NH NongHyup Financial Group Chairman Lee Seok-jun will expand the financial group’s efforts to fundamentally improve the digital sector.
The financial group announced on Feb. 19 that it held the “first meeting of the NongHyup Financial Digital transformation (DT) Promotion Council” in 2023 at its headquarters in Jung-gu, Seoul on Feb. 17.
NH NongHyup Financial Group said that since the inauguration of Chairman Lee, it has been making company-wide efforts to introduce new services that can lead the Korean financial industry.
To this end, NH NongHyup Financial Group is working to introduce new services in line with Chairman Lee’s core management strategy of reorganizing all operations from customers’ perspective and redesigning them from the ground up.
Lee mentioned two keywords for implementation – “design,” which creates services that customers can easily use even without prior information and “digital,” which is the digitalization of everything and putting top priority on mobile systems and services.
Lee also emphasized a need for NH NongHyup Financial Group’s fundamental reorganization such as removing barriers to fetter the growth of NH NongHyup Financial Group after taking office.
He also called on all employees of NH NongHyup Financial Group to take the lead in making efforts to bring innovation to the financial group’s working methods and systems and organizational culture, starting from the digital sector.
The meeting was held in the form of a discussion to let all participants present opinions freely, rather than making presentations listing various achievements and business plans.
They discussed topics such as strengthening the competitiveness of mobile platforms, spreading a culture of data-based decision-making and getting rid of obstacles to the promotion of DT internally and externally.
With reference to financial platform strategies, NH NongHyup Financial Group will fully upgrade its non-face-to-face channel infrastructure, starting with the introduction of a platform-as-a-service (PaaS)-based cloud system for financial applications for the first time to improve stability and boost speed.
NongHyup Securities will build apps that can be used on smartwatches, and NongHyup Card and NongHyup Life Insurance will integrate their channels into one to enhance customer convenience.
“Only an organization with a clear direction and vision can become a first-class organization,” Chairman Lee said. “Let’s prepare for the future of NH NongHyup Financial Group by cutting off an old line of repeated inefficient and unreasonable practices and make bold attempts for something new.”
In the meantime, NH NongHyup Financial Group held the 2023 NongHyup Financial Global Strategy Council Meeting at its headquarters in Jung-gu, Seoul on Feb. 27.
The meeting was held face-to-face with all executives and employees in charge of the global business of the financial holding company and its subsidiaries, while those at overseas branches participated in the meeting through video conferencing.
The meeting was held in the form of a discussion on the topic of securing global competitiveness by reviewing business models of overseas branches and discovering and promoting differentiated new businesses in response to growing uncertainties in the global financial market.
NH NongHyup Financial Group will promote the rebuilding of its global business models to sharpen the competitiveness of its overseas stores in 2023.
To respond to changes in global business environments, NH NongHyup Financial Group will diagnose the business structures of all its branches from a zero base and select improvement tasks.
Moreover, to promote digital-based global business in earnest, NH NongHyup Financial Group will expand the Southeast Asia Digital Co-Investment Fund established in 2022, diversify cooperation with promising local fintech and platform companies, and expand overseas’ digital infrastructure.
For the inorganic growth of its global business, NH NongHyup Financial Group will carry out strategic investments, such as making M&A deals centered on emerging countries with high economic growth rates and increase capital for overseas branches that need capital to strengthen their local sales capabilities.
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