EBN | Woori Card’s ‘Card Classics’ Surpasses 4 Million Accounts… Confirmed as Leading Card
EBN reported that Woori Card's flagship 'Card Classics' series surpassed 4 million issued accounts as of July 31, 2019, 16 months after launch. Genuine benefits, sophisticated design using Korean painter Kim Hyun Jung's work, and customer-engagement marketing were cited as success factors. Woori Card said it would hold various thank-you events with a goal of 5 million accounts within the year.
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Fastest-ever 4 million accounts... single product series leads with top performance
Genuine benefits, sophisticated design, and customer-engagement marketing combine for a hit
Woori Card (CEO Jung Won-jae) announced on the 1st that its flagship 'Card Classics' series had surpassed 4 million accounts on the 31st of last month.
This achievement came in a short 16 months starting with the launch of 'Card Classics POINT' in April last year, and is regarded as having established the series as the dominant force in the card market. Notable is that this is the fastest record achieved by a single product series, and that a steady pace of over 250,000 accounts issued per month has continued without interruption.
The success of Card Classics was driven by actively reflecting customers' rapidly and diversely changing needs in its product services, focusing on tangible benefits customers could directly feel, and adding simple payment services in step with changing payment market trends.
Design differentiation also stands out. Using the work of Korean painter Kim Hyun Jung, the cards embroidered a Korean beauty and drew praise for their sophisticated design.
So far, 11 credit card products including 'Card Classics Point' and 7 check card products including 'Card Classics SSO3 Check' have been released. This built a multi-layered lineup with credit cards specialized by benefit type desired by consumers and check cards focused on differentiation by age group, widening customer choice.
The Card Classics effect was clearly reflected in business performance. Woori Card achieved its highest net profit since spinning off, at 126.5 billion won last year, and posted 66.5 billion won in net profit in the first half of this year despite reduced merchant fees. In particular, the number of active members increased by 650,000 year on year, earning recognition that Woori Card gained a new level of competitiveness through Card Classics.
A Woori Card official said, "The success of Card Classics was built on President Jung Won-jae's consistent marketing philosophy that 'we should not make products to be sold through branding, but products that sell themselves,'" adding, "With the goal of being 'the first card in the customer's wallet,' we are confident of reaching 5 million accounts within the year." Woori Card plans to hold various thank-you events, including merchant discount promotions and abundant giveaways, to mark the occasion.