Woori Bank bolsters private banking

24/03/2024 News

Woori Bank, South Korea's fourth-largest lender, is fortifying its private banking services to enhance its reputation as a trustworthy institution. According to the Korea Herald, the bank is implementing a strict "one-strike-out" policy to deter mis-selling among private bank specialists.

At a recent press conference, Woori Bank outlined its commitment to expanding its presence in asset management. This includes assembling a team of experts across various sectors and introducing an AI-based market prediction system called "Wise" for personalized client services.

The bank plans to increase its asset management centers to 20 within three years. Currently, its private banking division, known as "Two Chairs," operates six centers in affluent areas of Seoul, with expansion into Busan and beyond on the agenda.

To reinforce ethical practices, Woori Bank is initiating a "one-strike-out" penalty system, marking a first among local banks. Private bankers caught mis-selling or engaging in unethical practices will face immediate dismissal.

Approximately 640 private banking specialists are employed by the bank, with a focus on tightening regulations and implementing a more thorough self-inspection process for high-risk product sales.

Woori Bank's proactive stance comes amid concerns over alleged mis-selling of equity-linked securities in South Korea. By prioritizing customer-centric sales strategies, the bank aims to restore trust in the sector.

Chairman and CEO Lim Jong-Yong has emphasized Woori Bank's role in leading the recovery of public trust and transitioning into an asset management-focused institution.

Related news & insights

Digital Reinvention
11/04/2024 Interview

Banca Widiba takes gold: Transforming financial advisory teams with innovative approach

Banca Widiba snagged the New Ways of Working gold award for ‘The Financial Advisors Team’ at the Qorus Reinvention Awards...

Digital Reinvention
11/04/2024 News

Santander brings Openbank, Europe's leading digital bank, to the US

Scheduled for launch in late 2024, Openbank's success in Europe, serving over two million customers with its user-friendly platform, foreshadows...

Digital Reinvention
10/04/2024 Article

7 lessons learnt from the Indian market

What do young fintech startups need to know to avoid unpleasant surprises after entering this promising market? Having launched an...

09/04/2024 Study

Driving forces: The interplay of financial services and the EV sector

The financial services sector and the electric vehicle (EV) sector are two dynamic realms undergoing a significant transformation in today's...

09/04/2024 News

MMA's new mobile app: Redefining customer experience

This new offering is tailored for both individual and professional clients, with a primary goal of simplifying their day-to-day interactions...

08/04/2024 News

BlackRock launches BUIDL: Tokenized fund on Ethereum network

BlackRock, a global investment management firm, has unveiled its first tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL),...

Digital Reinvention
08/04/2024 News

Ruya: A new digital Islamic community bank debuts in the UAE

Ruya enters the UAE banking scene as a digital Islamic community bank, offering innovative financial services tailored to modern customers...

Digital Reinvention
07/04/2024 News

NewRetirement secures $20M funding to expand accessible financial planning solutions

Through sophisticated modeling and thousands of scenario analyses, users can engage in holistic planning with digital guidance.