Discussed at the Sejong Forum jointly hosted by the University and the Institute

Sejong University (President Bae Deg-Hyo) and Sejong Institute (Chairman Lee Yo-seop) jointly invited Vice Chairman Kim Joo-won of the Korea Investment Holdings and the chairman and board directors of the Kakao Bank at Sejong Hotel in Seoul on Oct. 10, 2019. The Sejong Forum was held on the theme of ‘Development and Financial Innovation of Internet Banks’.

In the lecture, Chairman Kim Joo-won said, “Internet banks can find development factors in the changes in human needs and in the change of consumers” and “with the development of the internet, it has become an age where people can meet their needs in connecting and empathizing with people and can do nothing without a cell phone.”

Chairman Kim added, “In the internet business field, we need to be aware of changes in the consumer. Benchmarking is impossible because we do not know the subtle difference. You may imitate but you can succeed only if you know the subtle difference.

Chairman Kim said, “Kakao Bank is innovating not on PC but on mobile. As the only bank to use a laptop, it was approved by the Financial Services Commission” and ”there were voices saying that they should not post obituaries or congratulations in the chatting room of the 600 Kakao bank employees but when it starts to regulate, it could be ruined so we are just leaving it.”

Finally, he said, “Kakao Bank was born with a destiny to do everything differently from traditional banks. Therefore, the way we work is to differentiate ourselves through creativity. We are also working to establish a horizontal and self-directed corporate culture.”