Value context and insight. lkm@koreatimes.co.kr
Shinhan Card aims to raise assets by W40 tril. by 2023
Shinhan Card CEO Lim Young-jin
By Lee Kyung-min
By Lee Kyung-min
Shinhan Card aims to solidify its position as a leading card firm by increasing the number of its customers to 30 million and its asset to 40 trillion won (35.6 billion) by 2023, the firm said Sunday.
The goal was unveiled by CEO Lim Young-jin at the firm's internal event to review its performance held at AW Convention in Jongno-gu, Seoul, Jan.18, attended by hundreds of company executives and workers.
Under the vision “Connect more, create the most,” the firm will also seek to increase the portion of its fee income to 20 percent of the total profit.
The plan is part of efforts to maximize corporate success by outlining clear goals followed by specific action plans.
“The new business plan must recognize the core function of a card company as an effective integrator among customers, business partners,” Lim said during the event.
“Our new vision is also in line with our holding company's strategy to take the initiative in key market sectors, cement ourselves as the industry leader through challenges while remaining boundless and limitless in achieving our goals,” he added.
The business model includes “Pay Platform,” which the firm plans to set up for a full and complete connection among customers and its business partners, mostly merchants.
The platform will help maximize convenience for all parties involved through target-specific marketing which can lead to sales performance.
The firm will up the asset to 40 trillion won through “Multi Finance,” a data-heavy financial product recommendation program through which customers will be offered services optimized for individual needs.
The plan to increase the card fee will be achieved by an information analysis program that incentivizes returning customers with rewarding experiences.