There’s a new buzzword in town, and it’s “customer bundles”.
Banks and credit card issuers know that customer loyalty is an enormous driver for their business, so they’re doing their best to sign up existing customers – not to mention new ones – to as wide a spectrum of services as possible.
Maybank is the latest financial services company to get onto this particular bandwagon, offering tailored services to its customers so that they get the most from their banking experience.
With tens of thousands of customers, matching account holders to a suite of appropriate products would be an administrative nightmare, and in the past banks would showers people with mailshots and phone calls containing cunningly-worded invitations to come into the branch to discuss their financial needs.
Not any more – with the advent of technology, Maybank can now analyse customers’ financial activity and come up with products that suite their standing and lifestyle. That means the right insurance offers, tempting credit card deals, not to mention loans and savings packages.
The system they’re using is called SunTec Xelerate and they say it’s to “further enhance the customer centricity of its products and services… to introduce innovative product bundles tailored to the needs of its retail customers in Singapore.”
See? We told you there were buzzwords involved.
Maybank Singapore CEO Lim Hong Tat said: “Customers expect more personalised products and services… we will be able to better serve our customers through our customer-centric strategies across multiple lines of business…This is an important step in our goal to becoming a leading regional financial services provider and offering our customers a seamless banking experience across the region.”
Naturally, Maybank won’t be the only bank rolling out these services. We think they’re fine, but they do nothing to help customers search for the best deals across a number of banks and financial institutions. While they’re desperate to retain customer loyalty, it’s your prerogative to give under-performing banks the cold shoulder and move your money elsewhere.
That’s why we exist – we really do offer you the best deals in credit cards and loans. Give us a try now, and save money.