President Chung Hae-bong of Hana Card won the Korea Financial Grand Award in the credit section at the Night of the Financial Community held Dec. 7 at Westin-Chosun Hotel in downtown Seoul.
On winning the award, President Chung said he would never forget the work involved in the integration with Hana SK Card and KEB Card, especially the electronic systems of those companies, noting the hard work on the part of employees, which he said he appreciated very much. He was moved deeply by the hard work they put in by spending sleepless nights, and eating meals while on the job to complete the job on time without interrupting the operation of those credit card firms.
“Thanks for their very good job, we have been able to provide better services to our customers,” the CEO said.
Dark clouds have hung over the credit card industry these days, however cuts in service charges and the emergence of Fintech are heating up the industry.
CEO Chung said Hana Card can only try to give customers better services and products as employees have the capacities to take advantage of synergy from the mergers and saving expenses to overcome challenges.
Chung said the task force launched to cope with the changes in the business environment in the credit card business and the team will take a look at where the company stands at this time of challenges and try to minimize waste in expenses and boost management of the company as much as possible.
The credit card firm will check the entire process of credit card operation from their sales, issuance, approval and marketing, among others, to minimize the features to make the customers comfortable as much as possible and cut the issuance fees.
Chung also plans to make sure his company competes toe-to-toe with its competitors over the application of Fintech in the credit card operation, especially in the areas of cash service and card loans.
The credit card firm launched a special team early this year to take charge of the Fintech area of its operation, including mobile card and app card operations, but also the Fintech service function, said Chung.
He said UX (user experience) will be a key to the Fintech operation, and therefore, he will do every thing to boost the UX by developing new certification technologies such as recognition of a user’s face and other parts of the human body.
Chung also said he thinks that the credit card firms and the payment service firms are not in competition, but they support each other by supplementing their operations.
Credit card firms that use the largest number of the payment service firms will determine the success or failure for its operation, Chung said.
Hana Card will be able to upgrade the synergy effect with payment service firms as it first introduced a mobile card for the first time in the world due to its high-degree of understanding in the mobile settlement business.
Chung said the only thing separating the new-comers from the early-movers in the credit card business is to boost the UX of its customers. From the start, Hana Card tried to boost the customers’ value in a way to separate it from the early starters so they will come to choose Hana Card over the rival card firms. Chung also noted that speedy completion of the business on hand is critical for the success of a credit card firm, which goes to explain why Hana Card adopted “Speed in Harmony” as its motto from the early stages of its operation.
The credit card firm has also been steady in its social contribution activities, especially when it comes to donating funds. CEO Chung said its Hana Card’s social responsibility to return the favor to customers and society for their loyalty. Its one of those things the company is committed to, he said, right down to the average worker and the company’s officers.
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