Woori Financial Group has overhauled its execution strategy for the second half to support its push to become a full-service financial group. It plans to use customer-base expansion and increased cross-selling among affiliates as a starting point for growth. It aims to speed up execution across the group by restoring bank profitability, strengthening non-bank competitiveness and expanding its AI transition (AX).

Woori Financial held a second-half management strategy workshop on July 16 at its headquarters in Hoehyeon-dong, Seoul, attended by Woori Financial Chairman Im Jong-ryong (임종룡), heads of 16 affiliates including banking, securities and insurance, and executives from the holding company.

The workshop addressed customer-base expansion as a key agenda. Participants discussed customer management strategies and measures to increase cross-selling by affiliate for about 2 hours.

Woori Bank presented strategies to expand target customers and activate joint sales across the group. The insurance unit shared plans for group synergy and non-financial linked services. The card unit shared generation-specific marketing strategies. The securities unit shared customer expansion plans based on market trends.

Im said, "Securing customers is the value of a financial group and the foundation of growth," and added, "We must make acquiring new customers, retaining existing customers and deepening cross-selling key agendas in the mid- to long-term management plan, and immediately 추진 tasks we can act on right now." He also stressed consumer protection and stronger internal controls.

The group also discussed its direction for profitability management in the second half. Woori Financial decided to strengthen key business drivers in the banking unit, including core deposits, corporate finance and wealth management, and to improve cost competitiveness to secure a stable profit base.

Im said, "In the second half, we must prioritize restoring profit generation, strengthening cost competitiveness and maintaining soundness," adding, "Restoring profitability must be a process of creating a sustainable profit structure beyond short-term performance improvement."

In the non-bank segment, strengthening each subsidiary's competitiveness in core businesses and its market position was presented as a task. Woori Financial aims to improve its bank-centered profit structure and diversify the group-level profit base by strengthening non-bank competitiveness.

It will also tighten soundness management in preparation for a possible rise in interest rates. Woori Financial decided to check delinquency rates and potentially impaired assets at a special management level, and to maintain a balance between asset soundness and capital ratios.

AI use to broaden and support for productive and inclusive finance to expand

AI transition (AX) was also included as a key strategy for the second half. With AI application tasks confirmed, Woori Financial plans to expand AI use across the group in areas such as work efficiency, sales support, risk management and internal controls. It will also strengthen AI-based IT security and consumer protection systems.

It will also pursue measures to foster future talent. Woori Financial plans to secure talent with digital and AI capabilities through steps such as building a joint group training platform, and to boost organisational execution by embedding a performance-based corporate culture.

The group also reviewed progress on productive finance and inclusive finance. Woori Financial said it achieved 82.5 percent of this year's productive finance target of 21.8 trillion won in the first half. Based on that, it raised the target for its Future Shared Growth Project to support productive and inclusive finance to 90 trillion won from 80 trillion won.

In inclusive finance, it will continue support for mid- to low-credit borrowers and vulnerable borrowers. Woori Financial 추진 in the first half measures including a cap of 7 percent a year on personal credit loan interest rates, the "WooriWON Dream living expenses loan," loan refinancing, the inclusive finance platform "36.5 degrees," and the write-off of long-delinquent bonds. In the savings bank segment, it is strengthening inclusive finance execution by affiliate by expanding the supply of Saeitdol loans and other measures.

Woori Financial plans to disburse 3.5 trillion won for its inclusive finance target this year. It also plans to concentrate support capabilities by understanding, in a field-based way, the difficulties faced by vulnerable groups.

Im stressed execution speed in the second half. He said, "If the second quarter was an opportunity for Woori Financial to regain confidence, the second half is a time to secure a foothold for a leap," adding, "In the second half, banks and non-bank units, and the holding company and subsidiaries, must move in one direction with customers at the centre and execute faster than competitors."