JoongAng Ilbo | Woori Card President’s Bold Move with the ‘Jeong Won-jae Card’… “10% Market Share Within the Year”

"Through the launch of a new card, we will re-energize our sales mindset."

President Jeong Won-jae of Woori Card, who took office in early January this year, has signaled an aggressive approach. Even as the market is saturated and the momentum of falling merchant fees has battered the card industry, President Jeong has set a bold goal: "10% market share within the year."

Meeting President Jeong on the 4th at the exhibition marking the launch of 'Card-ui-jeongseok Point' in Insa-dong, Seoul, he said, "Market share needs to be at least 10% to enable cooperation and partnerships with other players." Woori Card's current market share is just over 8%.

He said, "I plan to hit 9% in the first half, reach 10% within the year, and ultimately raise it to 15% during my term to establish us as a leading card company."

'Card-ui-jeongseok Point,' which boasts an industry-leading point-accrual rate, came out just three months after his inauguration. President Jeong was personally involved in everything from the naming, 'Jeongseok' (the standard), to the design. That's why it's called the 'Jeong Won-jae Card.'

A notable point is that the Woori Bank symbol has disappeared from the front of the card. President Jeong said, "The idea was to compete under the Woori Card name alone, without the 'background' of Woori Bank," adding, "It was a risky attempt, but I wanted to instill the perception that this isn't 'a card issued by Woori Bank' but 'a card made by Woori Card.'"

Another attempt was 'Artvertising' (infusing art into a product or advertisement). Oriental painter Kim Hyun Jung's work 'Gwayubulgeup' was featured on the front of the card. President Jeong personally recommended the artist.

Holding an exhibition to mark the card's launch is also unusual. President Jeong is said to have a keen interest in design, to the point of personally designing his own office.

He said, "There are many cards that use English names, but just as Korean idols are reaching the world, I wanted to bring the charm of Korea to the card by combining a Korean name with Korean painting."

This card (for the credit card version) accrues 0.8% of the payment amount as points across all merchant categories. Special points are given in 10 categories customers use frequently: mobile telecom and public transit at 5%, coffee and movies at 3%, and department stores, marts, and gas stations at 1%.

On top of this, paying through major simple-payment services adds an extra 3%. This applies when spending 300,000 won or more in the previous month. There is no accrual limit, but transactions under 10,000 won per purchase do not earn points.

The next card in the 'Card-ui-jeongseok' series will focus on discounts instead of points. President Jeong said, "If points are an indirect benefit, discounts are a direct benefit you enjoy the moment you swipe the card," adding, "We plan to apply an industry-leading discount rate as well, with a launch expected around June."

President Jeong joined Hanil Bank in 1977. After the merger, he rose to head the sales support division at Woori Bank, a veteran sales professional. He said, "I was in charge of the top 30 conglomerates at the bank," adding, "I'll be directly engaged in sales, drawing on the corporate-sector network I built during that time." As a banking veteran, he also set collaboration with the bank as a task. President Jeong said, "As we grow new customers, the bank also gains new customers opening accounts, so we can win-win," adding, "Through cooperation with the bank, we can grow both in scale and substance together."

Reporter Lee Sae-nuri newworld@joongang.co.kr

Written by — Reporter Lee Sae-nu-ri