"Supporting Small Business Owners and Gathering Data"…Card Industry Flooded with Services for Individual Entrepreneurs

Expansion of Services for Individual Entrepreneurs Including Platform Provision and CB Business

[Source=Yonhap News]

[Asia Economy Reporter Ki Ha-young] Card companies are expanding services targeting self-employed and small business owners, diversifying their businesses.

According to the industry on the 15th, Lotte Card completed the notification of 'Providing platform services for individual business owners' as an ancillary business to the Financial Supervisory Service on the 8th. Lotte Card plans to launch platform services for individual business owners in the second half of this year, offering integrated information inquiry such as sales details and marketing services. In particular, it is expected that this platform will help self-employed and small business owners struggling due to COVID-19.

Other card companies are also operating platform services that support data analysis and marketing for individual business owners. Shinhan Card provides fund management, marketing, and financial services for small business owners through the small business win-win marketing platform 'Shinhan Card My Shop Partner.' Samsung Card supports personalized marketing based on big data centered on the 'Link Partner' platform. KB Kookmin Card also operates the 'Smart Offering System,' a marketing operation system based on big data, and BC Card supports marketing services for small business owners through the 'MyTag' platform.

Merchants receive sales analysis and marketing strategies through card companies' platform services, while card companies provide platforms and secure data on merchant sales and consumer trends. From the card companies' perspective, it is analyzed that they can prepare a foothold for entering new businesses through accumulated big data.

In particular, such platforms are evaluated to potentially serve as a foundation for individual business owner credit evaluation (CB) businesses in the future. In 2019, the Financial Services Commission selected credit evaluation for individual business owners by card companies as an innovative financial task, and major card companies are now intensifying their credit evaluation businesses for individual business owners. It is possible to reassess the credit status of individual business owners, which was difficult to evaluate with existing credit scores, using various information, and attract them as potential customers by linking loan services targeted at them.

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