By The Nation
The company said in a press release on Friday that is recreating HomePro Visa Platinum Credit Card and unveiling new credit and personal loan card products – Krungsri HomePro Corporate Card, HomePro First Choice Card and MegaHome First Choice Card.
The new cards target both individuals and commercial corporate customers offering unprecedented privileges including automatic corporate reports, discounts, cash back credit, and 0 per cent interest instalment for up to 12 months for every single purchase at HomePro and MegaHome.
With its plan to penetrate all segments in its client base, Krungsri Consumer forecasts an annual growth of 10-20 per cent in the number of new cardholders and the total volume of personal loan and credit card spending, hoping to achieve Bt14 billion target within this year as the cooperation will keep the businesses of the two partners sustainably expanding.
Thakorn Piyapan, Chairman, Krungsri Consumer, said: “Krungsri Consumer firmly believes in building and growing our business along with our partners’ and as always we put great emphasis on utilising latest technology to bring about exciting financial innovations for the benefits of our consumers.
“After 17 years of mutual trust since HomePro has chosen us as their financial partner, Krungsri Consumer and HomePro today join forces once again in revamping the model of our financial service business in line with the ever-changing environment by using the in-depth customer information analysis technology to develop innovative products, services and privileges to create the kind of experience that better serves our individual and commercial corporate clients.
“The online and offline customer behaviour data we have all points to the opportunity to expand our client base. We then further extend our partnership with HomePro accordingly.
“Apart from the modernised HomePro Visa Platinum Credit Card with more benefits for customers with a family who can now manage their home decoration expenses more worthy, we also come up with three new co-branded cards namely Krungsri HomePro Corporate Card for commercial clientele preferring reliable expense reports on a regular basis for a more efficient financial management, HomePro First Choice and MegaHome First Choice cards designed to meet the demands of HomePro customers as existing financial products fail to do so.
“These are the personal loan cards offering 0 per cent interest instalment for up to 12 months and suitable for new generations and first jobbers who are keen on home or condominium decoration and in need of a clever financial management plan. We invested over Bt100 million in the development of these new card products and marketing promotions we proudly launch today.”
Khunawut Thumpomkul, Director, Executive Director and Managing Director, Home Product Center Public Company Limited or HomePro, said: “Home Product Center, reaffirms our standpoint as Thailand’s Home Solution and Living Experience forerunner.
“This year we are more focused on adjusting our business strategies in accordance with the ever-changing environment, deploying the customer-centric approach and further networking with our partners to develop innovative products and services, while expanding our sales channels through HomePro and MegeHome brands to make sure we will create a better user experience and thus encouraging consumers to decidedly make a purchase via any of our omni channels whose number clearly reiterates our position as the leader in home solutions and retail business for construction.”
“HomePro currently has approximately 3.8 million Home Card members, 43 per cent of which are Bangkokians while the rest 57 per cent are upcountry residents, who contribute to 92 per cent our sales value. Each year, approximately 63 per cent of our members, or around 2.4 million Home Card holders, buy some products at our locations, with an average spending of around Bt22,000 per person annually. More than 65 per cent of these spenders use credit card and more than 20 per cent of which prefer instalment payment.
“Given this useful information, we see a chance to grow our client base both in Bangkok and other provinces to better meet the demands of our consumers based on their specific lifestyles. Krungsri Consumer uses their technology to create new financial innovations which can fulfil consumer needs in today’s cashless society - hence this new exciting synergy.
“We are extremely pleased to expand our partnership with the leader in financial business like Krungsri Consumer with whom we have formed a great bond for 17 years. I strongly believe that these new credit and personal loan cards will be able to meet the different demands of both commercial and individual customers of HomePro and MegaHome, with more than 100 branches among them, and create a better user experience for consumers,” he said.
Thakorn added: “With multiple financial products perfectly designed to better serve consumers in all market segments, the support we always have from our strong partner like HomePro with more than 100 branches, coupled with the use of new technologies and the in-depth information analysis to offer new products and services with unprecedented benefits and privileges to meet the demand of customers in every segment, Krungsri Consumer expects overwhelming response for these credit and personal loan cards.
“We target 120,000 new members for HomePro Visa Platinum Credit Card and Krungsri HomePro Corporate Credit Card and 50,000 new members for HomePro First Choice and MegaHome First Choice cards, with the total volume of personal loan and credit card spending of 14 billion Baht for all four cards this year and an annual 10-20 per cent growth rate of both spending and the number of members. Krungsri Consumer and HomePro have also planned to jointly offer new services in the future such as information-based lending which uses consumer behaviour data as the key information for loan approval analysis to allow those groups of customers, who have no fixed income documents, easy access to financial products.
“This data will also be used for automatic credit limit increase consideration or for selecting more appropriate marketing promotions for each particular customer to create a better and innovative user experience for both Krungsri Consumer and HomePro customers, and to build a sustainable business development for both companies,” concluded Thakorn.