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Banks eye new generation to expand credit-card customer base

Banks’ credit-card divisions plan to tap more young customers next year to boost the growth of their business.

Somwang Toraktrakul, managing director of Krungsriayudhya Card Co Ltd, said the company will launch new products that are tailormade to tap the new generation, even though their spending through credit cards at present is not high.

The company is targeting a 7 to 8 per cent growth in card subscription next year, while it expects spending via its credit cards to grow 12 per cent.

Though spending via its credit cards in the past 10 months shrank 12 per cent, it is still an improvement from minus 50 per cent in March and April, he said.

The company’s credit-card subscription base at present totals 1.4 million cards, which is expected to rise to 1.5 million by yearend.

Thaweelap Rittapirom, Bangkok Bank’s executive vice president, said his bank will also focus on tapping the new generation next year.

It will take part in university activities to raise awareness of its BBL brand, which will make them think of BBL first when they want credit-card services.

The bank will also expand partnership in many sectors as part of efforts to boost the number of new cardholders and spending next year.

Published : November 13, 2020

By : The Nation