Introduction of 'ACT' (Agile Core Team) as an Intermediate Form Between Department and Team
Establishment of Investment Product Strategy Unit to Promote Customer-Centric Product Strategy Development
[Asia Economy Reporter Kangwook Cho] Kwon Kwang-seok, CEO of Woori Bank, has taken concrete actions to fully implement zero-base innovation.
On the 3rd, Woori Bank announced an organizational restructuring focused on ▲enhancing organizational vitality ▲strengthening customer-centric investment strategies ▲leading digital transformation ▲securing new revenue bases to actively promote CEO Kwon's zero-base innovation.
First, to respond agilely to rapidly changing financial environments such as the novel coronavirus disease (COVID-19), an agile organizational system will be introduced.
A new intermediate form between departments and teams called the ‘ACT’ (Agile Core Team) organizational system will be established to serve as a special task force to discover and pursue new business opportunities.
ACTs will be established as needed to carry out missions assigned by management. The leader of an ACT holds the authority of a department head, and support tasks within the ACT will be handled by the relevant departments.
Woori Bank explained, "This will greatly increase authority and simplify tasks, creating an environment where teams can focus solely on achieving their assigned missions," adding, "We hope this will reverse the somewhat subdued atmosphere caused by recent issues and inject vitality into the organization."
Additionally, within the Asset Management Group, a ‘Investment Product Strategy Division’ has been newly established to rebuild asset management sales through customer-centric portfolio product strategies. The Investment Product Strategy Division will oversee asset management products such as funds and trusts and will be responsible for establishing portfolio-centered product strategies. Furthermore, it plans to simultaneously pursue enhanced expertise in product strategy formulation and strengthen product development and verification capabilities. Through this, various investment strategies aimed at increasing customer returns and more meticulous management of customers' investment risks will be possible.
Woori Bank is also promoting zero-base innovation in the digital sector by establishing the ‘DT Promotion Team’ and the ‘AI Business Department.’
The DT Promotion Team will include the Digital Strategy Department, Big Data Business Department, AI Business Department, Digital Business Department, and Smart App Development Department, tasked with overseeing the bank’s overall digital strategy, expanding the application of new technologies, and managing digital marketing and channels. In particular, the newly established AI Business Department is expected to serve as a foundation for staying ahead in the increasingly fierce financial technology competition by researching and supporting the application of new technologies such as AI in banking operations.
To strengthen the non-face-to-face customer management system, the Customer Center of the Personal Group has been reassigned to the Digital Finance Group and organized within the same group as the Smart Customer Department. Through close cooperation between inbound and outbound operations, this will innovate customer service and processes.
Woori Bank will also strengthen business capabilities to overcome the anticipated prolonged low-interest-rate era. A new ‘Securities Management Department’ will be established to manage securities and generate profits by operating its own capital. By executing various operational strategies, the bank plans to gradually reduce its dependence on net interest margin.
Furthermore, to expand global and IB (Investment Banking) business, a Global IB Screening Department will be established. Currently, the Asia Screening Center in Singapore and the Corporate Screening Department’s Global IB Screening Team will be integrated to exclusively handle global credit and IB credit. Considering the unique nature and expertise required in global and IB loan screening, the organization will be newly established to more closely monitor related financial support.
A Woori Bank official stated, “Through this organizational restructuring, we will strongly promote zero-base innovation and hope it will be an opportunity for the entire bank to regain vitality and make a fresh leap forward.”
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