TMB going all out to build brand awareness
TMB Bank is spending heavily to build brand awareness among customers by budgeting Bt2 billion over two years to renovate 200 branches nationwide and relocate 100 other branches.
The bank did not target the revenue from the branches because the priority of services at the branches is to create brand awareness and offset branch expenses.
Since the TMB No Fixed savings account was launched, brand awareness has increased to 47 per cent from 36 per cent last year.
There are now 300,000 TMB No Fixed accounts, of which 40 per cent were opened by new customers.
The revamping of major branches has already seen monthly transactions rise to 2.9 million from 2.2 million last year.
New customers are expected to be increased to 30 per cent.
This year, TMB Bank targets to add 20 outlets to its 465-branch network.
The launching of the major makeover was the result of research into customer behaviour, which found four types of customers - self-service, transaction, discussion and info-seeking.
The info-seekers had the highest profile among the groups, so space has been set aside at branches for customers who want more information on products and investments.
After the branch overhaul, customers at branches are expected to increase by 30 per cent. TMB intends to keep growing at that rate.
TMB will improve its financial products to better meet customer requirements.
About 600 ATMs will be relocated from areas with few customers to those with crowds of people. That should boost ATM transactions.
The bank might not need to install more ATMs because the 2,300 ATMs it has already can be enough to serve customer demand, he added.
