Mumbai: HDFC Bank on Monday launched its plan to regain lost market share on a credit card during an eight-month ban on a new problem.
The bank said that it would issue three lakh cards a month – monthly run rate before the ban – for two to three next quarters, follow which will increase up to five lakh cards per month.
Describe the plan, head of the Bank Group for consumer payments & finance, Digital Banking and IT, Parag Rao, said, “In three to four quarters the next, we will regain all our lost market share.
The bank has lost 2% as a rival like ICICI Bank, AXIS Bank and SBI Card swooped to fill in demand.
“According to RAO, four branch strategies are tweaking the product, selling more cards to six cards to six.
Crore customer base, add more partners like Fintech companies, telecommunications companies, hospitality and pharmaceuticals.
It has also changed the digital process to allow more do-it-yourself features to customers in the bank application.
Rao said that despite the embargo from the RBI, the bank managed to increase the volume with 60% year-on-year during the first quarter.
“Our card expenses are an average of one and a half times from the industry,” Rao said.
He said in eight months) the bank has been busy analyzing industry trends and customer behavior and now planning to place them to work.
“During a pandemic, we have seen cards used for low-value transactions too.
In the past, lower credit limits produce cards inactive.
We now see active users voluntarily choose Lowe R limits,” Rao added.
The extraordinary HDFC credit card has declined to 1.48 crores in June 2021 from 1.53 crore in November 2020 as a result of the ban.
The same for ICICI Bank increased to 1.10 crore from 97 lakh, and SBI cards had increased to 1.20 crores in June 2021 from 1.12 crore on November 2020.
In a statement, the bank said that he had 20 new partnerships marching For the next 6-9 months, including co-branded offerings.
Rao said while the bank lost a market share in terms of the number of active cards, has been able to maintain its part with the overall expenditure of specific initiatives to customers.