Behind the Launch of KBank Cashback Plus ‘One Card for all Needs’ A Thai Credit Card that Empowers Vietnamese People | Techsauce

Behind the Launch of KBank Cashback Plus ‘One Card for all Needs’ A Thai Credit Card that Empowers Vietnamese People

After clearly establishing itself as a foreign bank, KASIKORNBANK (or KBank), led by KBank World Business Group (WBG), has been actively expanding into foreign markets in AEC+3, including China, Laos, Vietnam and Indonesia. Vietnam, in particular, has been successful in attracting investments from around the world and is predicted to be the fastest-growing market in ASEAN. KBank also recently introduced ‘KBank Cashback Plus’, a new product created for Vietnamese consumers.

KBank Cashback Plus

With each international market entry, KBank emphasizes the importance of having a skilled team that works collaboratively and understands the needs of customers in each locality. In Vietnam, KBank WBG studied the spending behavior of Vietnamese people and found that they are increasingly adapting to a cashless society. At the same time, card spending reflects the lifestyle, spending stability and income of Vietnamese people. This presents an opportunity for the banking industry to offer unique products that better cater to the specific needs and lifestyles of people in Vietnam.

After analyzing the market, KBank Vietnam utilized the data by launching deposit-based products alongside its K PLUS Vietnam Mobile Banking app in 2022. This provides Vietnamese customers with convenient digital solutions for their daily transactions in an increasingly cashless society, enabling them to transfer money, pay bills, top-up accounts, check balances and request statements via their mobile phones. As a result, the number of users has continuously increased, recently surpassing one million.

In 2024, KBank Vietnam continued to expand by successfully launching its first credit card product in the Vietnamese market, KBank Cashback Plus. This is another financial product that the bank aims to empower Vietnamese customers to access more financial opportunities with just one credit card. It offers a credit line for spending, cashback on various spending categories, 0% interest installment plans for up to 3 months, instant cash withdrawals anytime and anywhere, along with many other privileges.

KBank Cashback PlusKBank Cashback Plus: A Card That Empowers Vietnamese People

The key highlight of KBank Cashback Plus is One Card for all Needs, a card that understands the needs of Vietnamese people and offers benefits across all spending categories.

  • One Card for all Needs Unbeatable ‘Cashback’

    • While most credit cards issued in Vietnam offer cashback in only a few categories, KBank Vietnam recognized this limitation and introduced KBank Cashback Plus. This ‘One Card for all Needs’ credit card offers cashback on a wide range of purchases, including dining, shopping, travel, and online transactions, up to 10% (and up to 15% when shopping in Thailand).
  • Convenient Cashback with Automatic Redemption

    • Research in the Vietnamese consumer market revealed that many credit card customers miss out on cashback benefits because they let their points expire before redeeming them. KBank Vietnam took this insight and combined it with know-how from the banking business in Thailand to develop KBank Cashback Plus with an automatic cashback system. Cashback is credited directly to the account every billing cycle without the need for redemption.

Success Through a 'Diverse Team with a Common Goal'

KBank Cashback PlusAfter analyzing the market, KBank Vietnam utilized the data by launching deposit-based products alongside its K PLUS Vietnam Mobile Banking app in 2022. This provides Vietnamese customers with convenient digital solutions for their daily transactions in an increasingly cashless society, enabling them to transfer money, pay bills, top-up accounts, check balances and request statements via their mobile phones. As a result, the number of users has continuously increased, recently surpassing one million.

Behind the launch of this new product in the Vietnamese market, KBank World Business Group (WBG) played a central role in overseeing the regional business. They worked in an agile manner, prioritizing speed and efficiency, with a team of skilled experts from various fields collaborating to achieve a common goal. This process started with strategy development, fieldwork to gather data, analysis and refinement of information to design the product, as follows:

  • Field research to study the spending behavior of Vietnamese people. The Strategy team conducted market research, focus groups with Vietnamese people, and even acted as mystery shoppers in various stores. They collaborated with KBank’s Legal, ERM, IT and KBTG Vietnam (KASIKORN Business-Technology Group) teams to understand Vietnamese regulations, paving the way for this new product.
  • Using insights to understand and design financial services and products, in this case, a credit card, by the Product team.
  • Once the card was developed, KBank Cashback Plus was launched into the market through the collaboration of the Marketing, Strategist and Sales teams in order to promote card usage.
  • Providing accurate and prompt customer service, handled by a dedicated Vietnamese Operation team.

KBTG Vietnam

Before achieving success in developing this new product, the KBank World Business Group team undertook extensive learning and fieldwork to truly understand the needs and context of each locality. They also faced various challenges, such as fostering collaboration within a team of highly skilled individuals who had never met before, aligning together diverse opinions to create services and products that resonate with Vietnamese people while operating in accordance with Vietnamese regulations and procedures. However, with a mindset of continuous learning and openness to both opportunities and challenges, they successfully launched 'KBank Cashback Plus,' the first credit card under KASIKORNBANK for Vietnamese customers.

Learn more about KBank World Business Group's regional expansion on Facebook: WBG World Business Group  https://m.facebook.com/KBANKWBG

This article is an advertorial 

#KBank #KBankWBG #KBankCashbackPlus

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