Shinhan Bank President Jin Ok-dong. (Photo: Shinhan Bank)

Shinhan Bank will strengthen its non-financial platform business and focus on the digital PB business with its new mobile asset management channel in 2021.

In particular, the bank will push for digital innovation and lead the digitalization of corporate finance going beyond the retail sector.

Shinhan Bank President Jin Ok-dong, who entered the third year as president of the bank, said that his management strategies for 2021 are accelerating digital transformation, strengthening internal stability in the global sector, and boosting the bank’s profitability.

“Digital transformation is not about securing future competitiveness, but present competitiveness,” Jin said. “We will quickly digitize our areas such as the corporate, global, IB, and risk sectors and solidify internal efficiency.”

Shinhan Bank is implementing its digital strategy in two ways. One is to dramatically improve customers’ financial experience and the other is to enhance management efficiency through digital transformation.

Shinhan Bank will push for preemptively making a change in channel strategy by reorganizing face-to-face sales into a digital online business system through the Digital Sales Department and the Pilot Digilog Branch Project introduced in the second half of 2020 and expanding the digital online business system to all regions in 2021, according to Jin.

“Now we are living in an era where changes are made every day,” Jin said in his New Year’s address. “The COVID-19 crisis has established non-face-to-face communications and the MZ generation’s consumption culture is on a gradual rise. ”

“The financial industry, too, is undergoing a major shift through which consumers will take the initiative in choosing financial products and services. Mediocre financial products and services will not be able to appeal to customers any longer. Society wants banks to fulfill their responsibilities more sincerely than ever.”

Jin said that new competition based on experience and value has begun in earnest.

“If you stick to traditional methods and standards, you will be swept away by changes and lose your bearings,” Jin added.

“I would like to ask Shinnhan Bank employees to zero in on three things to gain insight into the trends of the times, and think and act ahead this year.” Jin asked Shinnhan Bank employees to speed up digital transformation.

“Digital transformation will determine our organization’s future,” Jin continued. “To drive digital transformation in all directions, we have set up the Digital Innovation Group directly under the president of the bank. We will concentrate our resources on data and AI capacity development, and expedite our human resources development process. We are also gradually pushing forward a plan for future capability development.”

Shinhan Bank needs to create digitally optimized systems and cultures according to Jin. “Let’s take the initiative in building an open digital ecosystem for the Shinhan Financial Group and continue to make bold attempts to make the brand ‘Shinhan’ a strong platform in the market on and off-line,” Jin stressed.

“We should do our best to boost our fundamental competitiveness in the financial business. To meet the diverse needs of our customers, we will strengthen our marketing capabilities and focus our efforts on offering personalized financial consulting services. Together, the growth business culture will focus on the value of the principle of good faith. We also ask business groups including the WM, Enterprise, IB, and Global Business Groups to heighten their positions in their markets.”

Jin urged employees to pay keen attention to predicting and preparing for a crisis, too. “You must enhance our reputation as a powerhouse in soundness and risk management,” Jin emphasized.

“Let’s strengthen the fundamentals of finance in an advanced corporate culture and have resilience to turn any crises into opportunities.”

Jin emphasized the importance of win-win growth as well. “The value of win-win growth is growing in the face of the global pandemic that no one can avoid,” Jin said.

“All sales and marketing activities should be carried out based on receiving strong trust from customers and society.”

Shinhan Bank is set to make preemptive preparations for institutional changes including the introduction of the Financial Consumer Protection Act, sources said.

“We need to take a close look at our overall internal control including the product selection process,” Jin said.

“We have to think about Shinhan Bank’s founding spirit of ‘playing our roles as a bank for the nation’ once again and will actively create social value such as ESG and support for innovative finance. Let’s lay the foundation for sustainable growth that helps customers grow and prosper and contributes to the realization of social stability.”