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Woori to provide 'exceptional' support for digital banking

Woori Financial Group Chairman Son Tae-seung holds an online meeting with top executives at the group's headquarters in Seoul, Jan. 8. Courtesy of Woori Financial Group
Woori Financial Group Chairman Son Tae-seung holds an online meeting with top executives at the group's headquarters in Seoul, Jan. 8. Courtesy of Woori Financial Group

By Lee Min-hyung

Woori Financial Group will provide unwavering financial support for its digital business this year by increasing its budget, the company said in a statement Sunday.

The financial holding firm said it would provide an "exceptional" level of benefits for group-wide digital transformation throughout 2021.

Chairman Son Tae-seung shared the plan during a recent online meeting with a group of 50 ranking executives of its key affiliates.

"To become a digital No. 1 banking group, every executive should change their mindset and unwaveringly support digital innovation," he said.

With the rise of digital banking last year amid the COVID-19 pandemic, major banks are on track to close sales offices and increase their investments in the digital banking sector.

Declaring a group-wide vision of "digital first, change everything" last year, Son has also been at the forefront of encouraging staff to develop a digital mindset and embrace the banking paradigm shift in an agile manner.

Son also promised a massive allocation for the digital budget on par with that of big tech companies.

"We are going to evaluate non-financial outcomes of our digital innovation through surveys of customers, staff and external organizations," Son said during the two-hour-long meeting.


Woori Financial Group Chairman Son Tae-seung holds an online meeting with top executives at the group's headquarters in Seoul, Jan. 8. Courtesy of Woori Financial Group
Woori Financial Group Chairman Son Tae-seung holds an online meeting with top executives at the group's headquarters in Seoul, Jan. 8. Courtesy of Woori Financial Group

By Lee Min-hyung

Woori Financial Group will provide unwavering financial support for its digital business this year by increasing its budget, the company said in a statement Sunday.

The financial holding firm said it would provide an "exceptional" level of benefits for group-wide digital transformation throughout 2021.

Chairman Son Tae-seung shared the plan during a recent online meeting with a group of 50 ranking executives of its key affiliates.

"To become a digital No. 1 banking group, every executive should change their mindset and unwaveringly support digital innovation," he said.

With the rise of digital banking last year amid the COVID-19 pandemic, major banks are on track to close sales offices and increase their investments in the digital banking sector.

Declaring a group-wide vision of "digital first, change everything" last year, Son has also been at the forefront of encouraging staff to develop a digital mindset and embrace the banking paradigm shift in an agile manner.

Son also promised a massive allocation for the digital budget on par with that of big tech companies.

"We are going to evaluate non-financial outcomes of our digital innovation through surveys of customers, staff and external organizations," Son said during the two-hour-long meeting.


Lee Min-hyung mhlee@koreatimes.co.kr


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