The history of the financial industry is a history of those who control platforms. Banks became platforms by gathering deposits, while card companies grew by dominating payments. However, with the advent of the AI era, the battleground for finance is shifting once again. Now, the key to competitiveness lies in how much customer data is secured, how precisely it is analyzed, and how deeply it penetrates customers' daily lives. Kim Yi-tae, CEO of Samsung Card, stands at the forefront of this change.
Having worked at the Ministry of Economy and Finance, international financial organizations, Samsung Electronics, and Samsung Venture Investment, he is not a traditional card industry CEO. Instead, he is more of a strategist who understands finance, technology, and platforms simultaneously. Since taking office, he has repeatedly emphasized the word 'Transformation.' This is a declaration to change the business model itself, with Monimo, Samsung's integrated financial platform, at the center of this transformation. Why has Kim Yi-tae placed his bets on Monimo? The answer to this question encapsulates both the future of Samsung Card and the direction of AI finance.
Redefining Card Companies in the AI Era
To understand Kim Yi-tae, one must first look at the realities of the card industry. The card industry is currently facing a structural crisis. Merchant fees are continuously declining, and big tech companies like Toss, KakaoPay, and Naver Pay are rapidly encroaching on the payment market. The era where simply increasing card issuance could lead to growth is over. There is a pervasive sense of crisis in the industry that if card companies do not find new revenue streams, they may ultimately become subcontractors for platform companies.
Kim Yi-tae starts from this point. He believes that the essence of a card company is not the card itself, but the data. Card companies know the most about when, where, and what customers are buying, what services they are using, and which brands they prefer. In the AI era, this consumer data becomes the new oil. AI thrives on data. Therefore, the future competitiveness of financial companies will be determined not by the number of branches or members, but by the quantity and quality of data.
In fact, Samsung Card is actively expanding its data-related businesses, including data specialist institutions, my data services, and corporate information inquiries. This is not merely a foray into new business; it is the establishment of infrastructure in preparation for the AI financial era. The future Kim Yi-tae envisions is not a card company, but a data company—one that understands consumer behavior and predicts future actions through AI.
Monimo: The Platform for Samsung's Financial Future
The centerpiece of Kim Yi-tae's strategy is undoubtedly Monimo. This integrated platform connecting Samsung Life, Samsung Fire & Marine, Samsung Securities, and Samsung Card is not just a financial app. For Kim Yi-tae, Monimo represents the future of Samsung Finance and serves as a laboratory for the AI financial revolution.
Since taking office, he has elevated the Monimo-related organization to a headquarters-level unit and has embarked on comprehensive investments. He established the Monimo headquarters through organizational restructuring and made the decision to gradually integrate the Samsung Card app into Monimo. This is a significant risk for a card company, as transitioning customers from a self-operated app that has been in use for decades to a new platform is no easy task.
However, Kim Yi-tae believes that the future of finance lies in integrated platforms. Customers do not think of cards, insurance, securities, and banks separately; they want to manage their assets all at once. They wish to resolve investments, consumption, insurance, and pensions on a single screen. AI also operates more effectively on integrated data.
The true purpose of Monimo lies here: to connect the scattered data of Samsung's financial affiliates. By combining card consumption data with insurance data, investment data, and asset management data, a much deeper understanding of customers can be achieved. AI can analyze this data to predict and suggest the financial services that customers need.
Recently, Monimo has been evolving to incorporate AI, stablecoins, and hyper-personalized services. Kim Yi-tae aims to build a lifestyle finance platform rather than just a financial app. Ultimately, Monimo is Samsung Finance's super app strategy and a key hub in the AI financial revolution.
From Data to AI: Kim Yi-tae's Next Move
AI finance is not merely about creating chatbots; it is about understanding customers more deeply and providing more accurate financial services. To achieve this, Kim Yi-tae is expanding the data ecosystem.
Samsung Card is broadening collaborations beyond the financial sector, strengthening partnerships with lifestyle platforms such as Starbucks, Toss, Gmarket, and KTX. This strategy aims to enter customers' daily lives to gather more data and connect it with AI.
Kim Yi-tae views AI not as a cost-cutting tool but as a means for growth. While many financial companies utilize AI for automating consultations or improving operational efficiency, he sees AI as a tool for creating new business models. The goal is to predict what customers want, connect financial and non-financial services, and integrate consumption, investment, insurance, and payments.
The reason Samsung Card is recently expanding its interests into AI, digital assets, and stablecoins is rooted in this vision. The future of finance is likely to operate within a single platform that encompasses payments, asset management, and digital assets. Kim Yi-tae is preparing for this change before it becomes a reality.
Of course, there are risks. The burden of large-scale investments in Monimo remains a concern. While a successful platform business can dominate the market, failure can leave behind significant costs. Some analysts believe it is too early to determine whether Monimo will become a growth engine or a financial burden.
However, entrepreneurship shines in uncertainty. Investing in the future while others take the safe route is the role of an entrepreneur. Kim Yi-tae is making such a choice now.
Kim Yi-tae's entrepreneurial spirit can be summed up in one phrase.
"Transitioning from a card company to an AI platform company."
He does not seek to sell cards; he seeks to understand customer data. He does not aim to protect the payment market; he aims to create a new financial ecosystem. This is why he has placed his bets on Monimo.
In the AI era, the winner in finance is likely to be the company that can connect the most customer data, not the one with the most branches. Kim Yi-tae has recognized this fact before anyone else. Thus, he is looking for Samsung Card's future not in cards, but in Monimo.
If Monimo succeeds, Kim Yi-tae will be remembered not just as a CEO of a card company, but as the architect who led Samsung Finance's digital transformation. Conversely, if it fails, he may remain known as a manager who bet on large-scale platform investments.
However, one thing is clear.
In the era of the AI financial revolution, Kim Yi-tae is one of the CEOs who is investing in the future ahead of others.
* This article has been translated by AI.
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