IBK asset management lays groundwork for rebound in 2024
The year 2024 will be for the Industrial Bank of Korea (IBK) to build a foundation for a rebound in its asset management sector, according to Kim Oun-young, IBK’s executive vice president, who is in charge of the wealth management group at the bank.
As the newly appointed leader of the group, she emphasized that the focus is on regaining the eroded trust of financial consumers throughout the industry.
“My main responsibilities revolve around managing funds, bancassurance, trusts, and custody services. But the market is quite contracted at this moment. In response, we are adopting an extremely careful approach from product selection onwards, double-checking our decisions to prevent any issues. Branch staff can thereby operate with confidence and assertiveness,” Kim told The Korea Times in a recent oneon-one interview at IBK Finance Tower.
Kim explained the ongoing efforts of the group, such as innovating sales approaches, strengthening asset management expertise, optimizing the product lineup and enhancing the value of service offered to consumers. Recently, the group also launched two wealth management support centers.
“Our approach extends beyond serving walk-in clients; branch employees can refer clients to us, and our private banking experts will personally visit these clients to offer services. Starting with these two centers as a pilot, we plan to assess their effectiveness and if successful, we aim to broaden our operations. We are deeply invested in the success of this initiative,” she said.
Kim is a seasoned financial expert who started her career with the bank in 1989. Since then, she progressed through various roles, including the head of the inspection division. After serving as the leader of the financial consumer protection group last year, she has taken the leading role of the asset management group. This is the second time she has served as the vice president of the bank.
“I have experience in working from the perspective of our customers, and in managing our employees’ tasks. This time, I am engaging in sales activities. I believe these diverse experiences have given me a comprehensive understanding of our operations. This fuels my confidence in my capability to excel within the new group,” Kim said.
Throughout her career, she was committed to prioritizing customer interests. As the head of the financial consumer protection group, she successfully launched a project that analyzed customer complaints and compliments over the past three years and integrated this feedback into the system. This initiative received positive responses from customers and significantly reduced complaints.
“By prioritizing the interests of our customers, the bank can secure their trust. This trust, I believe, will ultimately translate into long-term profit enhancement for the bank,” Kim explained.
Despite her passion, Kim has faced personal ups and downs as well. She even considered quitting to focus on child-rearing after reaching her eighth year at the office. However, encouragement from both IBK’s headquarters and her colleagues has helped her overcome these challenges, according to Kim.
“The management and even the customers have placed so much trust in me. I am truly thankful for their support,” Kim said.
Indeed, IBK has been instrumental in increasing women executive representation in the domestic financial industry. In 2013, it made history by appointing Kwon Seon-joo as the first female bank president in Korea’s banking sector. Additionally, it distinguishes itself with the rare practice of including two women vice presidents on its executive team.
IBK’s success in promoting women executives can be attributed to its continuous efforts to boost the representation of women in managerial positions. Over the last three years, there has been consistent growth in the proportion of women managers (team leaders and above), with figures rising from 31 percent in 2021, to 35 percent in 2022, and reaching 37 percent in 2023.
“In the 2023 recruitment of new bank employees, 56.2 percent of hires were women. Isn’t that remarkably encouraging?” Kim said.
Kim is optimistic that the workforce composition at IBK will continue to evolve with a greater female presence, driven by the significant influx of applications from women.
“Each of my predecessors in vice president roles has been outstanding. I hope to live up to their legacy and aim to support juniors — regardless of their gender — like a big sister. It’s particularly gratifying to see juniors at the IBK performing so well independently. It gives me great confidence while working,” Kim said.
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By prioritizing the
interests of our customers, the bank can secure their trust. This trust,
I believe, will ultimately translate into long-term profit enhancement for the bank.
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