Last year, Shinhan Financial Group tapped Park Chang-hoon as the new president of Shinhan Card.
“I am concerned about some signals of a crisis these days,” Park said in his inaugural speech in a ceremony held this year.
“We will be able to enjoy a brilliant future when we steadily endeavor toward the essence of the credit card industry with strong willingness for change and innovation.”
In his inaugural speech this year, Park emphasized two keywords - “change” and “innovation.”
As he hinted at a full-scale business expansion, Apple Pay may serve as a new growth engine for Shinhan Card, according to financial industry observers.
“Our competitors are advancing their strategies, referring to Korea’s declining population, a slowdown in the growth of the Korean credit card market and our past success equation,” Park added.
“We are in this cold light of reality.” Park emphasized the need for bold investments in new growth drivers.
“I was impressed by the saying that change is the cost of survival for the future,” Park said.
“We will consider new strategies that suit us and elevate our market position by becoming more competitive in the payment method sector.”
Shinhan Card is also actively engaged in the data business.
In 2024, the company laid out its data platform “Data Sea.”
Shinhan Card is making efforts to utilize its big data and analytical know-how for commercial area analysis and market monitoring. It collects an average of 350 million data per month.
Park introduced himself as an advocate for quantitative analysis. He explained that securing quantitative innovation can lead to the advancement of quality.
“No company that has achieved a qualitative revolution without quantitative innovation in the world,” Park continued, “I strongly believe that quantitative innovation holds the key to a qualitative revolution.”
Shinhan Card is expected to capitalize on its existing infrastructure this year.
At the beginning of his term, Park is expected to initiate his own projects as well as connections to build new businesses based on existing assets.
The AI 5025 Project is also highly useful under Park. AI counselors can be deployed to improve the quality of counseling services.
In 2022, the proportion of AI counseling was 23 percent but by the end of 2023, it had risen to 31 percent.
AI can also boost sales efficiency by replacing tasks such as reporting payment details, receiving calls about credit cards missing and credit reviews of applicants for card issuance.
Park expected the continued growth of Shinhan Card’s SOL Travel Service.
The service was launched in 2024 and has been gaining in popularity.
Those in the Korean credit card industry believe that travel-related demand has recovered to the pre-COVID-19 level in the Korean credit card industry.
The SOL Travel service can lead to the enhancement of Shinhan Card’s trademark value.
An event promotion image provided by Shinhan Card and Bithumb. (Photos: Shinhan Card)
Cashback Event with Bithumb
Shinhan Card announced on Feb. 3 that it will hold an event with Korean cryptocurrency exchange Bithumb to give away prizes worth up to 170,000 won.
The event is open to customers using three types of Shinhan Card - Deep Oil, Mr. Life, and First Time.
The event benefits will be offered in stages depending on how much was spent with the cards.
As the first event benefit, customers who spend more than 200,000 won by March 31 will receive 110,000 won in Bithumb coupons.
Customers who received the first offer will receive an additional 30,000 won in Bithumb coupons when they spend 50,000 won or more in May in the second event.
The Bithumb coupons will be sent via text messages at the end of April and June, respectively.
To receive the coupons, users must complete “know your customer” (KYC) verification and have accounts linked to Bithumb.
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