Financial News | The ‘Boss’s Card,’ ‘Card of Standards,’ Tops 2 Million Enrollments
Financial News reported that Woori Card's 'Card of Standards,' known as the so-called 'boss's card,' has surpassed 2 million cards issued. The article pointed to CEO Jung Won-jae's 'customer-centered mindset' philosophy, reflected all the way from product planning to service and design, as the background to its popularity.
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At a commemorative ceremony for Card of Standards' 2-million-enrollment milestone held on the 13th at Woori Card's headquarters, CEO Jung Won-jae (left) presents a plaque of appreciation and a commemorative card to Korean painter Kim Hyun Jung.
'Card of Standards,' first launched by Woori Card last April, has surpassed 2 million cards issued. This comes just 4 months after it topped 1 million in September.
Woori Card said on the 13th, "This is hard to find precedent for in terms of general-purpose card issuance pace, and it is the fastest pace since Woori Card's founding," adding, "'Card of Standards' shows a usage rate and per-person spending amount about 10% higher than existing flagship general-purpose products, contributing to growth in new members and expanded market share as well." Woori Card is also planning to release premium and mileage-type versions of Card of Standards.
The growth of 'Card of Standards' owes much to CEO Jung Won-jae's philosophy of a 'customer-centered mindset.'
CEO Jung's 'customer-centered mindset' philosophy was reflected at every stage, from the product proposal to service composition and design. He said, "Products with low annual fees but high benefits are difficult to make profitable, but when the CEO looks closely and 'meddles,' they eventually come together," adding, "In the case of contactless card issuance, since cards are issued out of actual need rather than through solicitation, not only the number of cards issued but also the usage rate is high."
After taking office, CEO Jung formed a branding team to establish Woori Card's own distinct identity.
Through the launch of 'Card of Standards,' dubbed the so-called 'boss's card,' the company continuously introduced various product lineups to promote Woori Card's unique color. As 'Card of Standards' received a favorable response in the market, it also had the effect of raising card satisfaction and reducing complaints. It has also drawn a favorable response within Woori Bank, earning praise for establishing itself as a 'self-selling' rather than 'hard-sold' product and raising Woori Card's standing.
Having focused on external growth this year, Woori Card plans to concentrate on 'card efficiency' next year, growing its CRM (customer relationship management) marketing and big data divisions.
CEO Jung said, "Our goal for next year is to build the foundation and improve the structure to take another leap forward," adding, "While this year we concentrated manpower and budget on card issuance, next year we plan to focus on CRM and big data." In line with this policy, Woori Card plans to bring in outside personnel to expand its currently operating two big data teams to a total of three. He added, "The pace may be slower than expected, but if we don't prepare, we'll fall behind, so we're investing budget in advance and trying various approaches," and "Next year, above all, we will focus on solidifying substance for our customers."
Reporter Kim Moon-hee gloriakim@fnnews.com