Innovation

IBK Finance Camp consists of various kinds of interesting content. It provides kindergarten children with economic education with magic. It invented magic involved education which can be attracting young learners. Children can witness magic such as the model bank book can get bigger with interest. And it provides elementary students with basic economical habits such as savings and reasonable consumption patterns. It also provides junior high students with prevention from voice fishing and credit management. Ms. Dokgo Yunmi, Deputy Manager in Retail Customer Management Department in IBK, said that “Whenever I ask young students, what is your valuable things?. Most kids answer that “It’s money”. These days even young children are interested in finance and investment techniques.”

Inspiration

IBK Finance Camp isn’t restricted to schools but extends to the army and seniors. IBK visits the army and provides soldiers with saving plans so that they can make financial plans for tuition or devotion to their parents after military service. Also, IBK visits the elderly to provide them with a retirement pension plan and investment techniques for the rest of their lives. IBK is not just providing theoretical lectures but an experience program using a potable branch. The students can experience the real branch of the bank so as to be familiar with banks and able to visit them independently. Ms. Dokgo Yunmi said that “IBK will endeavor to provide customized financial education to the community. IBK Finance Camp will continue with appealing hope of the future.”

Overall impact

We have witnessed that big companies were put in danger because they couldn’t handle social issues such as human rights, environment, and social contribution. Because of the one picture of a boy making a soccer ball in a Nike factory, Pakistan, Nike faced serious problems. Likewise, banks have dropped the ball since the financial crisis in 2008. The unaccountable financial product – Subprime Mortgage has impacted not only the U.S economy but also the world’s economy. What’s worse is during the crisis hotshot bankers were receiving high salaries and incentives. It is time for banks to restore their reputation.

IBK has made efforts to contribute to communities. Firstly, it has donated financial aids to communities directly. For example, IBK has been helping terminally ill patients by relieving the burden of expensive hospital costs and also dispersing IBK scholarships to low-income families for children’s education. However, IBK realized that the direct method of GCG can be less appealing these days. The more money the bank uses for GCG, the worse reputation the bank can have. Therefore IBK came up with a more appealing and emotional approach to communities. For example, IBK distributes free food to the poor and supports the shelter. And the free economy education can be more appealing. Since the bank distinguished direct donation and GCG, IBK gained a good reputation from the public. The strategy – “Left-hand doesn't know what the right hand is doing” has worked.

Business benefit

IBK Finance Camp is a GCG with high interest in the public. It can have a positive effect on the bank’s reputation. A good reputation can cause brand value improvement. In the banking business, there is a rule that 100 – 1 = 0, which means the brand value is hard to keep. Furthermore, IBK Finance Camp produces potential clients in the future. Those young learners can associate the savings and loans to IBK. Empirically the effect of potential clients is already proved. The vast and sturdy customer base will sustain the bank’s future.

Social and environmental benefit

IBK, Industrial Bank of Korea educates children's economy for free. The bank visits schools and hosts “Finance Camp” during school vacations. There are not boring lectures but including fun activities such as animation, games,s, and magic. IBK Finance Camp is already well known among students and parents so that it is always fully booked. The slogan of the camp is “Finance Education from cradle to grave”. The education is customized for each age group of students. There is a special force team in IBK which consists of seasoned lecturers and entertainers. It is a bit different from the traditional GCG of banks in Korea which donated stuff and money directly to the community. The purpose of the camp is to contribute to the future generation of the country to have an understating of the bank’s roles and wholesome financial habits. IBK, the governmental bank of Korea, firmly believes that healthy economic habit can be formed at the early age and it can last in a lifetime. This camp has started in 2011, the number of camps hosted is more than 20,000 and the participants surpassed 2 million.

Interview

Ms. Dokgo Yunmi, Deputy Manager in Retail Customer Management Department