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CARDS & PAYMENTS | Cesar Tordesillas, Thailand
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Thailand's KTB to offer more bundled products

The bundled-product principle.

Krungthai Bank hopes to apply this, a marketing strategy that involves offering several products for sale as one combined product, in attracting more customers.

KTB has started by offering a three-month fixed-deposit product via Krungthai Card, its credit-card subsidiary.

Deposits attract an interest rate of 6.25-6.5 per cent per annum for KTC cardholders redeeming points under the "Forever Smile" programme.

Cardholders will have to redeem 1,000 KTC Forever Rewards points to get the right to open the account.

KTC customers who prefer to open these accounts through KTB netbank will get a rate of 6.5 per cent, while 6.25 per cent will be offered to customers who opt to do so at bank branches.

Chainarong Eursithichai, senior vice president of KTB's Retail Business and Network Group, said Forever Smile is a pilot project for the bank and KTC, with KTB using it to expand its customer base by attracting clients of the bank's subsidiaries, while KTC will use it to drive the user-reward points system.

"We found that most KTC cardholders have never been our customers, so we want to promote our products and services to them in order to offer cross-selling products in the future. The deposit product with a high rate

is expected to encourage cardholders to redeem more of their points," he said.

KTB aims to draw at least Bt2.5 billion in deposits from KTC cardholders via the first bundled product. The programme expires at the end of February.

The bank plans to apply the bundled-product principle to subsidiaries such as KTB Leasing in the next phase, which could take place next year, Chainarong said.

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