Shinhan Bank CEO Jin Ok-dong says, ‘COVID- 19 will change the standards of financial business’
Shinhan Bank CEO Jin Ok-dong says, ‘COVID- 19 will change the standards of financial business’
  • Lee Jun-sung
  • 승인 2020.04.02 09:21
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Shinhan Bank CEO Jin Ok-dong (Courtesy of Shinhan Bank)

Shinhan Bank CEO Jin Ok-dong stressed on April 1 that the global spread of the COVID- 19 will change the standards of the financial industry, including customer service, channel operation and risk management, and that bold challenges and concrete implementation beyond the line are needed.

Jin made the remarks in an in-house broadcast that replaced the ceremony on the occasion of the 14th anniversary of Shinhan-Chohung banks’ merger to start operations.

“We also need to look at our existing business plans and proven ways of success,” Jin said, suggesting that the bank should get rid of unnecessary things and refine the process more concisely.

Due to the COVID-19 crisis, Shinhan Bank recommends video meetings with customers as well as internal meetings and telecommuting at customer counseling centers.

"We should also pay attention to the fact that untact (non-face-to-face) consumption is rapidly becoming common. Customers' eyes towards digital finance will be even higher,” he said, adding that the mind toward customers and society should also cross the existing line.

Since taking office, Jin has been carrying out customer-first policies such as a "same growth evaluation system," "a suspension system for investment products" and "customer-centered sales outlets."

“Shinhan's dignity will also be raised through the "credibility" of focusing on customers and society,” Jin said, adding that Shinhan should actively join the government and financial authorities in taking emergency measures and approach customers and neighbors who are in trouble and help them out.

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