Invisible finance is ultimate goal for Shinhan Bank: new CEO

The new CEO of Shinhan Bank, one of South Korea's top four lenders by net profit, vowed to put customer-centric service and digital innovation first during his tenure.

“Shinhan will manage its soundness through precise data analysis and protect customer value through timely support measures,” said Han Yong-gu, former deputy president in charge of sales management at the lender, who was inaugurated as CEO on Friday.

Offering supportive measures for vulnerable debtors such as owners of mom-and-pop businesses and small and medium-sized enterprises is one of his key missions as the country is expected to face an economic crisis in the coming year.

“Although the bank will work on the issue in line with government policy, we are also considering additional measures of our own for a soft landing of vulnerable borrowers to fulfill our social responsibility as a leading bank,” he told reporters during a press conference.

In an apparent move to attract more customers and strengthen its online presence, the bank will exempt transfer fees for mobile and internet banking as soon as early next year. Banks including Shinhan charge 500 won ($0.40) to customers making money transfers. Internet-only banks offer the service free of charge.

Accelerating digital transformation of the 40-year-old bank also takes a big part of his vision.

“The ultimate goal is becoming an invisible bank by creating an environment where customers can access financial service anytime, anywhere with convenience,” he said.

As a part of efforts, the bank launched a new team in charge of Banking as a Service, BaaS, in which banks integrate their digital banking services directly into the products of other non-bank businesses.