KB Financial Group Chairman Yang Jeong-hee will address group executives at a management workshop at Grand Walkerhill Seoul on Friday. Provided by KB Financial Group
The competition between KB Financial Group, which wants to maintain its top position, and Shinhan Financial Group, which aims to regain the top spot, will intensify this year due to the restructuring of both groups, industry sources announced on Sunday. This comes at a critical inflection point for the financial sector, characterized by the rise of artificial intelligence (AI) and a prolonged low growth environment.
KB Financial recently restructured its organizational structure and launched a new Future Strategy division that will integrate group-wide strategic, synergistic, environmental, social and corporate governance functions with AI, data and digital innovation initiatives. The reorganization underscores KB's serious commitment to accelerating AI-led transformation across the group this year.
As part of that effort, KB held a management workshop last Friday, bringing together all executives to discuss business strategy under the theme of “transition and expansion.”
During the session, Chairman Yang Jeong-hee said, “All executives and employees must evolve into strategists and innovators who lead change by leveraging AI as a strategic asset, accelerating the transformation of business models and ways of working, while expanding into new markets and customer groups.”
The workshop also featured talks on topics such as the changing boundaries between science and technology in the age of AI, the enduring value of storytelling beyond the reach of technology, and the importance of accurate communication to avoid misunderstandings in an AI-driven environment.
In his New Year's address, Yang also emphasized that AI is expected to reshape financial markets, and that the entire industry is “facing a paradigm shift at both the national and societal levels.”
Jin Ok-dong, chairman of Shinhan Financial Group, gave a speech on Saturday at a business strategy meeting held at the Shinhan Bank Training Center in Yongin, Gyeonggi Province. Provided by Shinhan Financial Group
Shinhan Financial Group, which lost its position as the top financial group to KB Financial in 2023, held a three-day business strategy meeting last week attended by about 250 executives and employees, demonstrating its strong determination to regain the top position.
The event, which was extended by one day compared to previous years, featured intensive and in-depth discussions aimed at strengthening innovation and execution, as participants reflected on past shortcomings and committed to meaningful change.
Chairman Jin Ok-dong, who recently secured a second term, led the entire three-day session without a moderator, calling on leaders to think independently and take full responsibility for driving innovation.
In a speech in December after securing another term, Jin cited AI as a core priority over the next three years.
“It is important for CEOs to consider how AI will impact the financial industry, identify the issues leaders must address, and anticipate how the future landscape will evolve,” Jin said at the time. “Early preparation is key. Long-term success ultimately depends on becoming a company that can earn lasting trust.”
Prior to this, the company reorganized its organizational structure and established a Mirai Innovation Group tasked with driving innovation across the organization. Through this, the company plans to focus on medium- to long-term priorities such as senior wealth management, expanding its international client base, and strengthening its digital asset capabilities.
