KB Financial Group chairman Yoon Jong-kyu has vowed to bring about a turning point for its flagship Kookmin Bank in order to become a leading financial firm in Asia.

Yoon encouraged executives and employees in his New Year address earlier this month, saying the bank should become a happy workplace with active members. He also emphasized that the staff should be driven, cohesive and unafraid of failure.

Kookmin Bank, which had been a leading bank in Korea, has suffered both internal and external turmoil over the years, allowing competing banks to catch up and erode their profitability.

But bank officials said Kookmin Bank has pushed for bold reforms to regain its former glory by reorganizing its business and system process. The bank also opted for better communication between the CEO and employees through sharing business visions.

Kookmin Bank is seeking several major changes to regain customers’ trust including offering diverse and professional customer services that can withstand the fast-paced financial changes.

The bank is also pursuing innovation by investing and promoting fintech as fintech is emerging as an innovative technology for financial services, bank officials said.

By Sang Youn-joo (sangyj@heraldcorp.com)