Seoul Economic Daily | [Best Banker – Credit Finance] Woori Card’s ‘Card Jeongseok’ Shows Customer Benefits Done Right
Seoul Economic Daily reported that Woori Card's flagship product, the “Card Jeongseok” series, has made a major impact by embodying the company's “customer-centered mindset” philosophy. Developed after CEO Jung Won-jae took office, with a design using Korean painter Kim Hyun Jung's artwork, the series surpassed 1 million cards issued five months after launch and 2 million within eight months, while Woori Card posted its best-ever net income of 126.5 billion won for 2018 since spinning off.
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The “Card Jeongseok” series, which lets consumers pick and choose exactly the benefits they want, has made a major impact, putting Woori Card in the industry spotlight. Woori Card's flagship product, Card Jeongseok, is credited not only with elevating the Woori Card brand under its “customer-centered mindset” management philosophy, but also with raising customer satisfaction to a new level.
Woori Card was established in April 2013 as a spinoff from Woori Bank, aimed at strengthening the credit-card business within the Woori Financial Group and boosting competitiveness in non-banking sectors. Since its fresh start as a standalone card company, it has worked to embody “the value customers want” in its products. The Card Jeongseok series, launched last year, is the crystallization of five years of that effort. From product and service planning to composition and plate design, it includes only the benefits customers from a customer-first perspective would want included, delivering industry-leading accumulation and discount benefits. It also borrows from the work of Korean painter Kim Hyun Jung, giving the card a design almost anyone would want to own.
The Card Jeongseok development project got underway in earnest after CEO Jung Won-jae took office at Woori Card in January of last year. CEO Jung stressed that, from the customer's perspective, the company needed to make “not a product to sell, but a product that sells itself.” He called for the launch of the Card Jeongseok series to actively reflect the latest trends in the payment market as well as customer voices. A Woori Card representative explained, “The combined efforts of the entire workforce in product development, systematic big-data analysis, and consumer research results came together well, allowing us to deliver a product that is simple yet strong on the fundamentals.”
Woori Card began rolling out the Card Jeongseok lineup in earnest last April with the launch of “Card Jeongseok Point.” It has since introduced a range of products tailored to the specific benefits customers want, including “Card Jeongseok Point,” which focuses on point accumulation, “Card Jeongseok Discount,” which concentrates on discounts, and “Card Jeongseok Shopping,” which offers top-tier benefits for shopping-category spending.
Woori Card's strategy of focusing on the value consumers want paid off. Last year, Woori Card posted net income of 126.5 billion won, its highest ever since spinning off in 2013. Assets also surpassed 10 trillion won on the strength of the flagship “Card Jeongseok” product's popularity. Card Jeongseok Point reached 1 million cards issued in August last year, five months after launch. Just four months later, by the end of 2018, it had surpassed 2 million — a pace considered exceptional even within the card industry. A Woori Card representative said, “We plan to continue introducing a variety of products to meet customer needs this year as well, and we expect the Card Jeongseok series to keep up its winning momentum this year.”