Citibank Singapore Limited is launching its new Clear Platinum Card, the first credit card in Singapore to integrate social networking as part of its core card features. With social networks playing an increasingly pivotal role in the everyday interaction and lives of consumers, the Citibank Clear Platinum Card is introducing a brand new proposition that leverages on existing social networking platforms to give its target segment of 21- to 35-year-olds an interactive and customized card experience, tailored to their lifestyle needs. The card is also the bank's first in Asia to incorporate social networking as a key part of its proposition.
The refreshed Citibank Clear Platinum Card focuses on listening to its cardmembers, allowing them to express their opinions and giving them what they want via online and social networking platforms. The Citibank Clear Platinum Card revolutionizes the credit card landscape and engages its cardmembers through three unique ways: "Clear Deal of the Month", which allows cardmembers to customize their card experiences and rewards every month; "Clear.24.7", which is Singapore's first virtual community built around a credit card and integrates virtual and real life card rewards; and benefits tailored to the consumer's increasingly online lifestyle, with 5X rewards for online shopping for the first time in Singapore, while engaging them via mainly electronic communication platforms such as social media, instead of traditional marketing channels.
Ms. Jacquelyn Tan, Head of Credit Payment Products at Citibank Singapore Limited, said: "For the past 10 years, the Citibank Clear Platinum Card has been a market leader in offering young professionals a robust mix of lifestyle privileges and benefits catered to the unique needs of this segment. As the habits and priorities of our cardmembers change in the way they interact, we feel it is imperative for us to continually innovate and evolve along with them in terms of the services and benefits that we offer. With the proliferation of smart phones and mobile applications, and consumers who are increasingly adopting social networking as an integral part of their lives, we wanted to introduce a new dimension to their credit card experience that would fit in with their lifestyles."
"Social media focuses on one thing – the consumer and his voice. With the new Citibank Clear Platinum card, we are building on the role of the consumer's voice in this social media space to give cardmembers the power to actively customize their own card experiences, from merchant promotions to events, for the first time in Singapore. Cardmembers can also be part of a virtual community that rewards them for their social activities with a platform that integrates virtual and real life card rewards for the first time. The new proposition is also an extension of the bank's strategy to develop a comprehensive online and digital banking experience for its customers. We are already seeing that the proportion of retail spend via Internet sales is 25 percent higher for the Citibank Clear Platinum Card than for Citibank cards overall," said Ms. Tan.
According to Visa's Strategic Market Analysis Report for Singapore, the proportion of total card spend attributed to e-commerce grew at a year-on-year rate of 28 percent from 2010 to 2011, with the figure for Citibank Singapore growing faster than the market at 36 percent.
New social media & online proposition of the new Citibank Clear Platinum Card
For the first time in Singapore, the card also offers a rewards platform that integrates virtual rewards points with tangible ones, allowing cardmembers to earn real rewards points simultaneously on two platforms – both virtually and in real life. Cardmembers will be able to convert all their virtual points to real Citibank Clear Platinum Card rewards points. During the six-week launch period, the conversion rate is one Clear.24.7 point to one Citi Dollar, up to a total of Citi$5,000. During the launch, members also get the chance to win weekly prizes, as well as a grand prize at the end of six weeks, where they can work with Citibank Singapore to customize a party of his/her choice worth S$5,000.
"The new ‘Clear Deal of the Month' and ‘Clear.24.7' initiatives develop a relationship between the cardmember and the card itself. By providing cardmembers with an avenue to select their own privileges and experiences, and by rewarding them for their regular social networking activities, they will have a card that listens to them and their needs. In addition, to meet the cardmember's busy mobile lifestyle, ‘Clear.24.7' not only engages them and rewards them for their active online lives, but it also highlights ongoing privileges that one might be interested in, round-the-clock," said Ms. Tan.
With more than 1.5 million Facebook users under the age of 35 in Singapore, social media channels, such as Facebook, are the ideal platforms through which the Citibank Clear Platinum Card reaches out to and engages cardmembers, given its target segment of young professionals aged between 21 and 35. In addition, Singapore has recently come up tops in an international study 1 which tracked the top eight countries that spend the most time on Facebook and other social networks.
Since its launch in 2001, the Citibank Clear Platinum Card has been a market-leader in this segment with its relevant core value proposition. With its 5X accelerated rewards for nightspots, cinemas, cafes and online shopping, exclusive privileges at key nightspots including Zouk, regular invites to events and the Visa payWave contactless payment feature, the Citibank Clear Platinum Card offers young professionals a card customized to their lifestyle preferences and needs. As of February 2012, the card has seen healthy year-on-year growth of about 20 percent, in terms of both accounts and billings.
The new Citibank Clear Platinum Card is part of the bank's larger strategy to be the premier digital bank, and demonstrates its ongoing commitment to enhancing the banking experience of its customers. The new proposition comes on the back of Singapore's first 24-hour online e-Chat service, as well as the recently enhanced Citibank Electronic Statements, Citibank Online and Citi Mobile platforms.
Benefits of the new Citibank Clear Platinum Card
Mechanics of "Clear.24.7"
1 A 2011 study done by Experian Hitwise showed that Singapore was the country that spent the most amount of time on Facebook and other social networks.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.
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