Economic Review | ‘Card of Standards’ Grows Into Woori Card’s Cash Cow.. Tops 2 Million Enrollments
Economic Review reported that Woori Card announced on the 13th that its flagship product 'Card of Standards' surpassed 2 million enrollments about 8 months after launch. The distinctive design incorporating a work by Korean painter Kim Hyun Jung obtained a design patent last October, and the company is running a consumer appreciation event through the 25th.
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[Economic Review = Reporter Kim Seung-hyun] Woori Card announced on the 13th that its flagship product 'Card of Standards' has surpassed 2 million enrollments.
Woori Card launched the first product in the Card of Standards series, 'Card of Standards POINT,' last April. This product gained popularity, topping 1 million enrollments within 5 months of launch. The issuance volume then grew rapidly, reaching 2 million enrollments about 8 months after launch -- the fastest record since Woori Card's founding.
'Card of Standards' thoroughly reflected the 'consumer-centered mindset' that CEO Jung Won-jae has always emphasized, across every stage of product planning, service design, and design. The results came from a shift in thinking toward making a product that sells itself rather than one that has to be sold. Through big data analysis, it incorporated point and discount benefits optimized for changing consumer needs and spending patterns.
The card plate features a distinctive design adopted from a work by Korean painter Kim Hyun Jung, with a 'ㄱ'-shaped notch placed in the upper right and the card name arranged vertically to complete an artistic design reminiscent of a Korean painting. It obtained a 'design patent' last October.
'Card of Standards' shows a usage rate and per-person spending amount about 10% higher than existing flagship general-purpose products, contributing to expanded market share as well. Premium and mileage-type cards are also slated for release.
Woori Card is running a consumer appreciation event through the 25th to mark the 2-million-enrollment milestone for 'Card of Standards.' Members who spend 50,000 won or more on the 'Card of Standards' series during this period are automatically entered into a drawing. The 1,600 winners will receive prizes such as an LG Styler, LG Pra.L masks, AirPods, and a Starbucks diary set with two free beverage coupons.
A Woori Card official said, "Thanks to the affection consumers have shown 'Card of Standards' and the hard work of employees, including those at Woori Bank's sales sites, we were able to achieve meaningful results despite difficult market conditions," adding, "We will continue to strive to make it a card that consumers want to have and want to use, as a good product that is essential to everyday life."