Chung Tae-young, Vice Chairman of Hyundai Card, "Will strive to build a global data platform"

[Financial News] Vice Chairman Chung Tae-young of Hyundai Card presented the goal of becoming a global data platform company on the 24th.
Vice Chairman Chung, in a conversation with Song Seung-heon, head of McKinsey Korea Office, said, "Based on the foundation of innovation so far, I want to continue the transition to elevate Hyundai Card to a global data platform company within the next 10 years."
Vice Chairman Chung emphasized, "The digital innovation we have achieved in marketing, finance, and digital areas will be a strong foundation for future major leaps."
In the conversation, Vice Chairman Chung pointed out that Hyundai Card is passing through the third stage of 'globally commercialized data platform' after the stages of 'marketing-centric strategy' and 'innovation through digital'.
Vice Chairman Chung noted that Private Label Credit Cards (PLCC) were the growth foundation that allowed the transition from marketing-driven innovation to data-driven innovation.
He explained, "While general credit cards focus only on financial transaction data like customer consumption history, PLCC can understand customer purchase preferences and behavior patterns through integrated data from partner companies," adding that "data analysis capabilities led to the success of PLCC."
This explanation indicates that it was possible to establish PLCC partnerships by enhancing data capabilities through the use of data science across the entire company. Various data analyses supported activities to increase customer loyalty, such as customer analysis and reward design.
Vice Chairman Chung conveyed that Hyundai Card should look beyond the domestic market to the global market. He cited the establishment of a global data platform as a short- and medium-term goal for Hyundai Card to advance into the global market. The strategy is to expand the market by providing the platform to overseas card and payment operators.
Vice Chairman Chung stated, "Over the next 10 years, we will focus on sophisticated management and concentrate on the essence of finance," adding, "Having achieved a certain level of digital capability, we will strive to maintain a balance between finance and digital to achieve 'finance-centric tech'."
chord@fnnews.com Lee Hyun-jung Reporter