Shinhan Card held a business strategy meeting for the second half of 2023 with department and division heads, as well as young leaders, in attendance at Shinhan Card headquarters in Eulji-ro, Seoul, on July 14.
Participants discussed business implementation strategies for the second half of the year, firmed up their determination to execute businesses and explored future response tasks for sustainable management, the company said on July 16.
First, Shinhan Card submitted as one of the agenda items of the meeting responses to future changes for sustainable management and analyzed ways of restructuring the settlement market corresponding to population and membership structure changes, and digital environment changes for the next decade based on data.
The step was believed to be taken in accordance with Shinhan Card President Moon Dong-kwon’s willingness to give an in-depth look into card companies’ dangers and opportunities from the perspective of customer experience, business experience and work experience amid customer social structure changes of shifting from expansion to curtailment in the wake of Korea’s declining population, aging society, and a rapidly changing digital environment.
During a heated debate, Shinhan Card explored 65 tasks the company will implement, such as business models, organization operation regimes and settlement market responses, and it plans to establish detailed plans according to execution periods to make preparations for the future.
Among the major tasks are exploration of new business models and services for people in their 60s, major clienteles, Generation Alpha, future core customers, Korea mosaicked by multi-ethnic families and digital health care.
The meeting pondered ways of coping with the future settlement market, such as corporate culture and organizational structure, caused by declining population, ways of reinventing personnel systems, on-demand services, AI, and “Extra-Mile marketing activities.”
Shinhan Card President Moon also called for putting into practice “rightful management,” such as substantive management and strengthened internal control, citing “Plan - Do - See,” the keywords Shinhan Financial Group stresses to overcome a crisis amid hard environmental conditions for the second half and concentrate on execution.
President Moon urged participants to take preemptive steps by establishing a plan, which is different from one of the present since the conventional success method does not work population structure and settlement market changes.
He stressed the words “Rapid DO” and “Right See” toward population structure and settlement market through the keyword “Different Plan” and called for carrying out plans for the second half of the year by nimbly coping with the market paradigm and customer changes and applying a “more thorough and right management” by conducting a process of verifying outcomes following execution.
Meanwhile, Shinhan Card gave organizational awards based on business performances of the first half of the year and appointed eight “master workmen” with levels of skill, knowhow and leadership of maestros from on-site departments such as sales, support departments and centers.
President Moon also demanded an upgrade to its organizational structure to make it stronger so it can endure a crisis, such as business management and internal controls.
To this end, he called for leaders to fulfill their roles of overseeing with a sense of responsibility.
Shinhan Card and Seoul Credit Guarantee Foundation Seek to Boost Nook and Corner Shops
Shinhan Card said on July 31 the company plans to hold a promotion to explore declining and marginalized nook and corner shops and ramp up their competitiveness in cooperation with Seoul Credit Guarantee Foundation.
Both institutions struck an MOU at Seoul Credit Guarantee Foundation headquarters in Mapo-gu, Seoul, on July 27 with Kim Seung-young, director with Seoul Credit Guarantee Foundation, and Yoon Seung-won, head of the Platform Biz Division at Shinhan Card in attendance.
Under the deal, Seoul Credit Guarantee Foundation will explore one unknown shop in each of the 25 wards and Shinhan Card will hold a promotion to provide cashback coupons, to about 5,000 franchise shops of the 25 shopping areas.
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