CEO Lee Chang-kwon, who became the new head of KB Kookmin Card in early 2022, will restore his company’s status as the No. 1 credit card company in Korea.
CEO Lee is determined to take his company to the position of Korea’s No. 1 financial platform company by taking advantage of internal and external crises facing it as golden opportunities.
CEO Lee plans to strengthen KB Kookmin Card’s core capabilities in its main job to enhance its profit and growth base in earnest.
“I will continue to expand KB Kookmin Card’s foundation for profit generation in new businesses to pioneer future finance and change KB Kookmin Card with bold investments in new businesses,” he said in his inaugural address.
Since Lee took office as CEO of KB Kookmin Card, he has faced a difficult business environment, including a cut in merchant fees, increased procurement cost due to the rising interest rate, stricter regulations on financial businesses and competition in the payment service sector with Big Tech companies.
“If we gather wisdom based on our solid basic business capabilities and make thorough forecasts and preparations for the future, the situation facing us can turn into a perfect opportunity for us to leap forward,” CEO Lee said, stressing customer-centered internal growth and strengthening platform competitiveness.
CEO Lee placed top priority on the main credit care businesses, payment settlement, and strengthening its capabilities in the financial business.
Starting with convenience and benefits for customers, KB Kookmin Card plans to establish a virtuous cycle that connects new customer experiences with customer-centered management that solidifies its profit and growth base, based on core credit card business competencies.
“I will transform KB Kookmin Card into a world-class platform company with new digital technologies and capabilities by taking off to grow into the best platform company that overcomes the limitations of the credit card industry and provides new value,” CEO Lee explained.
KB Kookmin Card is actively responding to changes in its business environment, focusing on its two key platforms: the payment-oriented open platform “KB Pay” and the MyData platform “LiivMate 3.0.”
In particular, KB Pay released in 2020 secured convenience and versatility by installing payment methods such as the magnetic secure transmission (MST) and near field communication (NFC) methods and provides various convenience services such as mobile transportation card functions.
CEO Lee Chang-kwon plans to solidify KB Kookmin Card’s position in the KB Pay and MyData businesses by forging strategic partnerships with financial and non-financial companies and actively utilizing the resources and capabilities of all KB Financial Group affiliates.
In addition, KB Kookmin Card aims to play a central role in group data marketing and restore the status of credit card companies suitable for the group by strengthening key capabilities such as data collection, analysis, and super-personalization marketing within the group.
“I will drive the growth of KB Kookmin Card with bold investments in new businesses,” CEO Lee emphasized. “I am planning to expand KB Kookmin Bank’s new profit base and preemptively respond to changes in the future financial business environment to create new growth drivers.”
KB Kookmin Card is expanding its contact point with customers by expanding the utilization of digital virtual spaces, such as the metaverse, which has come in the spotlight among the MZ generation.
It is also paying attention to non fungible tokens (NFT), which recognizes ownership based on blockchain.
CEO Lee plans to keep a close eye on new technologies, such as the metaverse and NFTs, and changes in the future monetary structure, such as central bank digital currencies (CBDCs) and pioneering future finance through bold investments.
On top of that, the new CEO plans to expand KB Kookmin Card’s business stably and strategically in the global sector.
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