New NH chief emphasizes innovation, digitalization, global reach

NH Nonghyup Financial Holdings Chairman Lee Suk-joon [Photo provided by NH Nonghyup]

NH Nonghyup Financial Holdings Chairman Lee Suk-joon, who has been in office for six months, emphasized the importance of voluntary innovation within the organization and the expansion of global ventures and new businesses in an interview with Maeil Business Newspaper on June 30.

During his inaugural address, Lee expressed his desire for NH Nonghyup to attempt to pioneer the first-ever financial services in Korea and the world, saying that he would pay attention to employees who break the mold and present extraordinary ideas.

When he served as the head of the judging panel for the Maekyung Fintech Award last year, he emphasized the necessity of companies that create new business models or unprecedented services that may seem absurd at first glance.

To achieve this, Lee encourages NH Nonghyup employees to continue challenging themselves without fear of failure. He believes that to create one good service, 99 failures are necessary and that organizations with failure experiences are more likely to achieve significant success.

Lee also emphasized the importance of speed in work. “In the era of great transformation, it is impossible to keep up with the pace using traditional methods. A tenfold increase in the speed of ideation and thinking is necessary.”

Additionally, Lee highlighted the need for immediate responses to external environmental changes. When the bankruptcy of a small bank in the U.S. occurred earlier this year, he instructed executives to analyze the anticipated impact preemptively and develop response measures.

Top officials at NH Nonghyup are currently deeply engaged in exploring new business opportunities. To support them, Lee has invited external innovative entrepreneurs, such as Lee Seung-gun, the founder and CEO of Viva Republica, the company behind the Korean finance app Toss, and Choi Hoon-min, the CEO of TableManager, a restaurant booking management solution developer, to give inspiring lectures. NH Nonghyup employees also participated in the Toss “Winning Session” to learn about Toss’s working methods and its strategies for product success.

Another keyword for Lee is “super first class.” He emphasized that NH Nonghyup can become a super first-class financial holding company when each employee becomes the best in their respective areas of responsibility.

NH Nonghyup has established the “NH Nonghyup Super First-Class Competency Internalization Project,” consisting of 20 projects and 196 implementation tasks, to be pursued strategically throughout the organization with the goal of achieving it by 2025.

The priority focus of NH Nonghyup is “digital finance.” After taking office, Lee convened the group’s first digital strategy meeting to discuss the gaps between traditional financial institutions and big tech/fintech and the reasons behind them.

The resulting discussions have led to a digital transformation across NH Nonghyup. It is particularly focusing on service innovation using generative AI models such as ChatGPT, preparing for an AI transformation that goes beyond digital transformation.

Lee also expressed great interest in global expansion, saying that “this year will be the first year of NH Nonghyup’s substantial growth in global business.” He is particularly keeping an eye on emerging developing countries, including Southeast Asia. His organization plans to accelerate overseas business enhancement through acquisitions, equity investments, and other means. NH Bank recently opened a branch in India. In Vietnam, NH Bank’s local office is in the process of a conversion into an official bank branch.