Shinhan Card Signs Data Business Agreement with Homeplus

Combining Distribution and Consumer Item Data
Discovering Data Business and New Revenue Models
Sales of Data Combination Products to Demand Organizations

Shinhan Card announced on the 13th that it has signed a business agreement with Homeplus to discover a joint new business model by combining distribution item data and card consumption data. At the agreement ceremony held at Shinhan Card headquarters in Euljiro, Seoul, An Jung-seon, Head of Life Information Group at Shinhan Card (left), and Jang Jung-ho, Head of Marketing Division at Homeplus (right), are taking a commemorative photo. Photo by XXX

[Asia Economy Reporter Ki Ha-young] Shinhan Card is accelerating the activation of the data economy by partnering with Homeplus. Following the expansion of its business areas with the integration of telecommunications and consumption data with SK Telecom in August and the integration of distribution and consumption data with GS Retail in October, this is the third collaboration.

On the 13th, Shinhan Card announced that it signed a business agreement with Homeplus, a major domestic retailer, to discover a joint new business model combining distribution item data and card consumption data. The signing ceremony took place at Shinhan Card headquarters in Euljiro, Seoul, with attendees including Ahn Jung-seon, Head of Shinhan Card Life Information Group, and Jang Jung-ho, Head of Homeplus Marketing Division.

Through this agreement, both companies plan to combine the largest-scale big data and data analysis capabilities in the industry with item purchase data from Homeplus and various areas of card consumption data. For example, by utilizing the pseudonymized combined card consumption data of Shinhan Card and Homeplus, manufacturers can compare and analyze characteristics such as gender, age, and lifestyle of customers who purchase their products versus those who purchase competitors’ products. The insights gained can be used for new product development and promotions targeting specific customer segments.

This combined data will be commercialized and made available for purchase by manufacturers, advertisers, and public institutions through platforms such as the Financial Data Exchange and Korea Data Exchange. Additionally, based on enhanced insights into internal customers through combined data analysis, joint marketing projects will be promoted, including the development of curation services such as subscription models and lifestyle-specialized clubs.

As a big data guardian under Shinhan Financial Group’s 'Digital Guardian System,' Shinhan Card plans to continuously expand its data alliance and disseminate it within the group to discover various forms of collaboration models. The Digital Guardian System is a digital transformation enhancement system in which Shinhan Financial Group allocates new technologies such as artificial intelligence and big data to each affiliate, strengthening responsibility and authority.

Ahn Jung-seon, Head of Shinhan Card Life Information Group, said, "This agreement is meaningful in that it develops differentiated customer services that were difficult to attempt before through the combination of data from the distribution and card industries." He added, "In connection with Shinhan Financial Group’s N.E.O project, we will continuously strive to strengthen Shinhan Card’s data business competitiveness and contribute to the activation of the domestic and international data economy as part of the government’s New Deal policy."

This content was produced with the assistance of AI translation services.