Shinhan Bank CEO Han Yong-gu speaks during a press conference at its headquarters in Seoul, Friday. Courtesy of Shinhan Bank

By Lee Min-hyung

Shinhan Bank CEO Han Yong-gu pledged to speed up its much-hyped digital innovation strategy with the goal of transforming the lender into what he called an "invisible bank," speaking to reporters during a press conference, Friday.

"The ultimate goal of our digitalization is to build an environment where customers can experience financial services anytime, anywhere," Han said. "We have also established a new banking as a service (Baas) division in the latest organizational reshuffle. We will soon set up an artificial intelligence (AI)-powered customer service center as part of a first step toward the grand vision. Shinhan will continue to enhance its software-driven digital capability."

The press conference was held shortly after Han took office as the new leader of the lender on the same day by replacing his predecessor Jin Ok-dong, who was nominated as Shinhan Financial Group's next chairman.

"Under the format of Baas, we will realize finance that deeply penetrates into customers' daily lives," he said. "Shinhan will also expand its connections with other companies and institutions for the vision."

He also promised to stop charging any commission for its mobile and internet banking transfer services in the near future. The decision displays the lender's strong willingness to attract more young customers to its mobile banking service.

Han also urged his staff to tighten their resilience during this period of financial volatility.

"The economy is expected to face a crisis beyond a recession in 2023," he said during an inauguration speech. "We need to have strong resilience by tightly monitoring financial soundness with detailed data analysis, and offer timely support measures to protect the value of customers and achieve our solid growth."

He also underscored the importance of expanding its environmental, social and corporate governance (ESG) management.

"We should be more socially responsible by conducting specific ESG activities," he said. "Shinhan needs to upgrade its status as a leading ESG-committed lender, rather than seeking immediate gains or revenues."

Han will take office from Jan. 1 with a two-year tenure. He joined Shinhan Bank in 1991 and handled diverse sales-related work. In 2020, he worked as vice president at Shinhan Securities and became vice president of Shinhan Bank last year in charge of sales.