President Wi Sung-ho of Shinhan Bank, true to his reputation as an digital banking expert when he was with Shinhan Card, has put in motion a plan to expand the bank’s digitization moves, including boosting the adoption of Fintech.
His reform plan involves letting the bank continue to enjoy its position as a top-class bank by going all out to digitalize its operations. The bank on June 7 announced that it has reorganized part of its operation by setting up the Digital Group to take full charge of the digitization of the bank, with Vice President Suh Chun-sok at the head of the new digital group. Suh also heads up the ICT Group. Under the digital group’s wing are the Digital Strategy headquarters, the Sunny Bank, the Digital Channel headquarters and the Big Data Center. Professor Kim Cheol-ki of the Financial Training Institute will head the center. The bank also set up a lab to focus on R&D on core technologies of digital technology, including artificial intelligence (AI), and will have seven divisions to pursue its R&D activities. They are the robo advisor “empollio,” AI that can be used in financial facilities, digital alliance with other digital firms, settlement processes, seeking Fintech firms for investments, Blockchain, and customer experience, UI and UX. The center already has some 20 clerks and other staff who were trained to work for the center before the reorganization.
Many of President Wi’s ideas on digitalization were reflected in the reorganization. He always claimed that the financial paradigm should be digital. He told leading executives and managers that digital channels should be given the same priority as offline channels, and attention should be paid to financial products and services for the customers. He called on them to work hard to have the bank to be a “super” leading institution with new attempts to get ahead of rival banks. CEO Wi’s digital strategy is in line with Shinhan Financial Group’s strategy after it named a Chief Digital Officer and set up a digital reform organization.
Attending the meeting were heads of SBV departments (Monetary Policy and International Cooperation Departments, Banking Inspection and Supervision Agency); Mr. Shin Dong-min, CEO of Shinhan Bank Vietnam and specialists.
At the meeting, Deputy Governor Nguyen Thi Hong congratulated Mr. Wi Sung Ho on his newly appointed position as the CEO of Shinhan Bank in Korea and wished him a successful working-trip in Vietnam.
Deputy Governor Nguyen Thi Hong affirmed that Korea is an important partner of Vietnam - Korea political, commercial and investment relationship, which is accelerated by the collaboration of banking finance field between the two countries.
Among eight wholly foreign owned banks operating in Vietnam, Deputy Governor highly appreciated the Shinhan Bank. She hoped that Shinhan Bank would continue boosting their strength and efficient business to contribute more effectively in accelerating the trade relationship of the two countries and the economic development of Vietnam as well.
For his part, CEO of Shinhan Bank Wi Sung Ho recognized the stable growth of Vietnam economy, in which monetary policy played important role and had been regulated very effectively. Therefore, Shinhan Bank considers Vietnam as one of the essential market, and planning to expand their market in Vietnam. CEO of Shinhan also briefed Deputy Governor their business orientation in Vietnam and the reform of bank structure.
Deputy Governor Nguyen Thi Hong stated that the SBV highly appreciated the contribution of foreign banks to banking sector development in particular and the economy of Vietnam in general, including Shinhan Bank Vietnam. SBV Deputy Governor believed that in the coming time, SBV continue receiving active cooperation and experience exchange from Shinhan Bank.