Bangkok--13 Jul--KTC
KTC is ready to pursue member base expansion target in this second half of the year with new distribution channel management strategies which include the use of direct sales, Krungthai Bank, KTC Touch service centers, online channels, and co-issuer bank which is a Government Savings Bank. The firm hopes to secure more market share in the personal loan market involving individuals with an income of 10,000 Baht or more. On the credit card side of the business, KTC is seeking to improve the portfolio qualitatively than quantitatively, and to encourage members to spend more. An increase of 100,000 accounts is expected for the credit card and the personal loan businesses each.
Mrs. Nutchanun Kengluecha, Executive Vice President - Distribution Business, “KTC” or Krungthai Card Public Company Limited, said “The major flood in the second half of 2011 has had serious consequences on nearly all consumer loan service providers including KTC. However, with good sales strategies and great collaboration, we have been able to achieve a growth not far from the target with 145,000 new credit card members and 97,000 new personal loan members.”
“As for distribution channels management in the second half of this year, we will still focus on personal loan to comply with the continuous growth in demand, following the gradual economic recovery. Expansion of this business can generate immediate income for us in terms of interests. It is also open to a wider group of applicants who can have an income from 10,000 Baht in order to be eligible.”
“On the credit card side of our business, we will value quality more than quantity as we seek new members due to the near maturity of the market, the changing operational costs and the high competition. Our proactive communication strategies will focus on informing applicants of our differentiating privileges in order to achieve immediate spending. We also believe that our 1.6 million plus member base is large enough to create an economy of scale. Strategies to encourage more spending should be more efficient as they will help us save on our cost and generate more revenue for us.”
“KTC will leverage on diversity of distribution channels such as direct sales, Krungthai Bank, co-issued card such as Government Savings Bank, our KTC Touch and online channels which are also growing in number. We also have the ‘I Want KTC’ iconon our website at www.ktc.co.th and we have our partner’s website as another channel. Our primary channel will continue to be direct sales as we have experienced salespeople distributed across the country. This will come in very handy for the expansion of the personal loan member base. The telesales operation is now fully integrated into the in-house operation. This will make it easier for us to control sales quality and improve on efficiency with the aim of achieving the target set.”
“We are working more with Krungthai Bank this year through bundled sales with the bank’s products in order to give customers more benefits from the get-go. This will help reduce hassle of application documents greatly.”
“As for strategies and models for the presentation of credit card and personal loan products to the target groups, we will rely on referrers or sales agents in combination with market promotion campaigns in the form of commission and overseas trips. These have been well received by the agents so far.”
“However, we will focus more on the quality of our new applicants by reviewing their credit card spending and initial personal loan withdrawal. We will offer a larger credit line as well in order to allow ourselves to generate more revenue while lowering costs associated with the recruitment of new customers. We believe that by the end of this year we will have 100,000 new members each for the personal loan and the credit card businesses.”
For more information, please contact
Public and Corporate Affairs Department
Krungthai Card Public Company Limited
Kandtharat Chermchitphong Tel. 02-828-5057
Suchada Weerasakulrak Tel. 02-828-5732
Nutchanok Somsawat Tel. 02-828-5048
Fax. 02-828-5046
E-mail:
[email protected]