KTC adjusts its credit card strategy for the second half of 2021, emphasizing partners and value, and develops its app for more convenience

Monday 05 July 2021 17:05
KTC adjusts its credit card marketing strategy for the second half of 2021, putting an emphasis on the principles of Partnership Marketing and drawing on techniques to build long-lasting relationships with partners in various dimensions. These changes will increase the value of special privileges in the daily life essential categories. The firm is confident that the total credit card spending will continue to grow at the end of the year.
KTC adjusts its credit card strategy for the second half of 2021, emphasizing partners and value, and develops its app for more convenience

Mrs. Pittaya Vorapanyasakul, Executive Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, reveals, "In the first half of 2021, the total KTC credit card spending amounted to 94 billion baht, a 4 percent growth compared to the previous year. The top 5 product categories are insurance, oil, variety stores (such as Shopee/Lazada), supermarkets, hospitals, and furniture, which are classified as daily life essentials. Currently, the KTC credit card membership base is 2.5 million cards with 95,000 new card registrations since the beginning of the year out of the target of 230,000 cards for the entire year. The most effective channel to expand the membership base is Krung Thai Bank branches nationwide and outsource sales agencies, and the new credit card approval rate is 36 percent. The main target group is those with an income of 30,000 baht or more. Geographic data depicts that 55 percent of its members reside in Bangkok, and 45 percent in other provinces."

"In terms of the marketing strategy in the second half of the year, KTC continues to have a goal to push members to choose KTC credit card as their default card of choice and become top of mind. KTC has studied the spending behavior of members that have changed due to the impact of the economic slowdown and the COVID-19 crisis to provide value special privileges that are spot on and further meet members' needs. Moreover, an emphasis is put on the insurance category which has the highest spending, and the online shopping category where expenditure has grown exponentially. KTC is ready to create a great experience for members and expand on the potential of the KTC Mobile app, emphasizing ease of use and faster performance, to cater to the lifestyle of members who have become more familiar with the online system. Currently, 1.8 million members have downloaded the KTC Mobile app."

"In addition, KTC also attaches great importance to business partners according to the Partnership Marketing approach with the technique of creating long-lasting relationships. The emphasis on KTC FOREVER's strength will add value and offer convenience to members. The use of KTC's media space will also help promote partner businesses. In addition, KTC also has a KTC U SHOP, an online space to support partners and entrepreneurial alliances to sell products to KTC members. Members can make payments using KTC credit cards or the usage of KTC FOREVER points."

"In 2021, the overall economy of the country is in a slowdown. Therefore, KTC puts its focus on system development to create a great experience for members, and closely coordinates with business partners to prepare for when the economy returns to recovery. The growth target of total spending via KTC credit cards this year still grows," Mrs. Pittaya concluded.

Source: Krungthai Card