Bank CEO says a customer-first mindset is vital in the AI era
Companies that fail to adopt a customer-centric approach risk falling behind in the AI-dominated era, according to Daniel Yun, founder and CEO of Kakao Bank.
Speaking at Money 20/20 Asia, Yun said the rise of AI will reshape the industrial ecosystem around companies with advanced AI capabilities, but warned that in finance, innovation cannot rely on AI technology alone.
“Only financial institutions that combine AI with proprietary data, trust and a customer-centric mindset will wield overwhelming influence in the era of AI,” he said.
He added that optimising user experience and data for AI is no longer optional, instead it is becoming a “key determinant of survival.”
In Bangkok, Yun emphasised the importance for financial services firms to embed this customer-centric mindset across all operations.
He noted that while Kakao Bank’s ability to gain customer traffic of 18 million monthly active users is a result of offering differentiated products, enhancing the customer experience through open banking and meeting customer demand, its growth is ultimately rooted in a customer-centric mindset.
“Kakao Bank's growth is based on a customer-centric mindset that maximises convenience and solves customer inconveniences through technology,” he said.
He added that the bank aims to maintain this approach as it leads the industry’s shift toward a consumer-centred platform that aligns with digital transformation, where customers, not banks, hold the power and make the choices.