Concert tickets, vacuum cleaners and more: Will credit card sign-up incentives help banks retain customers?
Associate Professor Lewis Lim with the Nanyang Technological University’s (NTU) Nanyang Business School said banks have to create emotional attachment and cultivate “sustained loyalty” to a credit card brand.
He cited the green American Express charge card, which was a status symbol in the 70s and 80s.
“These days, the credit card market is so cluttered and competitive that the game is more about acquiring new sign-ups and banks snatching customers from one another.
“As a result, there is widespread brand-switching and very little true loyalty to any particular card. Consumers learn to play one card brand off against another just to extract the biggest benefit, and they will avoid paying the annual fees at all costs.”
Banks that retain some cardholders beyond the first year may consider them loyal customers, but they may simply have forgotten to cancel their cards, said Assoc Prof Lim.
“Any remaining loyal customers may also be upset by the bank’s tactics that favour new customers over existing customers, and they will eventually leave to become new customers of another bank’s card.”
FREEBIES: A TACTIC WITH SHORT-TERM FOCUS
Concert tickets are not the only tactic used by banks to recruit new sign-ups. Citibank consistently rolls out new freebies and promotions for customers who sign up for credit cards.
Over the past few years, new Citibank customers have received Nintendo Switches, iPads and various Dyson products when signing up for a credit card.
The bank said its customer sign-ups increase by more than 20 per cent when new promotions are announced.
When asked about the attrition rate of these sign-ups, Citibank did not provide figures but said “most … remain active on their card after the first year, even after receiving the promotion items”.
Giving away freebies is a tactic with a short-term focus, and this works to encourage immediate action, said Dr Hannah Chang of the Singapore Management University.
But sales promotion strategies are not designed for achieving longer-term objectives, unless new promotions are introduced repeatedly over time, she added.
The perceived value of freebies holds “great significance”, and a free gift that is desirable and sought after can attract customers and encourage brand engagement, said Nanyang Business School’s Assistant Professor Charlene Chen.
While these strategies may increase initial customer acquisition, they are not sustainable in the long run, she added.
Banks should also consider the long-term impact on customer retention, said Asst Prof Chen. For example, banks can offer loyalty points to customers, such as cashback rewards, once the card is activated.
“Once they consume the initial benefit, they will be happy to continue using the card because it meets their needs and wants. Bottom line: Don’t just choose something popular, make sure it entices the right crowd you want.”
Commentary: The internship arms race – why are students pressured to collect badges of professionalism?
It incentivises students to frame up as many badges of professionalism as possible – anything from their internship experiences, recommendations from supervisors, or even the aforementioned humble-bragging post-internship posts – all to be recognised as a cut above the rest. As narcissistic as it sounds, it does feel good to be the subject of envy.
Conversely, when we see others doing far more with their professional lives, our good-ol Singaporean kiasu syndrome kicks into high gear, as we fear that we might be left behind. In turn, this pushes us to hop on the internship arms race bandwagon, perpetuating the social pressure to take on as many work attachments as possible.
QUALITY OVER QUANTITY
Undoubtedly, internships are important: They bridge the gap between the classroom and the working world.
They also offer students a place to work on their hard and soft skills, explore various roles to better map their future career options, network with like-minded individuals and find career mentors.
A student who excels in their internship may even be offered a full-time position, securing a head start in their career in an uncertain global economic environment.
But at its core, I believe an internship should be treated as an opportunity to learn. To do so, an internship should challenge students with “real work”, and yet also allow them a space to experiment and make mistakes.
However, not all companies can afford to spend the whole work day guiding students. From time to time, students may be required to take on menial tasks and “coffee runs” during their internships. Even so, students should aim to walk away with some meaningful experience that they can apply when they enter the working world. An internship without real responsibilities defeats the purpose of the learning experience.
Border shelters swell as army renews air attacks
PUBLISHED : 25 Jul 2023 at 04:25
Mae Hong Son: More than 9,000 civilians fleeing fighting in Myanmar are now taking refuge at five shelters in three districts of this northern province.
According to local officials, a total of 9,064 refugees are staying at the shelters in Mae Sariang, Khun Yuam and Muang districts, where humanitarian aid is also being provided.
The five shelters are located in Ban Sao Hin in tambon Sao Hin of Mae Sariang (3,431), Ban Phaekhae in tambon Mae Ki of Ban Khun Yuam (82), Ban Joprakhi in tambon Mae Khong of Mae Sariang (726), Ban Anu in tambon Mae Khong of Mae Sariang (316) and Ban Mai Nai Soi in tambon Pangmoo in Muang district (3,771).
Meanwhile, three Karenni Army (KA) fighters were injured in airstrikes which took place from 6pm on July 22 to 6pm on Saturday, according to border sources.
The Myanmar military forces carried out four airstrikes during the 24-hour period in retaliation for an attack claimed by the KA fighters, said the sources. FTC-200G and K-8 planes were used in the operations.
The rebel group had recently attacked a military base opposite Ban Doi Sang in tambon Pangmoo and an outpost in tambon Mokjampae in Muang district. They had also blocked a route to these areas, forcing the Myanmar military to send troops, weapons and other necessary supplies via helicopters.
Border refugee shelters full as air attacks resumed
PUBLISHED : 25 Jul 2023 at 04:25
Mae Hong Son: More than 9,000 civilians fleeing fighting in Myanmar are now taking refuge at five shelters in three districts of this northern province.
According to local officials, a total of 9,064 refugees are staying at the shelters in Mae Sariang, Khun Yuam and Muang districts, where humanitarian aid is also being provided.
The five shelters are located in Ban Sao Hin in tambon Sao Hin of Mae Sariang (3,431), Ban Phaekhae in tambon Mae Ki of Ban Khun Yuam (82), Ban Joprakhi in tambon Mae Khong of Mae Sariang (726), Ban Anu in tambon Mae Khong of Mae Sariang (316) and Ban Mai Nai Soi in tambon Pangmoo in Muang district (3,771).
Meanwhile, three Karenni Army (KA) fighters were injured in airstrikes which took place from 6pm on July 22 to 6pm on Saturday, according to border sources.
The Myanmar military forces carried out four airstrikes during the 24-hour period in retaliation for an attack claimed by the KA fighters, said the sources. FTC-200G and K-8 planes were used in the operations.
The rebel group had recently attacked a military base opposite Ban Doi Sang in tambon Pangmoo and an outpost in tambon Mokjampae in Muang district. They had also blocked a route to these areas, forcing the Myanmar military to send troops, weapons and other necessary supplies via helicopters.
SRT agrees to one lump-sum rent deal
PUBLISHED : 25 Jul 2023 at 04:00
The State Railway of Thailand (SRT) has agreed to a request by Siriraj Hospital to pay a lump sum rather than make yearly payments for renting its land.
Siriraj Hospital is planning to rent SRT land, which is currently the location of Thon Buri railway station.
The 4.67 rai, or 7,456-square-metre plot, is where Siriraj Hospital has proposed building a new medical complex and where two SRT-operated stations on the future Light Red and Orange lines will be located.
Back in August 2020, the SRT resolved that Siriraj Hospital pay rent to the tune of 50 million baht per year for 30 years. However, the hospital asked that the rent be paid in one lump sum totalling 161 million baht.
SRT’s asset management director Monthakarn Sriwilas announced yesterday that SRT executives agreed on July 20 to approve Siriraj Hospital’s proposal to pay the lump sum.
“[The SRT] will notify the hospital of the SRT board’s decision. The hospital is expected to go ahead in putting together the necessary paperwork while the SRT believes the rental contract signing may take place in September,” said Ms Monthakarn.
She added that Siriraj Hospital will include the 30-year rent in its proposal for the 2025 fiscal year’s budget.
Siriraj Hospital’s medical complex project was given a state budget by the cabinet in September last year worth 3.8 billion baht. Of that total, 2.3 billion baht will cover the construction costs, 1.4 billion baht for procuring medical equipment and 113 million baht for hiring human resources.
The medical complex will be 15 storeys high with three underground floors. Of the 51,853 sqm of usable space, 47,537 sqm will be occupied by the medical complex, while 3,410 sqm will be set aside for the Light Red Line station and 906 sqm for the Orange Line station.
Construction is estimated to take four years. The complex will become Thailand’s first hospital connected to electric train stations on two lines.
Heir apparent hails election victory
PUBLISHED : 25 Jul 2023 at 04:00
NEWSPAPER SECTION: News
PHNOM PENH: Cambodian Prime Minister Hun Sen’s heir apparent insisted yesterday on the legitimacy of elections his party won against no meaningful opposition, defying international criticism that the polls were neither free nor fair.
Hun Sen has presided over Cambodia for nearly 40 years — stifling all real opposition, freedom of speech and democratic reform — but has indicated recently that he will soon hand power to his eldest son Hun Manet.
The United States yesterday condemned the polls, in which the ruling Cambodian People’s Party (CPP) was predicted to win all but five of 125 parliamentary seats in the Lower House.
But Hun Manet posted a triumphant message across multiple social media platforms hailing his party’s victory.
“The Cambodian people have clearly expressed their wills through votes,” he wrote.
“An overwhelming number have expressed support for the Cambodian People’s Party.”
People wait onshore for ferries after voting in the general election in Arey Ksat city of Kandal in Cambodia yesterday. afp
He thanked Cambodians “for choosing to vote, and especially for all the love and confidence in the CPP”.
Official results will not be available for weeks, although the CPP claimed late on Sunday to have won a “landslide” victory.
The small government-aligned royalist FUNCINPEC party, headed by Prince Norodom Chakravuth, is expected to take five seats — giving the new parliament at least a patina of diversity after the CPP won every seat in the last election. The disqualification of the only viable opposition force, the Candlelight Party, on a technicality meant there was no realistic outcome other than a big CPP win.
The United States said the elections were “neither free nor fair”, pointing to “a pattern of threats and harassment against the political opposition, media, and civil society”.
“These actions denied the Cambodian people a voice and a choice in determining the future of their country,” US State Department spokesman Matthew Miller said in a statement yesterday. He said Washington was preparing to impose visa restrictions on some individuals. AFP
Stroke prevention gets annual push
PUBLISHED : 25 Jul 2023 at 04:00
NEWSPAPER SECTION: News
The Faculty of Medicine Siriraj Hospital, Mahidol University, yesterday unveiled its annual campaign to help raise awareness of the dangers that strokes pose, titled “9th Guiding Light for Thais: Walk, run, bike and fight strokes”, on Oct 29, World Stroke Day.
The project was launched in 2015 to promote stroke prevention and reduce the cost of treatment for the public, said Dr Wisit Vamwanich, director of Siriraj Hospital, at the press conference.
He added that now more people are interested in health care and aware that exercise can prevent many serious diseases later in life.
Boosters urged as cases fall
PUBLISHED : 25 Jul 2023 at 04:00
The number of Covid-19 cases is continuing to drop across the country, but individuals considered at high risk of contracting the disease should ensure their vaccinations are up to date to prevent hospitalisation and/or death, said permanent secretary for public health, Opas Karnkawinpong, yesterday.
Dr Opas said between July 16-22, 556 people were admitted to hospital for Covid-19 treatment — 178 of whom had developed serious symptoms.
Meanwhile, eight people died from Covid-19 last week, all of whom were either senior citizens over 60, had an underlying medical condition which aggravated the infection, were unvaccinated or had their last booster shot over three months ago, he said.
Out of the 749 deaths from Covid-19 reported this year, the majority lived in crowded communities and/or multi-family dwellings.
He said 116 of those deaths were reported in Bangkok.
Dr Opas said urged the public to get a booster shot, as the Department of Disease Control (DDC) has estimated that the number of Covid-19 infections will rise again at the beginning of the cool season at the end of the year.
