Korea Sports Economy | Woori Card CEO Jung Won-jae Steals Customers’ Hearts with ‘Card Classics’
Korea Sports Economy reported that the 'Card Classics' series led by Woori Card CEO Jung Won-jae surpassed 4 million accounts 16 months after launch. It reported that the elegant, classical design using Korean painter Kim Hyun Jung's work contributed to its popularity. Woori Card posted its highest post-spinoff net profit last year and aims to reach 5 million accounts within the year.
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Confident of reaching 5 million accounts within the year, based on 'branding'
[Hanscore=reporter Lee Seung-hoon] Woori Card CEO Jung Won-jae has captured customers' hearts with the 'Card Classics' series.
Card Classics is also known as the 'Jung Won-jae Card,' as CEO Jung Won-jae personally directed everything from product planning to design and marketing strategy. It is regarded as combining genuine benefits, sophisticated design, and customer-engagement marketing for a hit trifecta.
According to industry sources on the 5th, Woori Card's flagship 'Card Classics' series recently surpassed 4 million accounts. Starting with the launch of 'Card Classics POINT' in April last year, it achieved a remarkable feat in a short 16 months. Notably, it set the fastest record for a single product series, with a steady pace of over 250,000 accounts issued per month.
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 continues to perform well this year with 66.5 billion won in net profit in the first half despite reduced merchant fees. The number of active members also grew by 650,000 year on year, earning recognition that Woori Card gained a new level of competitiveness through Card Classics.
The success of Card Classics owed much to actively reflecting customers' rapidly and diversely changing needs in its product services, focusing on tangible benefits customers could directly feel. In addition, adding simple payment services in step with changing payment market trends proved effective.
Design differentiation also boosted its popularity. Using the work of Korean painter Kim Hyun Jung, the cards drew praise for a sensuous, sophisticated aesthetic embroidered with elegant, classical Korean beauty.
So far, 11 credit card products including 'Card Classics Point' and 7 check card products including 'Card Classics SSO3 Check' have been released, building a multi-layered lineup with credit cards specialized by benefit type and check cards focused on differentiation by age group, widening customer choice.
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 also ranked first in a credit card brand reputation survey by the Korea Enterprise Reputation Research Institute last month.
A Korea Enterprise Reputation Research Institute official said, "Woori Card's sales performance and corporate credit rating have surged."
Indeed, along with the popularity of Card Classics, Woori Card received an 'A3' long-term corporate credit rating from international credit rating agency Moody's last month.
The 'A3' rating ranks 7th among Moody's 21-tier rating system, indicating low credit risk and sound credit standing. This reflects Woori Card's strategic importance, its interconnection with the group and the bank, and an assessment that Woori Financial Group is likely to support Woori Card going forward.
Woori Card plans to actively use this credit rating from Moody's for overseas fundraising IR (investor relations) activities.
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