Hyundai Card Vice Chairman TaeYoung Chung Meets McKinsey, Announces Goal of Becoming a Global Data Platform Company
Dialogue with Seungheon Song, Managing Partner of McKinsey Korea Office
"Digitalization is like surgery that requires enduring pain"
"Hyundai Card's third phase: Growth into a global data company"
Hyundai Card announced on the 24th that Vice Chairman TaeYoung Chung met with Seungheon Song, Managing Partner of McKinsey Korea Office, and presented the company's goal of evolving into a global data platform company.
In the discussion, Vice Chairman Chung assessed that Hyundai Card is currently in its third phase. He explained that the first phase focused on marketing, while the second phase centered on data and technology-driven management. Now, he stated, the company has entered the third phase, with the objective of transforming into a global data platform company.
He compared digitalization to surgery. Just as avoiding surgery due to its painful process can worsen an illness, he emphasized that digitalization must also be willingly embraced.
He noted that even during the first and second management phases, the company made it a top priority to accumulate information technology (IT) data. As a result, Hyundai Card was able to collaborate with major companies such as Starbucks and offer Private Label Credit Cards (PLCCs) for an extended period.
Vice Chairman Chung stated, "The secret behind Hyundai Card's ability to engage in broad and exclusive PLCC partnerships in the past was 'data partnership.' Now, we aim to commercialize our self-developed data platform and support companies in other markets that seek to establish similar PLCC ecosystems."
Vice Chairman Chung stressed that Hyundai Card should not remain merely a financial company known for strong marketing and high brand value. He revealed that the company's short- and mid-term goal is to build global data and provide it to overseas card and payment service providers.
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He added, "Now that we have entered the third phase, Hyundai Card's goal is to become a company recognized as a globally commercialized data platform. Over the next ten years, we will continue the transformation to elevate Hyundai Card into a global data platform company."
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