The warning is based on the fact that over the past six months, the number of new infections has steadily fallen as the number of booster doses administered increased, he said.
He also said that the DDC had contacted its affiliated clinics in Bangkok and other provinces to promote Covid-19 preventive measures such as mask-wearing or social distancing, especially among people in high-risk groups.
Royal Irrigation Department prepares for drought amid El Niño
Farmers urged to utilise rainwater
PUBLISHED : 25 Jul 2023 at 04:00
The Royal Irrigation Department (RID) has come up with a plan to protect the nation’s water reserves in anticipation of a long dry spell brought on by the El Niño weather phenomenon.
RID director-general Praphit Chanma said the plan, which will be carried out under the supervision of the Office of National Water Resources (ONWR), will see a public awareness campaign launched to raise awareness among the public about the importance of saving water resources.
El Nino is causing less rain to fall in the region, raising fears of a severe drought when the monsoon ends in November. Experts fear this year’s El Nino could have an impact on the region’s average rainfall well into 2025, Mr Praphit said.
According to a report by RID’s Smart Water Operation Centre (SWOC) released on July 14, if the current rainfall trend continues, then by the end of the rainy season on Nov 1, the nation’s 35 major reservoirs would only contain 44.166 billion cubic metres of water — about 62% of their total capacity.
As of this week, the four major reservoirs along the Chao Phraya River Basin, namely Bhumibol Dam in Tak, Sirikit Dam in Uttaradit, Kwai Noi Bamrung Daen Dam in Phitsanulok, and Pasak Jolasid Dam in Lop Buri, contain 14.194 billion m³ of water, or about 57% of their total capacity, he said.
More assessment is needed ahead of the end of the rainy season, so the RID has ordered all sectors to improve their overall water resource management, he said.
The RID is urging farmers to increase their utilisation of rainwater runoff to irrigate their plots ahead of the planting season to ensure there is enough water to irrigate their plots when the dry season begins.
When asked to comment on the possibility of crop failures due to the dry conditions, Mr Praphit said the RID would assist farms which are affected by a prolonged drought, especially those that grow perennial plants like durian and rubber, which are more expensive to cultivate.
The RID will ask the local administrative office and the Joint Management Committee (JMC) to pump water from the four major dams to drought-hit areas, and expedite the construction of water management projects, said Mr Praphit.
Govt looks to boost trade with Malaysia
PUBLISHED : 25 Jul 2023 at 04:00
Trade between Thailand and Malaysia is expected to grow by at least 1.02 trillion baht by 2025, according to deputy government spokesperson Rachada Dhnadirek.
The government also expected to hold Joint Trade Committee (JTC) discussions with Malaysian authorities at the end of this year to strengthen trade cooperation between the two nations further, she said yesterday.
Malaysia is considered Thailand’s number one trading partner among Asean countries, Ms Rachada said.
There was 336 billion baht in trade between the two nations last year, mainly in cars and car parts, oil, and computers and their parts, she said.
Ms Rachada said earlier on July 14 that representatives of the Department of Trade Negotiations of the Commerce Ministry went to Malaysia to visit Datuk Azman Mohd Yusof, secretary-general of Malaysia’s Ministry of Domestic Trade and Cost of Living.
Both agencies discussed franchise businesses, fair domestic trading, and border trading recovery measures during those talks.
Plans were also drawn up to attend each other’s sale expos for wider trading partner establishments.
Ms Rachada said there are six major Thai-based food brands with franchises in Malaysia, while the same number of Malaysian franchise brands are in the kingdom.
She said that many Thai businesses are looking into opportunities in Malaysia, such as those involved in agricultural products, construction, and restaurants.
To support market and partner expansion, the government has held many activities that promote the growing partnership with Malaysia, such as a halal food fair in Malaysia under the name “I Love Thailand Fair.”
“The prime minister expressed his appreciation regarding the growth of trade between both countries,” Ms Rachada added.