[비즈한국] Welcome Savings Bank is picking up the pace in its transition into an 'AI Bank' by launching an AI financial assistant and pursuing brand-focused campaigns. With the newly appointed CEO Son Dae-hee (43), the eldest son of Welcome Financial Group Chairman Son Jong-joo (71), taking charge of strategy and retail finance, the second-generation management era has officially begun. All eyes are now on whether this AI-centric strategy will lead to improved performance and a restructuring of the business model.
Welcome Savings Bank is accelerating its transition into an 'AI Bank' through initiatives such as the launch of its AI financial assistant 'Welsa', an AI banking campaign with special professor Lee Sedol, the opening of AI experience branches, and the registration of new AI brand logos. This process is aligned with the bank's second-generation management system, as Son Dae-hee, the eldest son of founder Chairman Son Jong-joo, has been appointed as co-CEO to oversee strategy, support, retail finance, and new AI business ventures.
Transition to 'AI Bank' led by AI financial assistant
Welcome Savings Bank is accelerating its transition into an 'AI Bank'. On May 27, the bank filed for two logos using the taglines 'Welcome to AI' and 'AI First For you' through Welcome Credit Line. A similar logo had been filed in October 2025 but was rejected; the bank re-applied after changing the applicant. Currently, Welcome Savings Bank uses 'Welcome Digital Bank' as a modifier on its logos, and it remains to be seen if this will change in the future.
In March, Welcome Savings Bank launched 'Welsa', the first AI financial assistant in the savings bank industry. As a generative AI-based service, Welsa performs financial tasks such as account transfers and balance inquiries when users provide voice or text commands. Following this, the bank has been conducting an AI banking campaign since April in partnership with Lee Sedol, a former professional Go player and special professor at the Ulsan National Institute of Science and Technology (UNIST). In the campaign, the bank introduced new slogans: 'Welcome to AI, Welcome Savings Bank' and 'Moving beyond digital banking to AI financial services'.
Recently, the bank also opened an AI experience branch. When relocating its Bundang branch to the Bundang Sunae Station branch on June 2, Welcome Savings Bank included an AI financial assistant experience zone. The Bundang Sunae Station branch is one of the eight branches in the Gyeonggi southern region, and the opening ceremony was attended by Welcome Financial Group Chairman Son Jong-joo, Vice Chairman Kim Dae-woong, and co-CEOs Park Jong-sung and Son Dae-hee.
The AI transformation is being carried out in tandem with the onset of second-generation management. On March 31, the bank appointed Vice President Park Jong-sung (61) and Welcome F&D CEO Son Dae-hee as new co-CEOs. CEO Son, the eldest son of founder Chairman Son Jong-joo, leads the strategy, support, and retail finance sectors. He is also spearheading the bank's AI advancement and new business strategies.
In their inaugural addresses, CEOs Park Jong-sung and Son Dae-hee stated, "Welcome Savings Bank has grown into a leading bank in the industry through its unrivaled digital financial capabilities. As AI-driven changes occur across all areas of society, economy, and finance, we will seize this change as an opportunity to leap forward again through digital and AI."
Performance rebound achieved, but core profitability remains a challenge
Attention is also on whether these strategic changes, including the move toward AI banking, will lead to improved profitability. In 2025, Welcome Savings Bank saw its net profit drop significantly (from 37.4 billion KRW to 6.3 billion KRW) as it increased its loan loss provisions (from 432.6 billion KRW to 549.3 billion KRW) compared to the previous year. Specifically, it turned into a deficit in the fourth quarter of 2025 with a net loss of 46 billion KRW. Even considering the impact of loan loss provisions, a performance rebound is urgent as net profits have been on a downward trend every year.
The bank succeeded in improving its performance in the first quarter of this year. In Q1 2026, Welcome Savings Bank's net profit was 45.2 billion KRW, a 248% increase from the same period last year (13 billion KRW). The improvement in net profit was largely driven by cost reductions. Losses related to loan receivables decreased from 53 billion KRW in Q1 2025 to 19.1 billion KRW in Q1 2026, and interest expenses also decreased from 42.4 billion KRW to 34 billion KRW during the same period.
However, some point out that internal stability needs strengthening as interest income, the core business revenue, has decreased. Interest income in Q1 2026 was 130.4 billion KRW, down 4.0% from the same period last year (135.8 billion KRW). Instead, total operating revenue increased from 151.9 billion KRW to 155.5 billion KRW during the same period, thanks to growth in securities-related income (3.7 billion KRW to 8.8 billion KRW), commission income (4.2 billion KRW to 5.9 billion KRW), and dividend income (0.9 billion KRW to 2.7 billion KRW). The number of transaction customers also maintained an upward trend. The number of customers in Q1 2026 was 973,248, a 4.7% increase compared to the same period last year (929,306). This is a slight increase compared to the 972,000 recorded at the end of 2025.
As the report card for second-generation management begins from the second quarter of 2026, eyes are on the bank's future performance and business restructuring. CEO Park Jong-sung is considered an expert in the IB (Investment Banking) field, having handled corporate and investment finance at IBK Capital. CEO Son Dae-hee, who has served in key affiliates such as Welcome Capital and Welcome F&D, handles retail finance and digital strategy, effectively dividing their roles. Under the co-CEO system, they appear to be pursuing both stable profit enhancement and the securing of new growth drivers.
Whether the bank can maintain its industry ranking is also a point of interest. In the savings bank industry, the top four companies account for over 70% of the total net profit, and there is a significant gap between the 1st/2nd and 3rd/4th positions. Korea Investment Savings Bank and OK Savings Bank vie for 1st and 2nd, while SBI Savings Bank and Welcome Savings Bank oscillate between 3rd and 4th. In Q1 of this year, SBI Savings Bank's net profit remained at 15.4 billion KRW, allowing Welcome Savings Bank to secure 3rd place in the industry. Korea Investment Savings Bank took 1st place with 98 billion KRW in net profit, and OK Savings Bank took 2nd with 82 billion KRW.
Ahn Tae-young, a lead researcher at Korea Ratings, analyzed, "Welcome Savings Bank has an excellent market position, but its scale has shrunk significantly due to the worsening business environment in 2023 and strengthened risk management. It is expected to continue conservative growth by selectively handling loans, focusing on prime borrowers."