United Overseas Bank

United Overseas Bank (UOB)

Credit Card:

UOB Lady’s Card

Analysis Report

Tutor: Jason Ho

Tutorial Class: S1

Members:

AungPaingPhyo (C3158056)

Chen JianQi (C3158225)

Liu Weiyu (C3175988)

Executive Summary

The following report forms the basis for continuing uphold of the leading market position of United Oversea Bank (UOB) Lady’s Card product line. The research for this report includes a review of the UOB Lady’s Card with its competitors and a situation analysis of the credit market.

The major findings indicate that the women consumer market remains lucrative which attract competing bank to offer credit card of similar product nature. Changing consuming spending patterns make it deemed necessary to revamp the Lady’s Card marketing strategies. In addition, this report recommends that the bank develop new marketing mix for the credit card. To begin, Lady’s Card brand should be enhanced by adding a wider range of benefits to serve a wider spectrum of consumers in the target market. Subsequently, the bank should also consider unconventional marketing avenues to propel the card brand to the invoke set of choices for the ladies.

Introduction

When given a choice, a consumer will always choose the option that has more unique choices (Godin, 2007). There is a current tendency for marketer to tap on the gender representation and customization to sell products and services. Singapore’s situation is of no particular exception.

For this discussion, we will be focusing on Singapore retail banking sector. We have chosen United Overseas Bank (UOB) for its gender specific credit card product line in hindsight contrast with other competitors with similar product. Furthermore, we will analyze the challenges and success factors of the marketing strategies and seek to provide recommendation for improvement.

Background

United Overseas Bank (UOB) established itself into one of Singapore’s “Big Four” Bank when local banks came under pressure to consolidate and recapitalize in the early 2000s. Through acquisition and organic growth, the bank has developed a retail and corporate banking present in major cities in Europe, America and the Asia Pacific region.

The UOB Lady’s card is offered by the bank retail arm’s credit card product line which carters exclusively for the ladies. The card attaches a wide range of complimentary benefits and discounts such as