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Woori Financial Group reveals plan to support digital banking to achieve breakthrough results in 2021

Photo by: Timeo Buehrer/Unsplash

Woori Financial Group just revealed its intention to help the digital banking sector by providing financial support to digital business this year. The Seoul-based banking and financial services holdings company stated that will provide an exceptional level of benefits and financial assistance for the digital transformation this year.

Woori to invest in digital banking this year

The Korea Times reported that Woori Financial Group’s chairman, Son Tae Seung announced the plan during an online meeting with 50 other high-ranking executives and employees of the company’s affiliates. During the meeting, he said that they are taking the first step to digital innovation this new year.

"To become a digital No. 1 banking group, every executive should change their mindset and unwaveringly support digital innovation," Son said. Adding that they need drastic measures to succeed in transforming the banking sector to a full digital setup.

Furthermore, Son Tae Seung mentioned that although the COVID-19 pandemic severely affected most businesses last year, digital banking rose and help the industry to survive. This is because major banks were forced to close offices and started to put more investments in digital banking since most transactions are now shifting to online methods.

This is why the Woori Financial Group is planning to provide support to the digital sector. Going digital will soon be the norm, so it is investing to help businesses and employees with the shift.

The project to boost innovation in banking

As per the Korea IT Times, Son Tae Seung presented the slogan, "Digital First, Change Everything," during the meeting. This is their vision in launching the Digital Innovation Committee, and he mentioned that they will be supporting the company’s digital division by providing the same amount of budget that big tech companies also get for digital improvement.

"Digital innovation is the group's top priority this year," Kwon Kwang Seok, Woori BankCEO, further stated. "Our bank will also successfully support the group's digital innovation by setting 'Digital First, Digital Initiative' as its management goal."

In any case, Chairman Son is hoping that their support will help solve some difficulties in the banking industry and help achieve digital breakthrough results this year.

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