The trend of personalizing customer experience

Many experts predict that in 2024, the strong development of service industries will make the level of competition in the market increasingly fierce. According to an informal study, 44% of customers are likely to be loyal to a business if they receive a good customer experience. Meanwhile, up to 49% of customers buy products that they did not intend to buy before just because they experience a good, personalized service.

Therefore, most businesses in the world focus on building a personalization strategy to bring customers the most satisfying experiences, thereby attracting and retaining them to stay with the organization longer, especially in the finance - banking sector.

For example, India's ICICI Bank allows customers to proactively upload their favorite photos to print on their debit cards, helping them become the real owners of the card, instead of just having their names as usual. Or Bank of America, in addition to providing reasonable financial limits, also advises users on a list of card lines that suit their lifestyle and spending habits (shopping, traveling, studying abroad, entertainment, etc.) for them to choose from. Moreover, customers can also change features and turn them on/off according to their needs.

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“Whoever uses that card” is the trend of future credit card products

Express your personality through your bank card

In Vietnam, with the desire to bring customers the most “suitable” experiences for their personality and lifestyle, many banks have proactively invested in research, surveys, and interviews with users to make decisions on “personalizing” the design of their card products. For example, last year, SHB launched the attractive “Card Family” set.

This is a cluster of 4 card lines dedicated to 4 different customer groups, representing 4 members in a Vietnamese family. That is the Platinum card line - representing the Father, the Cashback card line - accompanying the Mother, the FCB card line - igniting the passion for sports with the Son and the Star card line - dedicated to the active Daughter.

SHB representative said that in each credit card, the bank's development team has added specialized features that are most suitable for its customer group, instead of offering general incentives. For example, a mother who often spends money and takes care of the housework for the family will be encouraged to use the Cashback card line with extremely high cashback incentives, or for a father who often has business trips away from home, the Platinum card with airport lounge privileges is the top choice.

“This gives customers a sense of being understood and the products are “tailored” for them, not for the masses. This is also SHB’s strategy for developing card lines in the future to attract customers,” said a SHB representative.

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The "SHB Card Family" set has been well received by many customers recently.

Duong Pham, a Gen Z girl living in Ho Chi Minh City, said she was very impressed with the Platinum Star card. “As someone who loves to travel and enjoys unique and luxurious experiences, I am very impressed with this card thanks to its dining spending incentives at many large restaurants and impressive design. Holding the card in my hand, I feel like I am living like a star. That is youth,” Duong shared.

Hoang Duc, an architect in Hanoi, wants to choose the SHB FCB card. “I have been a big fan of Barcelona for a long time, so I prefer to choose the SHB and Barcelona co-branded card. In addition, I am impressed with the discount offers when shopping at sports centers, which helps me save a lot when buying football shoes,” Duc said.

A special point that both Duong and Duc were impressed with when using credit cards at SHB is the simple way to open a card. It only took 5 minutes to operate and did not require complicated income proof procedures, the two of them successfully registered to issue a card on both the website and mobile app platforms without having to go to the transaction counter. In particular, during the registration process, Duong and Duc could freely explore each detailed offer of the card to optimize the benefits when using it.

In addition, when opening a new credit card and spending, customers will receive a refund of up to 1 million VND from SHB, a discount of up to 500,000 VND when paying bills.... All card opening and payment transactions by domestic/foreign credit cards will be awarded loyalty points through the SHB Rewards feature managed in the e-banking application.

“In the past, people affirmed their personality based on clothes, fashion accessories, and technology products, now they have one more item to express their ego, which is a personalized credit card from SHB,” the bank representative emphasized.

The card family is the beginning of SHB's strategy to reposition international credit cards in the period of 2023 - 2024. As of December 31, 2023, the number of newly issued Platinum cards alone increased by 370% compared to 2022. Transaction turnover of this card line increased by 2.5 times. Thanks to that, SHB was recently honored to receive the award "Bank with the best growth in card transaction turnover in 2023 - New Superstar in Payment Volume Growth 2023" by VISA and Top 50 trusted products and services in Vietnam 2023 by Vietnam Economic Magazine.

Thanh Ha