[Exclusive] "If People in Their 40s Make Decisions, Only They Are Satisfied... I Don't Make Decisions Myself," Advice from KakaoBank CEO

Special Lecture for Hanyang University Alumni
Emphasizing Technology Internalization and a Communication-Centered Corporate Culture
"Focusing on Solving Customer Problems, Not Just Selling Products"
The Growing Importance of the Authentication Business in the AI Era
His Ultimate Goal:
"Creating a Bank My Children Want to Use"

Yoon Hoyoung, CEO of KakaoBank and a Hanyang University alumnus, generously shared advice for success with fellow alumni entrepreneurs. He discussed the reasons behind KakaoBank's success, as well as perspectives and corporate culture that future entrepreneurs should embrace.

On the 9th, at the Hanyang Future Strategy Forum held at a location in Seongdong, Seoul, Yoon delivered a special lecture titled "The KakaoBank Success Story." Addressing a gathering of many Hanyang University alumni entrepreneurs, he offered four key pieces of advice for business. First, he emphasized that technology is the most important factor in business, and therefore, companies must internalize technology rather than outsource it. Yoon highlighted the importance of treating developers well, stating, "The best welfare for me is being next to good developers." He added that in order to attract talented developers, companies need to invest significant resources, and that trying to save money in this area often leads to higher costs in the long run. He also stressed the need to create a company culture that developers want to join and to build services that developers themselves want to create.

Yoon Hoyoung, CEO of KakaoBank. KakaoBank

Second, he advised that the focus should be on solving problems rather than simply selling products. In an era where there is no longer information asymmetry, trying to sell products does not work; instead, it is important to identify and solve the problems that customers face. Yoon explained that KakaoBank is constantly considering whether it can solve problems through technology. He noted, "Out of our total 1,700 employees, more than 800 are technical staff, and we are always thinking about how to leverage our technological capabilities in compliance with financial regulations." He said that in order to appeal to customers, the company focused on problem-solving, and the first achievement in this area was becoming the first bank to operate without a public authentication certificate.

He also stressed the importance of understanding and supporting the MZ Generation (Millennials and Generation Z), as it is essential to work with them and foster a corporate culture that reflects their values. Yoon explained that KakaoBank uses English names, and that all employees, including the CEO, sit together in the same workspace to encourage open communication. He emphasized the need for a culture that genuinely incorporates the perspectives of diverse team members into the service, noting, "If people in their 20s come up with ideas, those in their 30s develop them, and those in their 40s make decisions, you end up with solutions that only satisfy those in their 40s." As a decision-maker, he said he does not make decisions himself, but rather selects the person best suited to make each decision. Yoon shared an example: "Right before launching the KakaoBank application, we had four different proposals for the home screen. After much deliberation, we let the team leader who designed it make the final decision, and that is the home screen you see today."

Yoon Hoyoung, CEO of KakaoBank, is giving a special lecture to Hanyang University alumni at a location in Seongdong, Seoul, on the 9th. Photo by Oh Gyumin

Finally, he pointed out that as artificial intelligence (AI) itself and related devices such as autonomous vehicles and AI glasses increase exponentially, the business of authentication?verifying one's identity?will become increasingly important. To keep up with such future changes, he said he always tries to be the "first and most frequent" user of any new technology. He added, "I try out AI-related tools before anyone else and discuss them with our employees."

Yoon also shared stories about the origins of KakaoBank and the development of its products. He explained that during the merger of Kakao and Daum, he entered the internet banking business through an internal system called "Raise Your Hand and Move," which allows employees to transfer to another department if both parties agree. Yoon said, "I told Chairman Kim Beomsoo that I wanted to try the internet banking business, but since no one else volunteered, I was appointed as a one-person TFT (Task Force Team) leader. After that, I persuaded people one by one to join the TFT." He explained that the reason he entered the business was because, after the advent of the mobile era, while other industries were progressing well, finance remained extremely outdated. From the inception of the TFT, his ultimate goal has been to "create a bank that my children would want to use," a goal that has remained unchanged even after ten years as CEO. He also shared an episode about bringing Yes24 in as a shareholder after seeing in the United States that credit evaluations could be based on book purchase history, highlighting his commitment to data sharing.