Rabbit Care, Thailand’s leading online insurance (InsurTech) and financial product comparison platform (FinTech), operating under the BTS Group, is enhancing its capabilities in comparing financial products. The platform has revealed a continued growth trend in the credit card business, witnessing a remarkable 42% increase in users applying for credit cards through Rabbit Care compared to 2022. Furthermore, Rabbit Care offers insights into financial trends and presents enticing credit card products for 2024. Expanding its reach beyond Thailand, Rabbit Care is venturing into two new countries, Vietnam, and Indonesia, as part of its ASEAN expansion strategy.
Mr. Thomas Maier, Chief Operating Officer and Chief Marketing Officer at Rabbit Care, shared insights into the company’s successful performance in 2023. He revealed that Rabbit Care experienced significant growth, with over 324,000 individuals applying for credit cards through Rabbit Care, representing an outstanding 42% increase compared to 2022. Data from bank and financial institution partners indicate that the majority of credit card spending was directed toward supermarkets, insurance, gas stations, restaurants, transportation, and fashion, reflecting evolving consumer preferences and spending habits.
Rabbit Care has cemented its position as the most comprehensive platform for online insurance and financial products in Thailand. This distinction is attributed to its extensive range of over 40 bank cards, complemented by enticing promotions offered by eight bank and financial institution partners. Powered by the efficient and secure ‘CareOS 2.0’ operating system, Rabbit Care simplifies the process of comparing and compiling credit card offerings, ensuring a tailored match for each consumer’s needs. A key driver of its success has been the innovative ‘Monthly Flash Sales’ campaign, which has distinguished Rabbit Care by offering exclusive promotions and attractive rewards within a limited timeframe. Supported by strategic online media tactics, this initiative has not only increased Rabbit Care’s visibility but also boosted the application rate among its partners, underscoring the campaign’s significant impact on platform growth and partner collaboration.
One notable example of this success is the ‘Flash Sale’ promotion with Citibank, which generated a substantial number of applications and further established Rabbit Care as an indispensable strategic partner capable of acquiring the majority of new customers for Citibank.
Mr. Maier highlighted the dynamic shift in consumer behavior and spending patterns in 2024, driven by economic recovery and an increase in consumer purchasing power. The first trend is the pursuit of maximizing credit card features and benefits with every purchase, tailored to individual needs and lifestyles. This includes point redemption campaigns, cashback offers, 0% installment programs, and co-branded credit cards resulting from collaborations between financial institutions and merchants, all competing to offer various exclusive benefits.
Furthermore, heightened concern for personal data security and an uptick in data theft incidents have led banks and financial institutions to innovate more secure and privacy-centric solutions. Such advancements aim to bolster consumer confidence in their financial transactions. A good example is the translucent ‘KTC DIGITAL CREDIT CARD’, initially introduced in Thailand in January 2024, delights online members with its ‘Digital First’, ‘Dynamic CVV’, and ‘Numberless Card’ features. With no card digits on the front or magnetic stripe, this design enhances security and privacy for transactions. Moreover, there is innovation in security within the biometric technology system from Mastercard, which includes a credit card with a built-in fingerprint sensor. This card can also be used with card acceptors worldwide. This innovative feature is considered to increase security capabilities, thereby enhancing transparency and privacy in transactions.
Additionally, the ‘Buy Now, Pay Later’ (BNPL) payment option is emerging as a favored choice among younger demographics, providing them with a feasible means to acquire high-value items through installment payments, often featuring interest-free promotions. This trend is especially prevalent in online sales of products such as gadgets, household appliances, and furniture, aligning with the preferences and purchasing habits of the new generation. The flexibility and affordability offered by BNPL options resonate strongly with younger consumers, driving significant shifts in online shopping behavior and reshaping the dynamics of e-commerce.
To meet the growing demand for installment payment options, Rabbit Care proactively established Rabbit Care Lending and introduced the Buy Now, Pay Later service in April 2023. This innovative offering empowers customers to conveniently spread their insurance premium payments over a period of up to 10 months, aligning with their financial preferences and needs. Since its inception, the service has garnered widespread acclaim and has witnessed consistent growth in user adoption.
Currently, more than 20% of all car insurance buyers opt for the cash installment payment program each month, underscoring the increasing popularity of flexible payment solutions among Rabbit Care’s clientele. This upward trend not only reflects the effectiveness of the Buy Now, Pay Later service but also signifies Rabbit Care’s commitment to providing tailored financial solutions that enhance customer satisfaction and convenience.
“Moreover, Rabbit Care has reinforced its dedication to ASEAN market expansion by launching marketing campaigns targeting Vietnam and Indonesia in the last quarter of 2023. These countries are identified as key consumer markets, characterized by the continuously increasing usage of credit cards and financial products, with an impressive growth in the FinTech market. A notable testament to our commitment is our strategic partnership with a leading financial product service provider in Indonesia. Through this collaboration, users acquired by Rabbit Care witnessed a remarkable threefold increase in their approval chances compared to previous campaigns conducted by the partner. This substantial improvement not only resulted in reduced acquisition costs but also attracted a significant influx of new customers for our partner, reinforcing Rabbit Care’s position as an emerging player in Indonesia’s financial services landscape.” concluded Mr. Maier.
For those looking to explore and compare credit card options tailored to their needs, visit https://rabbitcare.com/credit-card. Additionally, Rabbit Care offers exclusive monthly promotions from various service providers, available only to those who sign up through its platform.
This includes irresistible deals like free wireless earphones and speakers from Apple and Marshall valued at over 13,000 baht, further adding to the platform’s allure for savvy consumers seeking valuable rewards and security in their credit card choices.
