Woori Financial Group has revamped its management strategy for the second half of the year, focusing on expanding its customer base and improving profitability. The plan aims to strengthen banking operations and enhance non-bank competitiveness to establish a foundation for sustainable growth.
On July 16, Woori Financial held a 'Mid-Year Management Strategy Workshop' at its headquarters in Hoehyeon-dong, Seoul, attended by Chairman Im Jong-ryong, representatives from 16 subsidiaries including banking, securities, and insurance, as well as executives from the holding company.
The workshop featured discussions centered on 'customer expansion,' where strategies for customer management and synergy strategies for transaction diversification among major subsidiaries were explored.
Chairman Im emphasized that acquiring new customers, retaining existing ones, and diversifying customer transactions are key agendas in the long-term management plan, stating, "Customer acquisition is the value of a financial group and the foundation of its growth."
He also noted, "Consumer protection should be pursued with the understanding that it is a promise to customers and the market, focusing on prevention." He urged the implementation of four key tasks: adhering to best practices in financial consumer protection governance, preventing financial crimes such as voice phishing, avoiding the mis-selling of complex financial investment products, and eradicating unhealthy sales practices in insurance products.
For the second half of the year, the core tasks include recovering bank profitability and strengthening non-bank competitiveness. Specifically, he called for enhancing key operational drivers such as core deposits, corporate finance, and asset management, while ensuring cost competitiveness to secure a stable revenue base.
Regarding the non-bank sector, he stated that it is crucial for diversifying the group's revenue base and advancing into a comprehensive financial group. Each subsidiary will work to enhance its core business competitiveness and strengthen its market position. This approach aims to improve the bank-centered revenue structure and expand a stable revenue base at the group level.
* This article has been translated by AI.
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