Experience Leading the AllOne Bank Super App
Continuous Banking Career Since Business Separation
Expected to Contribute to Organizational Stabilization
Background as Government Seoul Office Branch Manager
Attention on Relations with Financial Authorities
However, Strengthening Internal Controls Remains a Challenge
NH NongHyup Bank President Kang Tae-young has officially begun his duties following his inauguration. Amid numerous challenges such as digital transformation, internal control, and profitability improvement, his strengths in digital technology and extensive banking experience are expected to contribute to organizational stabilization. His background as the branch manager of the Government Seoul Office also suggests smooth communication with financial authorities.
On the 3rd, Kang held his inauguration ceremony at the NongHyup Bank headquarters in Jung-gu, Seoul, marking the start of his term as the 8th bank president. His term will last two years, until December 31, 2026. In his inaugural speech, President Kang expressed his aspirations regarding the challenges facing NongHyup Bank. First, he declared the bank’s leap toward becoming a “Digital Leading Bank.” He stated, “We will present strategies reflecting customer touchpoints reorganized around non-face-to-face and platform-based services and expand digital financial services so that finance naturally permeates daily life.” He added, “We will enhance efficiency and innovation through customer-tailored services and work automation using new technologies such as open innovation, artificial intelligence (AI), and big data.”
He is regarded as the right person to enhance NongHyup Bank’s digital competitiveness. Having developed his expertise as head of the AllOne Bank Business Division and Digital Strategy Division at NongHyup Bank, Kang concurrently served as vice president of the DT Division and head of Digital Finance at NongHyup Financial Group in 2023. At that time, he led the transformation of the AllOne Bank application into the NongHyup Financial Group’s super app. The AllOne Bank app, which he managed, recorded 3 million subscribers in December 2018, just two years and six months after its launch, and had 11.33 million users by the third quarter of last year.
Kang Tae-young, President of NH Nonghyup Bank, is taking the pledge to prevent financial accidents at the Nonghyup Bank headquarters on the 3rd. Photo by Nonghyup Bank
He is also expected to have strengths in recovering the internal atmosphere of the organization, which was stagnant due to various financial accidents last year. Kang joined the NongHyup Central Association in 1991 but has built his career exclusively at NongHyup Bank since the 2012 separation of credit and economic businesses. This distinguishes him from previous presidents. After the separation, all seven presidents who took office at NongHyup Bank had diverse experiences, including working at the NongHyup Central Association within the last ten years before their appointment. Except for his immediate previous role as vice president of NH NongHyup Capital, Kang’s career has been solely in banking, which may allow him to quickly understand operations and grasp the internal atmosphere, contributing to organizational stabilization.
His experience as branch manager of the Government Seoul Office is also an advantage. The Government Seoul Office houses the Financial Services Commission, which oversees financial policies, and the branch manager position is regarded as favorable for building relationships with authorities. This could enable Kang to act as a bridge between the financial authorities and the Central Association, which have had strained relations. Kang, originally from Jinju, Gyeongnam, is known as a close associate of Kang Ho-dong, the Central Association chairman from Hapcheon, which may explain the different reaction from authorities at the time of his appointment. On the 20th of last month, Lee Bok-hyun, Governor of the Financial Supervisory Service, commented, “It makes sense for NongHyup to be operated by someone who understands the characteristics of agriculture and other industries,” adding, “We understand that a balanced person with an understanding of both agriculture and finance has been appointed.”
However, strengthening internal controls remains a challenge. Last year, NongHyup Bank disclosed six financial accidents on its official website, with total damages amounting to 45 billion KRW. Including smaller incidents, there were 16 cases as of the third quarter of last year, the second highest after KB Kookmin Bank’s 19 cases. NongHyup Bank presidents traditionally do not serve consecutive terms, and there is an opinion that former president Lee Seok-yong was effectively replaced due to responsibility for these issues. In his inaugural speech, Kang expressed his commitment to internal control, stating, “We will systematize all processes through work redesign, comprehensively reorganize vulnerabilities, and realize strengthened internal control and zero financial accidents.” The field is already preparing several reinforcement measures. Within this year, a dedicated internal control organization responsible for accident prevention, accountability management, and monitoring will be established, and compliance monitoring personnel will be doubled to 122.
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