Lee Won-duk, CEO of Woori Bank, said, “2023 is expected to be a tougher year. But we will put the interests of our customers ahead of the interests of Woori Bank in the New Year.”
In his New Year’s message to employees on Jan. 2, CEO Lee set “Touch Everyone, Connect Everything” as his management goal for 2023.
“We will put the interests of customers before the interests of banks and expand the financial ecosystem by connecting with various industries,” Lee said.
Lee put forward five management strategies - customer satisfaction, technology leadership, business growth, cultural innovation, and risk control. He said, “We can grow only when our customers grow. All goods and services must bring benefits to customers.”
Lee stressed the importance of bringing innovation to Woori Bank’s organizational culture. “It is absolutely necessary to abandon an overbearing culture and create a horizontal culture at Woori Bank,” Lee added.
In order to achieve the management goals, Woori Bank established five management strategies — Customer Move, Tech Advance, Business Growth, Culture Innovation, and Risk Control.
The first management strategy is Customer Move. Lee insisted that Woori Bank grow together with its customers.
“When our customers grow, we can grow too,” Lee said. “The interests of customers must come first. All of our goods and services must be developed and sold for the benefits of our customers. We have to be able to impress our customers.”
The second management strategy is Tech Advance. “Digital and IT technologies and systems have become the core of the financial industry,” Lee continued.
“The competitiveness of products and services is determined by digital and IT technologies and systems. To increase our competitiveness, we must lead the way in technology.”
The third is Business Growth. Lee said, “We can’t stop growing,” Lee emphasized. “We must continue to grow. This is because the bank is a living organism. For sustainable growth, we must invest by predicting the future as accurately as we can.”
Cultural Innovation came fourth. “Our organizational culture must be improved to befit the times and generations,” Lee said.
“We need to eradicate an authoritative culture. A horizontal organizational culture is needed for a better future of Woori Bank. We need a culture of autonomy, self-respect and passion.
Lee picked Risk Control as the fifth and final point. “Business is always risky,” Lee said. “However, we have to put risk under control. Risk control systems and systems must be improved. What is more important than anything else is our ethical awareness and legal compliance.”
Lee asked employees to take pride in being Woori Bank employees.
“We are employees of a proud bank with 124 years of history and tradition,” Lee said. “You are proud Woori Bank employees who have renewed the best performance despite strong headwinds.
If we have firm faith and pride in us, we can move forward without being shaken by any difficulties. Let’s take pride in working for Woori Bank and move forward firmly toward our goals.
“Second, let’s have the mindset that we are leaders,” Lee continued. “A leader is not a person with a high position. A leader is a person who makes a difference in a positive way. Whether Woori Bank’s transformation succeeds or not depends on each and every one of you. As you work, ask yourself these questions: ‘Have things gotten any better since I took on this job?,’ and ‘Did the people around me grow because of me?’
“Being a leader is your choice. Please don’t forget that you are the main character who changes Woori Bank and constantly thinks about how the bank should change to become a better bank,” he said.
“Third, don’t be afraid of failing,” Lee said. “Make an attempt to make yourself and your bank better. A ship in harbor is safe, but that is not what the ship is built for. I like this sentence written by John Augustus Shedd. We need to learn a lesson from this maxim.”
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