Kang Tae-young, the eighth president of NongHyup Bank, emphasized at his inauguration ceremony on Jan. 3 that finance should be a means to customers’ growth.
It is Kang’s intention to redefine the direction and roles of NongHyup Bank by placing customers at the center of financial services.
“To achieve customer trust and shared growth, the bank must redesign all business processes and strengthen internal controls to prevent financial accidents,” Kang said.
Kang also laid out a plan to reorganize its customer strategy centered on digital channels to become a leading digital bank.
Kang, who held a pledge to prevent financial accidents alongside the inauguration ceremony, expressed his ambition to take NongHyup Bank to the next level and help the bank be recognized by customers and the market for its excellent services through change and innovation.
The formation of a new competitive landscape, including digital acceleration and the emergence of internet banks, and new technologies such as artificial intelligence (AI) and blockchain, along with changes in customer needs are fundamentally changing paradigms of finance, Kang said.
Kang asked employees to wisely overcome crises facing NongHyup Bank and further strengthen NongHyup Bank’s identity through the realization of its vision, “A New NongHyup Bank Created through Changes and Innovation.”
“In order to elevate the quality of finance, I would like to outline a direction we will take together,” Kang said. “First, we will realize “shared growth” with our customers.
Finance cannot be an end in itself, but is more meaningful as a means to promote customer growth.”
In other words, the essence and core value of finance is shared growth with customers. NongHyup Bank will redefine its directions and role centered on this.
“Second, NongHyup Bank will redefine its principles,” Kang continued.
“NongHyup Bank will create an environment where customers can trust us and transact with peace of mind by breaking away from business practices that have been taken for granted and conducting business in accordance with regulations and principles. We will also strengthen internal control and realize zero financial accidents by systematizing all processes and completely overhauling vulnerabilities through task and duty redesign.”
“Third, NongHyup Bank will leap forward as a digital leading bank through a major shift in the financial paradigm. We will continue to challenge and innovate to enhance our digital competitiveness in line with rapidly changing paradigms in the financial industry.”
Therefore, NongHyup Bank will present a new customer strategy that reflects a reorganization of customer contact points to become non-face-to-face and platform-centered.
It will also expand a wide array of convenient digital financial services so that finance can naturally permeate customers’ daily lives.
NongHyup Bank will boost efficiency and innovation by providing customized services and automating tasks using new technologies, such as open innovation, AI and big data.
Following his leadership as Head of the Digital Strategy Department in 2019, Kang was appointed Head of NongHyup Bank’s DT Division in 2023 and subsequently elected vice president of NH NongHyup Capital in 2024.
Take-off to become leading digital Bank
NongHyup Bank discussed specific business initiatives to become a leading digital bank with more than 100 employees from the bank’s IT and Information Security Departments at the NH Integrated IT Center in Uiwang City of Gyeonggi Province on Jan. 10.
The IT Department aims to realize a sustainable NongHyup Bank through IT-based business innovation, and plans to accelerate AI transformation (AX), optimize customer-centered platforms, and lead innovative financial services.
The Information Protection Department plans to implement an information protection system based on innovation and safety including preemptive response to paradigm shifts in financial security regulations, and the advancement of an active cybersecurity threat response system.
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