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| Shinhan Bank headquarters in Seoul / Courtesy of Shinhan Bank |
By Lee Min-hyung
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| Shinhan Bank CEO Jin Ok-dong |
The project is to enable customers to enjoy a seamless experience between mobile banking and offline services, the bank said.
Shinhan will spend the 300 billion won over the next three-and-a-half years to renovate its digital banking systems, by improving user interfaces and the experience of its existing digital platforms.
The move is seen as the lender's bid to lead the digital banking paradigm shift which is still in its infancy. The coronavirus outbreak paved the way for non-face-to-face transactions in 2020, and major financial firms are moving to cut their reliance on bricks-and-mortar branches and increase their digital capability to brace for the post-coronavirus world.
"The future of the bank relies on whether we can achieve a successful digital transformation," Shinhan Bank CEO Jin Ok-dong said in a New Year address. "We are going to take on the ambitious challenge to build an overwhelming digital platform."
The lender set out five core strategies, including a digital banking platform, innovation in data business and customers' seamless experience. The bank plans to pick "digital partners" to handle the renovation of its online and mobile platforms in the near future.
As the world is getting more and more connected via online platforms, the lender also pledged to keep advancing its data analytics and management expertise.
This is part of Shinhan Financial Group's vision of turning itself into a "digital finance company." The cash-cow banking subsidiary is standing at the forefront in this drive as Shinhan Bank has taken advantage of 300 million transaction datasets from its 25 million customers to provide more accurate transaction patterns by region.
Late last year, the lender also launched a digital innovation unit that is focused on research and management of artificial intelligence and data technologies.
