One Year Since the Enforcement of the Financial Consumer Protection Act... Hyundai Capital Steps Up Consumer Protection Efforts

Industry-First Customer Panel System Implemented... Early Warning System for Consumer Protection Established

[Asia Economy Reporter Yu Je-hoon] Marking the first anniversary of the enforcement of the Financial Consumer Protection Act (FCPA), Hyundai Capital is strengthening consumer protection through various programs.

According to the financial sector on the 29th, Hyundai Capital has established key tasks for this year, including ▲compliance with the FCPA ▲spreading a consumer-oriented management culture ▲consumer protection activities from the perspective of Environment, Social, and Governance (ESG), and is operating specific programs accordingly.

First, Hyundai Capital recruited customer panels for the first time in the industry last March and began collecting diverse opinions and ideas. They also prepared incentives such as additional rewards when ideas proposed by customers through panel activities were actually applied to products or services.

A Hyundai Capital official stated, "There were meaningful outcomes such as reviewing strengths and weaknesses after using industry applications including capital, banks, cards, and fintech services from membership registration to loan application, and deriving improvements. Furthermore, beyond product improvement, we received positive responses by listening to various opinions on financial consumer protection and reflecting them in the field."

In July, Hyundai Capital also held a Consumer-Centered Management (CCM) declaration ceremony. CCM is a national certification system that evaluates whether all corporate management activities are organized around consumers and continuously improved to protect consumer rights. To this end, Hyundai Capital decided to regularly conduct consumer-centered management education for its employees.

Hyundai Capital also strengthened consumer protection elements through platform services represented by its app. Accordingly, it introduced an "Artificial Intelligence (AI) Automated Happy Call" capable of voice recognition-based conversations. This service involves an AI counselor explaining key points once more to customers who purchased products, confirming the possibility of financial fraud, and then listening to the customer's opinions.

In particular, Hyundai Capital is operating a "Consumer Protection Early Warning System (CaM)" to detect risks related to issues not mentioned by customers. CaM is named after the canary used in coal mines to detect harmful gases in advance. Through this, it became possible to actively predict risks using big data and AI, as well as ensure regulatory compliance.

Additionally, in June, Hyundai Capital prepared plans to expand services for financially vulnerable groups. Representative examples include expanding a dedicated sign language consultation call center for the hearing impaired and issuing exclusive bills for elderly customers. They also conducted one-company-one-village financial education focusing on voice phishing prevention in farming, mountain, and fishing villages to encompass financial consumers from all walks of life.

Hyundai Capital also established a "Product & Service Diagnosis and Improvement Process" as a mechanism to enhance consumer satisfaction. This process starts by understanding customer experiences during product application and consultation and includes operating mystery shoppers to identify dissatisfaction factors.

A Hyundai Capital official said, "To protect financial consumers, all parties in the financial market, including financial authorities, politicians, and consumers, must make efforts. Financial companies should focus on establishing a consumer-centered sales system and preparing mechanisms for consumer protection."

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