Jang Jong-hwan, CEO of NH NongHyup Capital, said in a New Year's address on the 12th that "we must strengthen efficiency and artificial intelligence (AI)-based competitiveness."
Jang said, "We must establish a principle of pursuing work centered on profitability while making the most effective use of limited resources," adding, "Automation using AI and the advancement of screening and risk management based on alternative information will be key factors that determine the competitiveness of our finance business."
Jang went on to say, "We must accelerate customer-centric change and innovation," adding, "We must achieve product competitiveness that customers truly need, systems and processes without inconvenience, expanded channels that listen to the voice of customers, and faster online transition and market preemption than competitors."
Jang also said, "To respond to system risk, we must maximize crisis management capabilities by strengthening early warning systems, refining economic scenario analysis, and maintaining a loss-absorbing capacity framework," adding, "We must also strengthen management processes such as introducing a responsibility structure system and building a disaster recovery center to completely block all risks that could arise from lax internal controls."
In addition, he urged, "We must make the prevention of misselling, the elimination of complaints, and the protection of financial consumer rights top priorities," adding, "We must further advance personal information protection and information security systems to safeguard customer information."
Jang also said, "To prepare for growing volatility in the asset market, we must build a solid financial structure that does not waver in any crisis through balanced portfolio management and a growth strategy focused on high-quality assets."