KB Financial Group held a business kick-off ceremony for 2023 with the attendance of Chairman Yoon Jong-kyu and other group executives at its headquarters in Yeouido, Seoul on Jan. 2.
The ceremony held on this day was live streamed on YouTube. An employee morale boosting event was also held to deliver the KB Star of the Year Prize to employees who worked hard for the growth of KB Financial Group in 2022.
Prior to delivering his New Year’s message to employees, Chairman Yoon expressed his strong gratitude to customers and shareholders, who gave KB Financial Group unwavering trust and support, as well as employees who did their best to serve customers in difficult circumstances.
In his New Year’s message to employees that followed, Chairman Yoon stressed customer-centered core values, saying that they should change themselves so that the basics and principles can be the starting and finishing lines of KB.
Yoon emphasized that KB should grow into a sustainable financial group by internalizing KB’s core values in everyday life so those values would be able to make customers happy and become their lifelong financial partner.
Chairman Yoon suggested ‘R.E.N.E.W. 2023’, newly established in line with changes in the business environment.
R.E.N.E.W. 2023 is a mid- to long-term management strategy that KB Financial Group has been consistently promoting since 2021 to realize finance that changes the world by being chosen and supported by customers.
R.E.N.E.W. 2023 stands for “Reinforcing the Core & Resilience,” “Expansion of Global & New Biz,” “No.1 Platform,” “ESG Leadership” and “World-class Talents & Culture.”
“First, we need to strengthen the group’s core competitiveness and rebuild an efficient operating model (Reinforce the Core & Resilience),” Yoon said.
Yoon suggested solidifying the foundation for substantial growth and profit generation by business division.
“Considering unfavorable and uncertain market environments, it is necessary to advance our profit models in business sectors by pro-actively establishing a strategic direction and persistently promoting core businesses,” Yoon said.
Second, Yoon said it is necessary to stabilize KB’s global business bases, yield positive results in non-financial businesses and expand investments to sharpen future competitiveness (Expansion of Global & New Biz).
“The Korean financial market has already entered its mature stage,” Yoon added. “Expanding global business is essential to finding and strengthening our future growth drivers.”
Third, KB Financial Group ought to expand its dominance influence as a daily life platform, going beyond the financial platform, and making a quality-oriented transformation of its business model centered on data-based customer value proposition (No.1 Platform), Yoon continued.
“Until 2022, we created KB Super App by interconnecting and integrating KB Star Banking App with affiliates’ apps,” Yoon said.
“In 2023, by linking KB Star Banking App with KB Wallet and KB Pay, we will expand our business areas into a daily financial platform.”
Moreover, Yoon said, “we will significantly increase the 3 Ts — Traffic, Time Sharing, and Transaction — by increasing our own competitiveness in financial content services and UXs/UIs.”
Fourth, Yoon emphasized the importance of accelerating the execution power of each KB affiliate so that ESG management can lead to actions and produce concrete positive results (ESG Leadership).
“Now, KB’s ESG management must show tangible results by accelerating the connection of execution and business,” Yoon said.
“We will set specific ESG goals for affiliate units and strengthen the execution power of each affiliate by advancing the evaluation system.
“Fifth, we must fully spread our agile business culture and continue our efforts to secure and nurture the best talent (World class Talents & Culture),” Yoon said.
Finally, Yoon emphasized that KB should lead the market based on differentiated customer values, achieve solid growth with profitability, growth potential, and soundness, as well as increase resilience, even in difficult economic environments, with an eye toward becoming a stronger and more competitive KB.
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