Son Byunghwan, Chairman of NongHyup Financial, "We Must Learn from Internet Banks' Efforts to Improve Customer Inconveniences"

NongHyup Financial DT Promotion Supreme Council Meeting Held

Son Byung-hwan, Chairman of NongHyup Financial Group, is presiding over a video conference at the 4th 'NongHyup Financial DT Promotion Supreme Council' of 2021, held on the 28th in the conference room of the NH NongHyup Financial Group headquarters located in Jung-gu, Seoul.

[Asia Economy Reporter Kiho Sung] Sohn Byung-hwan, Chairman of NH Nonghyup Financial Group, stated, "We must benchmark the efforts and business approaches of Toss and Kakao to resolve customer inconveniences."

According to Nonghyup Financial on the 29th, Chairman Sohn made this remark at the 4th NH Nonghyup Financial DT Promotion Chief Council held the previous day, attended by digital chief officers from all NH affiliates. This is interpreted as an intention to actively benchmark internet-only banks and others to provide improved services that customers can directly experience.

During the meeting, participants engaged in in-depth discussions on the digital transformation (DT) promotion status of affiliates, this year's DT promotion direction for Nonghyup Financial, and key promotion tasks.

Chairman Sohn self-assessed, "Although we have made significant efforts in DT promotion over the past few years, it is still insufficient," and reiterated, "Please align all unreasonable work methods, practices, and corporate culture with the customer's perspective."

He specifically instructed a detailed analysis to identify whether there are any products or services that internet-only banks offer but Nonghyup is missing, and to prepare countermeasures. The idea is to thoroughly examine from the customer's standpoint whether internal regulations or work practices are causing unresolved inconveniences and to find solutions.

He said, "DT promotion only succeeds when customers can truly feel the difference," adding, "Let's revisit what we previously took for granted from the customer's perspective and find solutions together."

Meanwhile, Nonghyup Financial has completed strategic consulting for building a 'Customer-Centric Comprehensive Financial Platform' reflecting Chairman Sohn's digital philosophy and will begin IT development aiming for a first phase opening in June next year.