Bank looks at digital channels to boost credit cards
TMB Bank has announced that spending through its credit cards has grown 35 per cent, and said that it would put more emphasis on expanding its base through digital channels in the future.
A TMB Card media release says the bank is reinforcing the concept of “Make the Difference” by “offering a wide range of services to suit smart lifestyles, and wishes Thai people to use their credit cards with discipline and manage their money better”.
This strategy was announced after research that showed a 33 per cent increase in card applicants through the tmbbank.com website.
Mingkwan Pattanawong, head of retail marketing of TMB Bank Public Company Limited said TMB Card aimed to increase spending via credit cards by 17 per cent.
At present, total credit card lending is Bt18 billion.
Mingkwan said the bank’s credit card had “distinct advantages” over other products in the market, such as offering cash back, no fees for cash advances, reward points, and a quicker issuance of cards than other banks.
“The most prominent and popular is the TMB ‘So Goood’ service or a 0 per cent for 3 month payout programme for spending 1,000 baht or more.”
Mingkwan said online card spending grew by 35 per cent and it was expected that new subscribers from digital channels would grow by 29 per cent year-on-year.