[GBF] “The metaverse is the biggest challenge for the financial sector”
Sunny Yi, Chief Digital Officer of Shinhan Financial Group, speaks during the Korea Herald’s Eurasian Economic and Cultural Forum held at Raum in Seoul on Wednesday. (The Korea Herald)
“The biggest problem for the global financial industry is the metaverse,” Sunny Yi, chief digital officer of Shinhan Financial Group, told the Korea Herald’s Eurasian Economic and Cultural Forum.
“The industry faces unprecedented tasks, such as dealing with promising, cutting-edge companies without guarantees,” he added.
Traditional financial services revolved around lending backed by collateral, but new ventures such as online home rental platform operator Airbnb lack collateral in the sense of traditional finance, Yi said.
Human resources are also a key task, with the cost of hiring new programmers in line with current trends and updated skills increasing over time. Companies must also decide how to use the existing workforce for digital transformation.
Sunny Yi, Chief Digital Officer of Shinhan Financial Group, speaks during the Korea Herald Finance and Investment Forum held at the Four Seasons Hotel in Seoul on September 28. (Park Hyun-koo/ The Korea Herald)
“But ultimately, digital transformation is not just about the evolution of technology, but how leadership and business rewire their system,” Yi said.