UOB has been the market leader in the field of credit and debit card businesses since it was established in Singapore in year 1935. Through its long historic accomplishment, it is now the leading bank in the Asia Pacific Region.
UOB Lady’s Card was launched in the year of 1989, targeting women, with a comprehensive understanding of the needs of women and the desires of their heart
Over the next twelve months, UOB will re launch the Lady’s Card into the market, with greater benefits and privileges exclusively tailored for women. This is done so that the card may remain relevant as more and more women are stepping into society and that the mindset of the generation presently are completely different as compared to those in 1989.
The market in which the Lady’s Card operates in is a oligopoly, in which it faces the main competition from DBS Women’s card and CitiBank Rewards Card. Due to the fact that UOB Lady’s card was released years prior to DBS Women’s card, it had won over a major portion of the female market, continuing to outsell its competitor as it has greater standing and it is seen as a better established card.
As society progresses, women nowadays are better educated, securing better jobs in the industry and earning higher income that stand almost equivalent to the men. This would enables them to have a higher standard of living, in such a away whereby they are now capable of affording goods that are of a higher prices in terms of their needs and wants.
UOB Lady’s Card has captured the hearts of many women that desire to have something that they can exclusively claim to be theirs and the Lady’s Card gave them just that. It fully empowers them to have the ability to use the card to their advantages and earning themselves better perks and privileges, something the men would not have it.
DBS Women’s Card was released in year 2004, to compete in the same market as UOB. Although it was not the first card to be released for the ladies, but it was the first platinum card that was catered for the ladies. Having a Platinum card would eventually enjoy greater benefits, such as higher credit value, and it further elevate the social status of the cardholder. It gave the ladies the “classy” look by having a platinum card that is solely designed for women.
CitiBank Rewards Card is a card that generally caters for the whole population in the market. This would include the men, which enlarges the market sizes, thus allowing the bank to have a higher market share to promote their card to. Moreover, the rewards card is a card that gives back to the cardholder, benefits that are up to ten times greater than what they spent by using the card for their various purchases and payments. UOB is one of the leading bank in the region and that it has great potential to produce and influence the market. However, one of the weaknesses is that the Lady’s card has been around for a period of time, thus causing a familiarity with the female population in Singapore. Hence to encourage card sales, the bank has to go the extra mile to further come up with more attractive incentives that will suit the ever changing needs and wants of the women in this generation.
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United Overseas Bank Limited, UOB, was incorporated on 6th August 1935. Going back to its long history in the banking industry, UOB has strengthened itself over the past 76 years and is currently a leading bank in Asia. It provides a diverse range of financial services through its global network which comprises of 500 offices in 19 countries and various territories in the Asia Pacific, Western Europe and North America. It is also inclusive of, but not limited to, the banking subsidiaries in Singapore, Malaysia, Thailand and Mainland China. In the context of Singapore, UOB is a market leader in the field of Credit and Debit Cards Businesses, and also the private residential home loan businesses. It also play a role in...