Holding a workshop on group management strategies in the second half of the year
Presenting the three major agendas of new, maintained, and complexity
“Enhance the profitability of banks and non-banking competitiveness”
Woori Financial Group has put forward expanding its customer base as a top priority in the second half of the year. Woori Financial Group Chairman Lim Jong-ryong proposed securing new customers, retaining existing customers, and complexing customers as the three key agendas of mid- to long-term management plans and called for strengthening joint operations at the group level, which encompasses banks and non-banks.
Woori Finance held a “management strategy workshop in the second half” at its headquarters in Hoehyeon-dong, Seoul on the 16th, attended by Chairman Lim, representatives of 16 affiliates, including banks, securities and insurance, and management of holding companies and shared the strategic direction.
At the workshop, discussions continued for more than two hours on the theme of “Expanding Customers.” Banks announced plans to expand target customers and revitalize group joint sales, insurance announced plans to expand group synergy and non-financial linkage services, credit cards specialized by generation, and securities market trend-based customers. Securing customers is the value and foundation of the financial group’s growth, Chairman Lim said. “Let’s pursue tasks that can be implemented immediately and dramatically expand our customer base.” In addition, Chairman Lim emphasized that securing customers should be premised on thorough consumer protection and thorough internal control, adding, “We should implement the four tasks without wavering: implementing best practices for financial consumer protection governance, preventing financial crimes such as voice phishing, preventing incomplete sales of high-level financial investment products, and eradicating unhealthy business practices of insurance products.”
The key tasks in the second half of the year were to restore bank profitability and strengthen non-bank competitiveness. Banks plan to strengthen their operating power and cost competitiveness, such as core deposits, corporate finance, and asset management, while non-bank subsidiaries will improve their bank-centered profit structure by increasing their core business competitiveness.
Strengthening future responsiveness was also suggested as a major strategy. As Woori Finance has confirmed its AI application work, it plans to accelerate its enterprise-wide AX with rapid execution and advance the way the group works as a whole. In particular, it plans to strengthen AI-based IT security and consumer protection systems.
It also checked the progress of productive finance and inclusive finance. Woori Finance said it has already achieved 82.5 percent of its productive finance target of 21.8 trillion won this year in the first half, making meaningful achievements in the corporate finance sector. Based on this, the goal of the “Future Shared Growth Project” to support productive and inclusive finance will be raised from 80 trillion won to 90 trillion won, and the expansion of real economic support will be used as an opportunity for the group to take off.
Comparing the workshop to the “half-time” of sports games, Chairman Lim said, “The second quarter was an opportunity for Woori Financial to regain confidence, while the second half is the time to secure a foothold for a leap forward.”