Woori Card has recently initiated its New Year's marketing campaign under the newly appointed president, Jin Sung-won, who emphasized the necessity for strategic management to navigate the current challenging economic climate. During his inauguration ceremony on January 2, 2023, held at the company’s headquarters in Gwanghwamun, Seoul, Jin laid out several ambitious objectives aimed at bolstering the company's position among major credit card firms.
"The harder the external environment, the stronger our internal bond will become," Jin stated, highlighting the importance of teamwork and cooperation. Faced with fluctuated financial markets and pressures from international instability, he acknowledged the precarious state of the domestic economy, calling for stronger internal collaboration to counter external challenges.
Jin's strategy revolves around three core management goals. Firstly, he aims to reinforce the basic business competencies of the credit card division. This involves sharpening the focus on Woori Card's primary offerings to provide customers with compelling reasons to choose their services over competitors. Jin articulated this aim by stating, "Improving the profit and cost structure through the completion of independent card company transition will be one of our main goals this year." This focus on independence will allow Woori Card to tailor its services to meet specific consumer needs, enhancing customer satisfaction and loyalty.
Another focal point for Jin's management strategy includes enhancing the sense of achievement and pride among employees. He desires to create a work environment where employees feel motivated and valued, which is seen as pivotal to promoting organizational effectiveness and resilience amid market pressures. "We cannot jump up to the level of leading companies across the board immediately; we will lead company-wide growth through compressed growth centered on core areas," Jin explained.
Woori Card's decision to pivot its focus is particularly pertinent as the credit card industry contends with intensifying competition from fintech and tech giants. Jin’s remarks reflect the need for agility and innovation to evaluate how these external entities affect traditional financial services. He reinforced this point by stressing, "We will secure sustainable competitiveness centered on core areas through reinforcing our main business."
These strategic directions appear to be aimed at empowering Woori Card to efficiently navigate the 'Big Blur' era, where the boundaries between financial services and tech companies are increasingly indistinct, creating new challenges.
Observers have noted Jin's relevant background, which positions him well to carry out these plans. With decades of experience, including roles at Samsung Card and Hyundai Card, he brings valuable insights and expertise to Woori Card’s leadership team. Last year, he contributed to the 'Woori Card Management Diagnostic TFT', where he utilized his extensive experience to devise solutions aimed at enhancing Woori Card’s competitiveness.
To conclude, Woori Card's New Year's campaign reflects not just marketing flair but indicates a methodical approach to address the pressing issues of market competition and internal coherence. Jin Sung-won's strategic outline stands to reshape the company’s narrative, focusing on sustainable competitiveness through enhanced business fundamentals and employee engagement, potentially paving the way for future success as they confront both traditional and new market players head-on.