Bank tie-ups with concert organisers are helping to win customers

UOB is seeing a gold rush for its savings accounts and credit cards – not because of cashback perks or gifts, but because Taylor Swift is coming to Singapore.

The American pop star will be performing in Singapore as part of her much-hyped Eras Tour, and the city-state will be the only stop she is making in South-east Asia.

Tickets, which go on sale on Jul 7, are expected to be difficult to get. So, many “Swifties” – as Swift’s fans refer to themselves – are seeking possible ways to get a leg up, including a presale reserved for customers of UOB, and reserved tickets for UOB cardholders during the general sale.

In their competition for customers, banks have lately turned to a clamouring for concert tickets. By sponsoring shows or working out special arrangements with promoters and organisers, several banks have been able to provide exclusive benefits to their customers and hopefully attract new business.

According to chat groups on Telegram set up to discuss the concert, Swifties said that they rushed to open accounts or apply for credit cards with UOB the moment news of the presale broke in the morning on Wednesday (Jun 21).

These included students seeking to open savings accounts to get a debit card, as they are ineligible for credit cards.

Some noted that they did not meet the age or savings requirements to apply for credit cards, while others asked for recommendations for student cards that offer lower benchmarks or fees.

Fans in the chat were also recommending different accounts and cards, including a savings account suited for students with a lower minimum deposit of S$500.

In Singapore, the minimum age to apply for a debit card is 16. Most banks in Singapore also require credit card applicants to be at least 21 years old and have an annual income of at least S$30,000.

Jacquelyn Tan, UOB’s head of group personal financial services, said that preliminary data has shown that card application volumes on Wednesday surged “very significantly” when compared with the daily average so far this month, very likely due to Swift’s concerts.

The perks apply not only to UOB customers in Singapore but also to UOB customers in Malaysia, Indonesia, Thailand and Vietnam. Citi-branded cards issued in Malaysia, Thailand and Vietnam are also eligible for the perks – UOB bought Citi’s consumer business in these markets in 2022.

The bank was ready for it – prior to the announcement, the bank had already taken steps to handle the uptick in volume as it had anticipated a surge in card applications, Tan noted.

UOB is not the only bank to jump on the concert fad. Earlier this year, Maybank was a sponsor for Blackpink’s tour stop in Singapore.

As part of the sponsorship, Maybank put a presale in its customers’ area, which gave them priority access to buy tickets to the K-pop group’s Singapore concerts in May.

Close to 30 per cent of Maybank customers who purchased tickets to Blackpink concerts were new sign-ups or had renewed their engagement with Maybank, said Tessa Er, Maybank Singapore’s head of cards and unsecured lending.

Credit-card spend on entertainment during the presale period was 2.5 times the typical amount, Er added.

Er pointed out that Maybank is engaging concert organisers as part of “ongoing efforts to provide value-added benefits, perks and relevance to Maybank credit card members across all age groups to align our cards’ benefits with their lifestyle interests”.

Maybank also partnered Base Entertainment Asia for all its live shows at Sands Theatre this year. All Maybank Singapore and regional cardmembers are offered exclusive limited time deals and/or discounts up to 20 per cent.

Base Entertainment Asia’s shows at the Sands Theatre, in the Marina Bay Sands integrated resort, include the musicals Mamma Mia and & Juliet.

Er said: “We are seeing encouraging results from bringing value to our customers – our share of the pie has grown by 10 times since the start of this partnership.”

Er noted that banks in Singapore offer a variety of privileges and benefits for their customers, given that the country is a mature market for credit card users and a “highly competitive space”.