[SPONSORED REPORTS] Hyundai Card pioneers online approach amid Covid

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[SPONSORED REPORTS] Hyundai Card pioneers online approach amid Covid

 The credit card industry has not escaped the impact of the Covid-19 pandemic. With social distancing measures common place and the “new normal” being defined by “untact” practices, corporations from myriad industries are finding it necessary to improvise, adapt and overcome the current hostile and unprecedented circumstances.

Therefore it comes as no surprise that Hyundai Card’s recent online LAN meeting with customers and the Financial Supervisory Service (FSS) enthralled many. Hyundai Card’s “Online customer panel conference,” which took place on July 29, was the first online customer meeting held in the card business field in Korea. Unbounded by a time limit or physical venue, the meeting engendered fervent reactions from customers, especially those from outside the Seoul metropolitan area. Thanks to the remote meeting, various responses from all around the country were heard including numerous complaints, concerns and solutions.

“It is obvious that Covid-19 will alter the landscape of financial services, sooner rather than later. It was an eye-opening experience for me to see how virtual meetings with customers can be beneficial to our services,” an official from the FSS said.

Hyundai Card’s online customer outreach is not limited to virtual conferences. By using real-time text messaging and other channels, Hyundai Card is accumulating more than 300,000 customer responses each year.

With this substantial customer data, Hyundai Card established its product development system. Before launching new card services and products, the product committee is assembled, comprised of the product development department, internal control department, consumer protection department and many more. In this process, if a problem arises, development is halted immediately. Hyundai Card also recently launched pre-emptive customer care services with its consumer protection department. By analyzing the ongoing government’s policymaking and economic indicators and offering consultation to its users, Hyundai Card aims to remain vigilant in customer care in this intricate, fluctuating market.

Digitalized procedures were also introduced to promote fast response times and personal information protection. Hyundai Card was the first in the card industry to implement an artificial intelligence (AI) automated response system as part of its customer care system, shortening the time between each customer’s calls and enabling counselors to be more focused. In addition, Hyundai Card’s AI system is also being implemented to deal with the fraud detection system for credit card thefts, proving its versatility.

Hyundai Card’s pioneering online approach, data management and AI implementation are catching people’s eyes not only in card businesses but also in the finance industry. “Our next goal is to define the correlation between customers’ behaviors and complaints by using our customer data. Analyzing what situation causes customer’s certain discomfort will help us deal with future complaints,” said the official from Hyundai Card.

By Ahn Tae-lahm [ahn.taelahm@joongang.co.kr]

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