Woori Bank recognised for its dynamic and global cash management services as it wins Best Cash Management Bank in South Korea at The Asian Banker Transaction Awards Programme 2019
- Response to dynamic market needs helped expand Woori Bank its market share
- Provided global cash management services in China and Vietnam
- Took advantage of Robo AD-Alpha to expand its overall customer base
Bangkok, May 30th, 2019—Woori Bank received the award for Best Cash Management Bank in South Korea at The Asian Banker Transaction Awards 2019. The award ceremony was held in conjunction with the prestigious Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La Hotel, Bangkok, Thailand.
Response to dynamic market needs helped expand Woori Bank its market share
Woori Bank added unique cash management solutions to its portfolio based on the increasing trend of non-physical channel transactions stemming from the development of electronic finance technologies and the increase in the number of fintech firms providing services such as simple payments. By responding to such market trends, the bank has established a customized support system for customers and encourages firms to establish primary banking relationships through electronic finance contracts while generating fee income via a wide range of affiliate business opportunities. The bank introduced new to market products such as KRW and foreign-currency banking services, payment services for labour expenses, which increased its estimated market share by customers to more than 45%. Growth in cash management revenue pools stood at 8.9% in the period under review.
Provided global cash management services in China and Vietnam
In order to provide access of its global cash management system to clients in China and Vietnam, it provided Korean multinationals with business interests in China and Vietnam, a strong network between HQ and subsidiary offices of its clients. With the establishment of a superior payment infrastructure with overseas remittance services provided in 42 separate currencies and across a network of 36,000 banks around the world to deal with foreign exchange transactions, WCS support, Woori Bank is the first Korean based bank to set up Korean Won (KRW) clearing system in China. Volumes witnessed equate to over 2 million SWIFT messages sent yearly. This provides its clients an in-depth foreign exchange experience as a primary banking partner.
Took advantage of Robo AD-Alpha to expand its overall customer base
Woori Bank enhanced its market competitiveness by upgrading its existing CMS service and launching new services. The bank developed a pilot program service called Robo AD-Alpha, a new systematic and specialized asset management service that recommends customized investment portfolios. It would also automatically rebalance these portfolio and financial products through a computer algorithm that comes equipped with artificial intelligence (AI), thereby analyzing big data related to customers transactions. The recommendations from Robo AD-Alpha will be frequently used in managing ISA and pension accounts, so the bank can increase customer returns and build a stable portfolio over time.
The Asian Banker Transaction Awards Programme, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Asia Pacific. Recipients of these awards are honoured in a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/transactionawards/index.php
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
For all Business Achievement Awards 2019 photos, please visit https://bit.ly/2WcifTO
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker