Surpassing North America and Europe as the host of the highest number of high net worth individuals, Asia Pacific holds tremendous growth opportunities in the premium cards market, according to an interview with some of Asia's top bankers. A premium card can offer higher spending limits, spending rewards, VIP access to events or free leisure pursuits. In fact, the estimated private wealth of HNWI in Asia pacific total to a massive US$10.7 trillion, much of which is driven by young entrepreneurs. By bundling attractive rewards and developing close relationships, banks can garner the loyalty of these 3.37 million high net worth individuals
However, with many banks competing for a piece of the HNWI pie, how can banks differentiate themselves? Here's are some views from the interview:
CIMB's Group Deputy Chief Executive Officer, Renzo Viegas, highlights that financial institutions need to extend the value proposition for their customers beyond the credit card product, integrating a high level of customer service, asset management and other attractive credit products to match the growing expectations of premium clients.
In tailoring rewards for premium customers, DBS's managing director and head of its consumer banking group notes that Asia's HNWI behave differently from their Western counterparts.
Finally, a key point is that banks need to keep innovating, especially in the areas of contactless payments, mobile banking and e-wallets to support online purchases. At the same time, Ismael Sandig, the Senior Executive Vice President from RCBC stresses that merchants must also adopt new technologies.
Cards and Payments Asia will be featuring over 40 senior level speakers, addressing everything from growth opportunities in the cards and payments market, sharing their insights on branding and loyalty, and exploring the growth of mobile wallets in Asia. See our website for more details on the event, view the full speaker list and join us in April!