Woori Investment Securities puts active customers ahead of raw numbers

Kim Jin-hyeok, head of the retail growth division at Woori Investment Securities (far left), poses with staff members at the company's office in Yeouido, Seoul. From left: Kim Jin-hyeok, Associate Kim A-jeong, Deputy General Manager Kwak Ru-di, Manager Kim Eun-bi and General Manager Seong Se-je. [Woori Investment Securities]

"Fifty thousand active customers on the Woori Investment Securities platform matter more than 100,000 customers who never use it."

Kim Jin-hyeok, head of the retail growth division at Woori Investment Securities, made the remark in a recent interview at the company's Yeouido office in Seoul. Having entered a retail market already dominated by large brokerages and fintech firms, Kim said the priority is not simply expanding the customer count but securing users who genuinely engage with the platform.

Woori Investment Securities set up its retail growth division in January and adopted working practices modeled on fintech companies. Staff address one another by English names rather than job titles, and the employee who proposes an idea leads the resulting project. "The thing I was most wary of was a meeting where nobody speaks up and everyone just waits to be told what to do," Kim said.

That culture was on display ahead of this year's Lunar New Year holiday, when Associate Kim A-jeong pitched and led a promotional event called "Share the Luck," with more senior colleagues — including deputy general managers and general managers — providing support. The project went from concept to launch in about a week. Users who opened a lucky pouch in the MTS received a randomly assigned ETF, and about 24,000 customers participated in the first month, according to the company. "At my previous job it was hard to speak up in meetings with senior managers, but here we exchange ideas on an equal footing regardless of rank," Kim A-jeong said.

Kim Jin-hyeok, head of the retail growth division at Woori Investment Securities (far left), and staff members speak with The Herald Business at the company's office in Yeouido, Seoul. From left: Kim Jin-hyeok, Associate Kim A-jeong, Manager Kim Eun-bi, Deputy General Manager Kwak Ru-di and General Manager Seong Se-je. [Woori Investment Securities]

Woori Investment Securities is also working to offer customers experiences that set it apart from conventional brokerages. A standout example is its official sponsorship of Spain's La Liga, signed in September as the first such deal in the Korean financial sector. The company said both parties find themselves in a similar position: La Liga is looking to grow its Korean fan base following Lee Kang-in's move to Atletico Madrid, while Woori Investment Securities is a newcomer trying to build a retail customer base. The firm plans to offer 10 customers a trip to a live match and a player meet-and-greet in February, and will follow up with marketing tied to El Clasico — the rivalry between Real Madrid and FC Barcelona — along with experiential events using the intellectual property of all 20 La Liga clubs.

Retail customer metrics are trending upward. According to Woori Financial Group's third-quarter earnings report, the total number of Woori Investment Securities customers rose about 22 percent, from 650,000 at the end of March last year to 790,000 at the end of September this year. Over the same period, active trading accounts surged 195 percent, monthly active users climbed 180 percent and customer assets grew 62 percent. MTS users increased 29 percent, from 448,000 at the end of September last year to 579,000 at the end of September this year. Customers in their 20s through 40s account for about 60 percent of the total.

The competitive edge Woori Investment Securities cites against fintech brokerages is its foundation of cooperation with Woori Financial Group affiliates. Through Woori Bank's WON Banking app, users can open a securities account and trade shares without leaving the application. About one-third of Woori Investment Securities customers came through the bank app, according to the company.

A comprehensive financial license inherited from the former Woori Investment Bank is another differentiating factor. On the strength of that license, Woori Investment Securities offers deposit-taking products covered by depositor protection, and under the terms of the regulatory merger approval it may continue operating comprehensive financial services through 2034. "Woori Investment Securities already has the foundation to collaborate with group affiliates," Kim said. "If a brokerage can deliver results comparable to a fintech firm, the synergies across affiliates will emerge even faster."

Next year is when Woori Investment Securities must roll out new services in earnest and prove its progress in numbers. The firm plans to introduce a proprietary ledger system next year, aiming to develop and launch products and services independently rather than relying on external systems, which it expects will accelerate its release cycle. The product lineup will also expand to include derivatives. The company is building infrastructure for an STO trading service and plans to open wealth management-focused branches as well as combined bank-and-WM outlets.

General Manager Seong Se-je of the retail growth division said the La Liga sponsorship and other unconventional moves were made possible by an organizational culture that encourages fresh ideas and moves quickly on decisions. "We want to keep trying new things and grow together with our customers," Seong said.

hajun825@heraldcorp.com