The customisable credit card LiT is the bank’s highest selling variant. On Monday, the bank launched SwipeUp, a platform that enables credit card holders of other banks to upgrade their card to one of AU Small Finance Bank credit cards.
According to Mayank Markanday, the head of the lender’s credit card business, co-branded credit cards will likely be issued by partnerships in the upcoming year.
“Usually, co-branding is done to scale up because it’s easy to obtain customers, but easy clients are only easy to get if you can’t engage with them,” he said.
“We haven’t entered too high, then. We’ve been using credit cards for around 15 months now. Now, we comprehend how business works. In order for their goals to be achieved and our goals to be achieved, we are looking for partners who will be married with us, Markanday continued.
He expressed their excitement and oozed confidence that they will be joined by intriguing talents.
“That is our foreseeable future. It’s not that we’ll wed a rich player or a member of a low-income family. We will find the ideal spouse. For us, that is the standard. We won’t give the cooperation much thought if it helps us achieve our goals, the man remarked.
The microfinance institution began accepting credit cards in April 2021. As of December 31, it had 3.9 lakh credit cards that were still active. In December, the bank’s run-rate for new card issuance exceeded 35,000.
In December, monthly credit card spending exceeded Rs 740 crore, and the average monthly expenditure per card was over Rs 19,000, according to the bank’s investor presentation of its December quarter results.
The bank’s best-selling model is the customizable credit card LiT. The bank launched SwipeUp on Monday, a website that allows owners of credit cards from other banks to switch to credit cards from AU Small Finance Bank.
“You notice the value given to you when you want to take a credit card. So, Markanday remarked, “We are improving your value proposition.
You check to determine if your credit limits are appropriate for your needs. Your credit limit has been increased, and we are informing you that this is a better option than your prior cards. Moreover, consider whether the card is appropriate for the spending category you have. We are carrying that out. I believe we have organised these three items better than what has been given to you, he remarked.
In general, the bank wants to improve its technological prowess to better compete with the bigger banks.
“Any bank’s main responsibility is to increase deposits and provide depositors with pleasant goods, services, and conveniences. How much we can earn the trust of our depositors will be our top priority. I believe using technology will win over depositors’ trust. According to managing director and CEO Sanjay Agarwal, this is our top focus, and everything we do revolves around it.
In reality, the bank intends to move to the cloud in 2024 with regard to its information technology infrastructure.
“We’re really hoping to move to the cloud. Our group is focusing on such areas. The top 10 applications have been identified. It is not a simple topic. Our group is very aware of this. I have a lot of confidence in the AU team to succeed as well. Beginning in 2024, you will notice us in clouds more frequently. We are putting a lot of effort into this,” Agarwal added.