Jin Ok-dong Prioritizes AI and Digital Transformation at Shinhan Financial Group
A Vision for the Future
Shinhan Financial Group President Jin Ok-dong has declared that artificial intelligence transformation (AT) and digital transformation (DT) will be the key focus areas for the year. In a series of New Year messages to employees, he emphasized the necessity of adopting AI-driven transformation along with a forward-thinking finance strategy to stay competitive.
Leading the Financial Sector
As a leading financial conglomerate, Shinhan Financial comprises several well-known subsidiaries, including Shinhan Bank, Shinhan Life Insurance, Shinhan Map, and Shinhan Investment and Securities. Chairman Jin’s commitment to innovation positions the group favorably in a rapidly evolving financial landscape.
AI and Digital Transformation: Not Just Tools
“AT and DT are no longer mere tools for efficiency or profit; they represent vital elements for survival,” Jin stated. He highlighted the significant advancements made in organizational structure over the past year, including enhanced internal controls and the embedding of citizenship as a core cultural principle.
Confronting Industry Challenges
Chairman Jin warned that the financial sector stands at a pivotal moment where technology is redefining traditional financial principles. He elaborated on the growing relevance of digital assets, Web3 wallets, and the rise of agentic AI, cautioning that the traditional banking influence over areas like deposits, lending, and payments may diminish.
Making a Bold Choice
In light of these changes, Jin posed a critical question for the organization: “Will we remain confined to outdated methods and fade away as a traditional financial group, or will we embrace the dual landscape of Web 2.0 and Web 3.0 to affirm Shinhan’s purpose?” This inquiry underscores the necessity for proactive adaptation and innovation.
Strategic Integration for Future Success
Beyond technological advancements, the president stressed the importance of steering strategic initiatives forward. He called for deeper collaboration between the banking and securities sectors, advocating a more cohesive approach to service offerings and product development.
A Call for Relentless Change
Citing the Red Queen from “Alice Through the Looking Glass”, Jin encapsulated his vision by urging consistent evolution. “If we aim to reach new destinations, we must run at least twice as fast,” he concluded, reinforcing the imperative for constant improvement and adaptation within the financial industry.