“Unless we innovate now, there is no bright future for NongHyup Financial Group,” said Lee Chan-woo, chairman, in a meeting with NongHyup subsidiary employees on March 27.
On March 27, NongHyup Financial Group held the first meeting of the NongHyup Financial Customer Strategy Council and the Synergy Generation Council for 2025 in a conference room at its headquarters in Seoul.
On hand were more than 50 employees including vice presidents and department heads in charge of customer strategies and synergy strategy of all NongHyup Financial subsidiaries.
NongHyup Financial Group intensively discussed customer trust, customer experience, and Korea’s declining birthrate and aging population as the three keywords for its customer strategy for 2025.
Customer trust is a fundamental aspect of banking and NongHyup Financial Group is considering ways to provide trust from the customer’s perspective beyond internal control.
The participants reached a consensus that NongHyup Financial Group need to go beyond digital transformation (DX) and move toward artificial intelligence transformation (AX) to bring innovation to ultra-personalized customer experiences.
They discussed current issues, such as impacts on the financial industry in response to the declining birthrate and aging population and a report on artificial intelligence transformation (AX)’s responses.
NongHyup Chairman Lee Chan-woo expressed his concerns about the impairment of stability and profitability due to the global tariff war, a drop in the financial group’s NIM and increasing delinquencies.
He suggested that NongHyup Financial Group preemptively respond to changes, pursue innovation, increase customer satisfaction, and sharpen its fundamental business competitiveness.
NongHyup Financial Group needs a group-wide response to turn the national crisis related to the country’s low birthrate and aging into an opportunity, especially for subsidiaries to actively respond with speed and power, Lee said.
Lee also emphasized the importance of innovation for receiving trust from customers and satisfaction and called for putting customers first at every moment from product planning to sales, and working in customers’ shoes.
Lee Chan-woo, chairman of NongHyup Financial Group, presides over a meeting of the Nonghyup Financial Customer Strategy Council and the Synergy Generation Council on March 27.
Lee urged NongHyup Financial Group employees to contribute to making an improvement to agriculture, rural areas, and farmers’ livelihoods by enhancing the group’s basic business competitiveness as a financial company and to fulfill their social responsibilities.
Lee emphasized the importance of synergy-based businesses to quickly respond to changes and strengthen NongHyup Financial Group’s differentiated competitiveness.
According to Lee, NongHyup Financial Group has 11 subsidiaries covering all aspects of finance, including banking, insurance, securities and the NongHyup network including businesses and agricultural cooperatives across the nation unlike other financial companies. Lee called the fact a strength of NongHyup Financial Group.
“Collaboration among the subsidiaries is limited,” Lee said. “It is necessary for NongHyup Financial Group to expand synergies by collaborating with outside organizations.”
Creation of Green Credit Suitability System
On March 24, NongHyup Financial Group held the New Green Finance Business Promotion Seminar in response to the Green Credit Management Guidelines in a conference room on the second floor of its main building with employees of its affiliates in attendance.
The Green Credit Management Guidelines provide criteria for financial companies to judge whether credit they handle are suitable for green economic activities, and the government has prepared this guideline to promote green finance.
The guidelines define green credit as a loan whose purpose of use is in accordance with the Green Classification System and is handled in compliance with the internal control standards of the guidelines.
The seminar was held to enhance employees’ understanding of green finance and form a consensus among them.
Lim Dae-woong, CEO of BNZ Partners (advisor to the Green Finance Promotion Task Force at the Financial Services Commission), delivered a lecture, explaining the backgrounds and trends of green finance policies, a need for financial institutions to adopt K-Taxonomy, and how financial institutions should respond to the enactment of the Green Credit Management Guidelines.
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