Hyundai Card’s AI Revolution: A Decade of Innovation and Global Impact

Hyundai Card’s AI Revolution: A Decade of Innovation and Global Impact

Hyundai Card is reshaping the financial landscape through a decade-long commitment to artificial intelligence, culminating in a groundbreaking deal to export its proprietary AI technology. This milestone not only signifies a shift in the company’s strategy but also positions it at the forefront of the global fintech industry.

In an era where artificial intelligence (AI) is rapidly transforming industries, Hyundai Card has emerged as a pioneer, setting ambitious goals and achieving remarkable milestones. Under the visionary leadership of Vice Chairman and CEO Chung Tae-young, the company has dedicated ten years and over a trillion won to harness the power of AI, making it a standout player in the financial sector.

Last week, Hyundai Card marked a significant achievement by signing a landmark deal with Japan’s Sumitomo Mitsui Card Co. The agreement allows Hyundai Card to export its proprietary AI software, known as Universe, a groundbreaking move for a Korean finance company. While the financial details remain undisclosed, the deal is estimated to be worth several tens of billions of won, highlighting Hyundai Card’s innovative approach to global expansion.

This historic agreement is particularly noteworthy as it positions Hyundai Card as the first Korean financial institution to develop and export its own AI technology. Unlike traditional methods of international growth, such as opening new branches, Hyundai Card is setting a new precedent by commercializing its AI capabilities. This strategic shift underscores the company’s commitment to innovation and its readiness to compete on a global scale.

The roots of this ambitious journey trace back to Chung’s launch of the “Digital Hyundai Card” initiative nine years ago. This strategic endeavor aimed to transform the company into a leading force in data science and AI. Since then, Hyundai Card has invested approximately 30% of its operating profit into AI and data science, totaling around one trillion won. Chung has consistently emphasized that this investment is just the beginning of the company’s AI journey, signifying a broader vision for the future.

Chung believes that the AI revolution will surpass even the Industrial Revolution in its significance and impact on society. This belief is driving Hyundai Card’s relentless pursuit of innovation, as the company aims to leverage AI not only to enhance its services but also to redefine the customer experience in financial services.

The implications of Hyundai Card’s success extend beyond its own operations. By exporting proprietary AI technology, the company is setting an example for other financial institutions in Korea and around the world, showcasing how AI can be effectively integrated into finance. As AI continues to evolve, Hyundai Card’s pioneering efforts may inspire a wave of technological advancements within the financial sector, leading to increased efficiency, improved customer service, and more personalized financial solutions.

Hyundai Card’s decade-long investment in AI represents a strategic vision that is rapidly coming to fruition. With its recent export deal, the company is not only enhancing its global presence but also influencing the future trajectory of the financial industry. As the world embraces the age of artificial intelligence, Hyundai Card stands as a testament to the transformative power of technology in finance.