Foreign funds including Lone Star and PAG brave sector without powerful local partners
- E.SUN Bank increased the sticky behaviour for its Only Card by introducing a level-oriented rewards programme for its cardholders
- Only Card’s series of rewards increased card loyalty as reflected in the high number of card issuance and new to bank customers it attracted
- The bank took precautionary measures in serving its customers during the COVID-19 crisis
Singapore, 5 June 2020 — E.SUN Bank received Best Credit Card Product at The Asian Banker International Excellence in Retail Financial Awards 2020.
E. Sun Bank increased the sticky behaviour for its Only Card by introducing a leveloriented rewards programme for its cardholders
In a highly competitive credit card market such as Taiwan, E.SUN Bank introduced Only Card and Only Reward – both highly integrated with E.SUN wallet – to make consumption more interesting and interactive for its customers. Unlike other cards with fixed percentage for rewards and cashback, the Only Reward programme has five levels of rewards represented by gemstone to encourage card usage. By accumulating purchase amount, members can advance to higher levels with higher rewards.
Only Card’s series of rewards increased card loyalty as reflected in the high number of card issuance and new to bank customers it attracted
In just four months after its launch, E.SUN Only Card already takes up a fourth of the bank’s non-cobranding cards and significantly contributes to its overall card portfolio. Due to the structure of the rewards programme, Only Card ranks the highest among the bank’s cards in terms of per card spending.
Moreover, the Only Reward programme effectively attracted new to bank customers, which currently takes up almost a third of the programme’s total members. In line with this, E.SUN has seen momentum in the growth of its total credit card business in 2019. It outpaced most banks in terms of growth in card issues, card consumption, number of active cards and credit card fee income.
The bank took precautionary measures in serving its customers during the COVID-19 crisis
With its business continuity plan, the bank managed to provide uninterrupted services for its customers by establishing safety measures for branches and staff. It also provided payment extensions and funding for small and medium-sized enterprise clients who have been affected by the pandemic
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information on the collaterals for winning banks, please contact:
Mr. Mobasher Zein Kazmi
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