Vice Chairman Jung Tae-young on Why Branding Matters: "Card Companies Should Act Like Card Companies" (Comprehensive)

'Branding Talk' Held at Clubhouse on the 16th
Engaging in Direct Communication Once a Week

Jung Tae-young, Vice Chairman of Hyundai Card

[Asia Economy Reporters Ki Ha-young, Song Seung-seop] "I still believe that a card company should be a card company. It would be a shame to give up on cards and focus only on loans. We will find a breakthrough through data science and other means."

Jung Tae-young, Vice Chairman of Hyundai Card, made this statement during a branding talk held on the voice-based social networking service (SNS) 'Clubhouse' on the 16th. On that day, Vice Chairman Jung engaged in a conversation about 'Branding Essence' with Park Ji-ho, CEO of Inspiration Library, and received questions related to branding.

Regarding criticism that despite putting effort into branding, there is a lack of substance such as low profitability, Vice Chairman Jung explained, "Over the past 4 to 5 years, I have focused on data science with the mindset of enduring all the curses and sarcasm in this world," adding, "Since last year, market share and customers have been increasing."

He said, "My dream was to grow a company solely through credit cards," and explained the reason for focusing on branding: "I thought that a credit card company that is only interested in loans without credit cards is a loan company mediated by credit cards, not a credit card company, so I wanted to build it properly."

He continued, "In the past, Hyundai Card was one-tenth the size of its competitors, but now, when combined with the US, Canada, Brazil, and others, the scale has grown to an incomparable level," emphasizing, "While other companies did not expand overseas, Hyundai Card did. If we had not done data science, we might have shown good results (in profitability, etc.), but doing well domestically as number one or two without that is meaningless."

Vice Chairman Jung expressed his hope that the Hyundai Card brand would be recognized as having "lived interestingly." He said, "I would be grateful if people in the credit card industry say they felt pride (thanks to Hyundai Card)," and added, "I hope the market says it was fun and interesting because of Hyundai Card." He further added, "In the past, we were only called a secondary financial institution, but now I hope we are evaluated to the level where there is a term called 'Hyundai Card-ness.'"

Vice Chairman Jung is actively engaging in communication management through Clubhouse, which has recently gained popularity. Starting from the 15th of last month with 'Why Hyundai Card Creates Spaces,' he has been participating in Clubhouse communication about once a week on topics such as 'Behind the Scenes of Hyundai Card Super Concert & Music Chat' and 'Digital Transformation.' The Clubhouse room designed by Vice Chairman Jung for the first time attracted about 7,000 participants, drawing attention.

Regarding Clubhouse, Vice Chairman Jung said, "I thought I would just look around, but I was surprised by the different, smooth, and sophisticated user experience (UX), so I am studying it with interest," and evaluated it as "an app that enables lively communication without a scenario, unlike existing apps that post refined thoughts."

Clubhouse communication is also scheduled for the 23rd. As the second part of the branding talk, a discussion on the theme of 'Design and Advertising' is planned with Jeon Eun-kyung, Editor-in-Chief of Monthly Design, Bae Geum-byeol, ECD of Innocean, and Ryu Su-jin, Head of Hyundai Card Brand Headquarters.

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