Shinhan Financial Group held the 2023 Shinhan Management Forum at the Shinhan Bank Training Center in Yongin, Gyeonggi-do on Jan. 2 with 260 employees in attendance, including Chairman Cho Yong-byoung and Chairman-elect Jin Ok-dong.
At the event, Shinhan Financial Group announced “Breakthrough 2023, Change and Leap” as the group’s management slogan for 2023, with the intention of breaking through the current crisis situation where uncertainties continue to expand. He also pledged to make a new leap forward via changes and innovation.
In announcing its management strategy for 2023, Shinhan Financial Group presented seven key strategic tasks to overcome internal and external uncertainties and secure sustainable growth and future leadership in the financial industry.
Shinhan Financial Group is planning to strengthen customer experience (CX) based on hyper-personalized products/marketing and provide professional services such as asset management, real estate consulting and healthcare services through the platform to achieve the first task - “taking first place in the growth ranking among senior and young customers.”
Shinhan Financial Group will advance its IB business model and strengthen its asset management capabilities, and drive growth by channel in the global sector and inorganic growth strategy for the second task - reaching the top level in capital market and the domestic and global markets.
Thirdly, in order to achieve “Digital to Value” by bringing innovation to customer experience, Shinhan Financial Group will strengthen its core competences, such as digital technology, working methods and digital human resources, to complete the “Shinhan Digital Universe” by establishing a digital ecosystem through strategic investments and partnerships.
The fourth task, ‘RE:Boot!’, to secure balanced human competitiveness, Shinhan Financial Group plans to create an ‘organizational culture that promotes diversity and creativity’ through competitive HR innovation, such as securing future talent and improving the performance/compensation system for each sector.
For the fifth task - Promoting Growth into Asia’s Leading ESG Financial Group - Shinhan Financial Group plan to lead eco-friendly finance, such as carbon neutrality, support youths and vulnerable classes and venture startups and expand diversity through female leader training.
Sixth, Shinhan Financial Group will establish a data-based risk management system and crisis situation analysis system that can respond to uncertain business environments, and strengthen an “internal control system” to protect financial consumers for thorough and preemptive risk management.
Lastly, for efficient growth driven by ‘the basics’, Shinhan Financial Group will strengthen each affiliate’s fundamental competitiveness in their core business lines, enhance their market positions in business areas.
At the same time, it will discover and preempt new markets according to changes in the environment and trends and promote efficient resources allocation.
Chairman Cho Yong-byoung delivered a lecture at the forum. Cho spoke about his thoughts on his tenure as CEO of Shinhan Financial Group and expressed his gratitude to employees.
Cho defined the past six years as a period where the financial group set up “a virtuous cycle based on its resilience and accumulated power.”
In addition, Cho said that harmony between the group’s mid-term strategies such as SMART 2020 and FRESH 2020s and the strategies of each group affiliate empowered to Shinhan Financial Group to overcome crises and difficulties, achieve the best business performances, making Shinhan a top-class financial player.
In particular, in celebration of the 40th anniversary of its founding last year, Shinhan Financial Group completed its business portfolio as a comprehensive financial group, including the acquisition of non-life insurers.
Moreover, it secured a leading position in the ESG field, laid the group’s digital foundation and enhanced its image as a leading financial group.
However, despite these achievements, Shinhan Financial Group is faced with a situation of “zero visibility” due to internal and external tough factors such as high interest rates, inflation, high exchange rates and low global economic growth, Chairman Cho said.
In this situation, he emphasized that there is no future for Shinhan Financial Group if the group is complacent with its past achievements only. “We have to change in order to survive, otherwise we will not be able to survive even less prosper,” he said.
_조용병 신한금융 회장이 신년사02.jpg)
