Visa Korea to expand consulting services on big data analysis

Visa Korea Country Manager Patrick Yoon speaks during a press conference marking the New Year, at the Plaza Hotel in central Seoul, Monday. / Courtesy of Visa Korea

By Kim Bo-eun

Visa Korea said Monday it will strengthen consulting services based on its capabilities in analyzing and processing information built on its global network.

Visa's global consulting and analytics team is composed of 500 data analysis experts and consultants. The team offers consulting services in 11 countries in the Asia Pacific region including Korea.

Visa Korea plans to offer consulting services on analyzing and utilizing big data to local card issuers, fintech firms, and online banks and merchants this year.

"We plan to expand consulting services for partners so that they can boost their data analysis capabilities," Visa Korea's Country Manager Patrick Yoon said at a press conference held at the Plaza Hotel in central Seoul.

"We will strengthen existing capabilities such as credit scoring and debt management of partner companies and assist them with big data-based hyper personalization marketing," he said.

Hyper personalization goes a step further from personalized marketing leveraging artificial intelligence and real-time data to offer more relevant content, product and service information to customers.

Visa's network processes more than 65,000 transactions every second, exhibiting the scale of big data it holds.

Analyzing and utilizing data has become increasingly important for local financial firms after a set of revised data bills were passed at the National Assembly last week.

The revisions enable the commercial use or provision of data of unidentified individuals without seeking their consent.

Visa Korea plans to more than double the scale of consulting services offered this year.

Visa Korea's pool of local experts is small but it is in the process of recruiting new members.

In addition, Visa Korea will expand its Visa Token Service-based app card business launched last year in collaboration with Hana Card.

Yoon said Visa Korea will roll out "Visa Direct," a P2P overseas remittance service, for the first time in Korea.

Finally, he said Visa Korea will seek to boost digital partnerships with fintech and big tech firms, so that they lead to more generation of business. Yoon said Visa Korea's "innovation station" within its new office is expected to play a role in strengthening collaboration with the companies.

Yoon said Visa is focusing its attention on Korea, as the country with the largest scale of electronic transactions, globally. In Korea, over 90 percent of all financial transactions are processed electronically.

Accordingly, Visa Korea has increased the number of its staff by more than 30 percent since Yoon assumed his position in March 2018.

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