RAMESH BABU N
TF Legend
Having seen the evolution of Credit Card businesses in India n abroad - in the last 35+ years, I am surprised to see very many innovative procedures - right from product design to marketing to processing n every other related aspect.
From 1card for a customer to many cards.
From a max of 2-3 cards to a minimum of a dozen cards or even to aboit 50 CCs.
Add-on Cards to LTF cards to FYF cards to Virtual cards to pre-paid cards....
When we have already seen all existing possibilities, what more we can expect ?
In the next 3-5 years ?
C-2-C application processing is one area I expect many changes to take place.
We might see :
You apply for a better, new card by surrendering your existing card (one or more cards). The new issuing bank will collect your existing card(s) of any other bank n get it/them cancelled n then issue their new card.
This serves many purposes. Un-used cards, under-used cards, low limit cards will be replaced by latest, active cards. Multiple tens of cards will be replaced by few cards.
In a near saturated market, multiple banks can come together n market their best cards to NOT ONLY the best rated customers but for anyone who has multiple cards by this unique upgrades.
Almost all customers holding more than 6-8 cards must be too willing to swap their less used cards in getting a better card.
Bank-specific upgrade path of existing cards is not uniform or lucrative or competetive. If such pan-industry level of upgradation path is available, I am sure, existing card holders will be the happiest lot willing to swap.
This is one area I expect the first mover will get the most premium lot of customers.
What do you think ?
From 1card for a customer to many cards.
From a max of 2-3 cards to a minimum of a dozen cards or even to aboit 50 CCs.
Add-on Cards to LTF cards to FYF cards to Virtual cards to pre-paid cards....
When we have already seen all existing possibilities, what more we can expect ?
In the next 3-5 years ?
C-2-C application processing is one area I expect many changes to take place.
We might see :
You apply for a better, new card by surrendering your existing card (one or more cards). The new issuing bank will collect your existing card(s) of any other bank n get it/them cancelled n then issue their new card.
This serves many purposes. Un-used cards, under-used cards, low limit cards will be replaced by latest, active cards. Multiple tens of cards will be replaced by few cards.
In a near saturated market, multiple banks can come together n market their best cards to NOT ONLY the best rated customers but for anyone who has multiple cards by this unique upgrades.
Almost all customers holding more than 6-8 cards must be too willing to swap their less used cards in getting a better card.
Bank-specific upgrade path of existing cards is not uniform or lucrative or competetive. If such pan-industry level of upgradation path is available, I am sure, existing card holders will be the happiest lot willing to swap.
This is one area I expect the first mover will get the most premium lot of customers.
What do you think ?
