Wednesday, April 26, 2017

President Lee Yong-bong, 'Digital Shinhan' Spurred Against the Fourth Industrial Revolution

[JoongAng] Shinhan Financial Group chairman Cho Yong-bong has set up a 'digital Shinhan' as a medium- to long-term growth strategy. In the 4th Industrial Revolution period, we are planning to equip our employees with digital capabilities to prepare for the future. In addition to strengthening the digital department, Jo began to prepare for digital education for his employees.

◇ Digital Masters course + cost support for staff

Shinhan Financial Group has started to expand education for 'Digital Shinhan' of President Yong Byung. Shinhan Financial Group plans to create a digital professional course for executives and department heads and establish a digital academy for each group company that can be supported by all levels.

The 'Shinhan Financial Engineering Graduate School Curriculum', established by Shinhan Financial Group with an agreement with Korea University, is a bridgehead for digital Shinhan. Shinhan Financial Group selected 30 candidates for the final evaluation through document screening and interviews, but the competition rate exceeded 18 to 1. It is because more than 500 volunteers have gathered. Finally, 11 people were selected at Shinhan Bank, and 6 people and 5 people were selected at Shinhan Card and Shinhan Data System respectively. Shinhan Financial Investment Co., Ltd., and Shinhan Financial Corp. have successfully passed two final examinations: four from Shinhan Financial Group, two from Shinhan Life Insurance and Shinhan Financial Group, and the first financial finance program in Korea that combines theoretical and financial practice with a master's degree program. . Shinhan Financial Group's digital education budget last year was less than 100 million won, but this year it was raised to about 4 billion won reflecting the will of Cho. As a result, the costs that Shinhan Financial employees have to pay for graduate programs have fallen sharply. Typically, the cost of a graduate school tuition costing over 10 million won is about 15%. The low cost and the possibility of receiving a master's degree in Korea are the reasons for the interest of internal employees. A total of 30 employees will be required to complete at least 30 credits during the four semesters from September, after passing through the basic curriculum. In the first semester, students will learn and practice digital security, financial data, and block chain theory. In the second semester, the project will use digital new technologies such as AI and Big Data. In the third semester, a deepening process of digital marketing and digital technology is planned. In the last semester, the final project must be carried out and it must be examined to receive a master's degree in engineering.

◇ Digital organization groups

In January last year, President Yong Yong served as Shinhan bank president, and in order to cope with the digital financial environment, he established a 'Digital Banking Group' that collects digital departments within the bank and oversees digital strategies. But within a year, the digital banking group was dismantled. Instead, the Digital Bank 'Sunny Bank' business unit and the digital finance business unit were placed in the Sales Planning Group, while the Digital Strategic Management Group and the Big Data Center were reorganized into individual groups. If we established a digital banking group last year and focused on pin-tec business, this year, we will integrate related departments into management and sales to realize concrete digital finance. The 'Digital Shinhan' strategy of President Yong Byung will continue as a mid- to long-term project until 2020 when his first term expires.

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