NongHyup Financial Group Chairman Kim Gwang-soo presides over an on-line top managers' consultative meeting and 4th "Nonghyup Financing" at NongHyup Financial Group headquarters in Saemunan-ro, Seoul, on Sept. 23. (Photos: NongHyup Financial)

Chairman Kim convened an on-line top managers' consultative meeting and 4th "NongHyup Financing" top managers’ consultative meeting.

The event was hooked up from NongHyup Financial Group headquarters in Saemunan-ro, Seoul, on Sept. 23. CEOs of the financial group’s subsidiaries attended, plus Chief Data Officers for each subsidiary, as well as Chief Marketing Officers and Chief Information Officers.

Chairman Kim said, “If ‘My Data Business’ models are inaugurated, the competitive edge of each financial institution will be revealed completely.” He called for those in attendance to make preparations for the data business models ahead of competitors and beyond consumers’ expectations.

That day, NongHyup Financial Group established and announced a “digital transformation roadmap update” related to the identity of its groupwide digital ecosystem, infrastructure, and support connected with customers.

The financial group has already announced a plan to invest 1.2 trillion won in the digital transformation sector in next five years last September.

The digital transformation roadmap update comprises of each subsidiary’s strategies. NH Bank will establish data-based decision-making and a “views' management process” for digital channel customers.

NongHyup Life Insurance announced plans to digitalize all procedures, includinsearching, choosing and signing up for financial products, and build digital health care platforms.

NH Property and Casualty Insurance will operate digitalized customer-oriented channels and release digitalized convergence products while NH Securities & Investment is priming customer-oriented digitalization by developing products specialized for digital customers and content.

NongHyup Financial Group will provide full support to carry out the digital transformation roadmap update without disruptions by defining its roles to the utilization of outside resources, like alliance with other businesses and collaboration among the financial group’s subsidiaries, NH Securities & Investment officials said.

Chairman Kim said, “NongHyup Financial Group’s digital transformation is on the right track, but financial service companies are expected to be engaged in a fierce completion over moments of truth and customers’ experiences.”

The financial group should create business models to the extent it is said to be obsessed with customers beyond customer centricity and customers’ inspiration, he added.

NongHyup Financial Group Chairman Kim Gwang-soo and group executives and subsidiary CEOs attend a ceremony to declare a vision “People-oriented digital agricultural financing.”