Woori, JB Financial Groups Step Up Capabilities to Service Online Deals

Woori Financial Group and JB Financial Group would launch teams to promote digital innovation toward addressing the rise of online transactions.

Woori Financial Group established what it dubbed as a "digital innovation committee" in its effort to digitize its management strategy.

Woori Financial Group Chairman Son Tae-seung will lead the committee, with Woori Bank Kwon Kwong-seok taking on the role of general manager.

The committee has established a team consisting of young and innovative employees who could freely express their ideas on digital innovation.

According to So, with the rise of contactless transactions as the new normal, it is now the golden time for digital innovation.

Son stressed the importance of digital technologies, such as big data and artificial intelligence, in implementing its super-customized marketing strategies.

Among Son's vision is to actively engage in mergers, acquire fintech companies, and engage in more proactive digital partnerships with other firms.

Woori will also bolster workforce education programs in partnership with information and communication technology companies.

Meanwhile, the North Jeolla-based JB Financial Group will tap 15 lower-level employees from their affiliates who will help boost JB's digital capabilities and promote a digital culture.

The team will study digital technologies, including artificial intelligence and blockchain, and incorporate these in developing digital products and services.

The team will also plan digital events and take part in competitions, the group said.

Park Jong-choon, head of JB Financial's digital transformation division, identified the goals as fostering the talents of digital experts and promoting a company-wide digital culture.