the sustainability of the financial group and satisfy its customers.
“What is the reason for our existence?” Jin asked Shinhan employees.
“We must provide what our customers want. We must maintain our sustainability by proving the reason for Shinhan’s existence.”
Jin also expressed his deepest condolences to the bereaved families of those who died during the Jeju Air flight tragedy at Muan Airport.
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