Hyundai Card, once a latecomer in the market, became an industry icon by proposing new rules rather than following the existing ones. The Hyundai Card M, launched in 2003 and with over 35 million cards issued to date, shifted the marketing focus in the card industry from the card 'company' to the individual card 'brand.' The Black, Korea's first VVIP card, and the ‘Super Series’ featuring sports events and concerts, defied industry skepticism to achieve such success that other companies have actively sought to emulate them. Moreover, Hyundai Card has demonstrated its leadership in the digital age by issuing cards through exclusive partnerships with leading players in various industries and providing marketing solutions to partners through its proprietary data capabilities.
To summarize the card industry in one word: ‘turbulent.’ The card industry, being part of the financial sector, is highly susceptible to regulation and economic fluctuations, yet it is also sensitive to trends, much like the retail industry. Companies must navigate this challenging battleground with distinctive products and marketing strategies while rigorously adhering to compliance standards. For a latecomer, keeping up with the rapid pace of change in such a volatile industry can be overwhelming.
However, Hyundai Card, a latecomer in this chaotic industry, has risen to become the second-largest player in Korea (in terms of personal credit sales) by not merely following changes but by designing them. Hyundai Card has become an icon in the Korean card market, leading the alphabet marketing trend 20 years ago with the release of its unprecedented hit product, ‘Hyundai Card M,’ which has issued over 35 million cards to date. The VVIP exclusive card, ‘The Black,’ which has an annual fee of 1 million KRW, initiated the era of premium cards, while the Super Concert series, featuring world-class artists like Sam Smith and Bruno Mars, has become a model for cultural marketing. The actions of a leader always draw attention, and Hyundai Card has often faced both envy and skepticism from the industry. However, by focusing on its core business while embracing bold innovation, Hyundai Card has firmly established itself as a leading company.
Recently, Hyundai Card has been transforming into a tech company based on its data science capabilities. Having proactively invested in data science from the early 2010s, data science is now widely applied in areas ranging from marketing to risk management, driving Hyundai Card's digital transformation.
In April this year, Hyundai Card, known for its foresight, unveiled a new slogan, ‘Architect of Change.’ This phrase likens Hyundai Card to a ‘builder constructing a village (industry),’ reflecting its role as an industry pioneer. The innovations that Hyundai Card introduced 10 to 20 years ago have not only become industry standards but have also been recorded as ‘heritage’ within the industry. A prime example is Hyundai Card M, which turned points—once just one of many benefits—into the centerpiece of its offerings, earning the title of ‘the longest-lasting card brand in Korea.’ With this new slogan, Hyundai Card is poised to design another wave of changes by introducing a product lineup that simplifies and streamlines benefits and services.
DBR has explored the changes Hyundai Card has designed over the past 20 years and the changes it plans to design in the future.
This content was translated into English by AI (using DeepL) from an article that was originally written in Korean in the DBR (Donga Business Review). Therefore, please understand that there may be some awkward expressions.
The DBR has all legal authority over this content. Please note that unauthorized use and distribution may be subject to legal sanctions
