Bank of Ayudhya (Krungsri) launched the GIFT programme in 2021, but it was in 2024 that the bank undertook a significant revamp to align with the rapid shift in customer behaviour towards digital channels. The legacy points-based model, which had relied on four types of transactions—deposit, withdrawal, transfer and bill payment—was simplified to focus on just three: transfer, top-up and bill payment. These are actions customers already perform regularly via the Krungsri mobile banking app, making the reward journey intuitive and frictionless. A strategic revamp to match evolving customer behaviour According to Rachada Inthasiripimol (Rachada), head of retail planning and budget management at Krungsri, the bank saw the opportunity to transition from a passive rewards mechanism to one that actively shapes behaviour through personalised missions. The result is an always-on, app-native experience that encourages consistent use of digital banking services. GIFT integrates directly into the mobile app without requiring additional downloads or logins, reinforcing the bank’s brand promise to “Make Life Simple.” The 2024 trend was rooted in data showing a marked decline in cash transactions and a rise in mobile-first financial activity. GIFT responded by eliminating less-used transaction types and streamlining the path to rewards. The simplified model not only improved user understanding and participation rates but also increased the frequency and quality of app usage. With clearly defined digital behaviours to complete, users quickly recognised how their everyday activity translated into tangible benefits. AI-driven personalisation and gamified engagement Unlike conventional loyalty programmes that accumulate points based on spending alone, GIFT uses artificial intelligence (AI) and behavioural analytics to personalise missions and rewards. The system dynamically analyses user transaction patterns to generate missions tailored to different customer profiles and aligned with digital engagement by segments including mass and wealth segments. “Our loyalty programme is not based solely on serving customers by assets under management, but is also focused on tailoring to digital behaviours and the number of products held,” Rachada said. “AI allows us to map each customer’s journey and generate missions that feel achievable and relevant in terms of customer engagement.” For instance, one user may receive a mission to complete top-up transaction, while another is asked to pay a bill and make a transfer. Once completed, missions unlock instant redemptions. In addition, we use GIFT as acquisition tool to cross-sell our Boarding Card product —a prepaid travel card with the bank’s multi-currency feature—for travel insurance. Once the conditions are met, customers can enjoy choosing rewards that suit their lifestyles, including a wide range of options from Shopee, Grab, Starbucks, gasoline, mobile data packages, e-vouchers, and tech gadgets. Krungsri will introduce financial product redemptions like discounts on insurance premiums, to strengthen customer engagement and reinforce its ecosystem. The variety is further enhanced by gamified features like “Lucky Draw,” a popular lottery-style game that customers can enter using accumulated points, offering high-value prizes and emotional engagement. Demonstrable business and behavioural outcomes The revamp produced strong results within its first year. Among Krungsri mobile banking users, more than half participated and earned GIFT. The reward redemptions and transaction volume via the mobile app increased drastically. These behavioural shifts translated into tangible business outcomes: the number of monthly active digital users grew, the average product holding per customer doubled, and the proportion of users with GIFT identifying Krungsri as their main bank tripled. “These are not vanity metrics—they reflect deeper digital engagement and a stronger share of wallet,” said Rachada. The GIFT programme has become an effective channel for cross-selling new products. One example is the Boarding Card, a travel-focused multi-currency debit card that was integrated into GIFT missions. Customers were incentivised to apply, transact abroad to earn GIFT as reward points. Encouraging long-term loyalty through tiered rewards To retain momentum and avoid drop-offs in user interest, Krungsri introduced a FPT (Fan-Pun-Tae) campaign” model that recognises consistent participation. Customers who complete monthly missions over a series of consecutive periods—three, six, nine or 12 months—unlock higher-tier rewards such as exclusive travel vouchers or premium gadgets. “We designed the programme to reward loyalty over time, not just isolated bursts of activity,” Rachada said. The rewards scale based on both customer segment and mission consistency. To control cost while maintaining impact, Krungsri uses differentiated redemption mechanics. Higher-value customers can redeem top-tier rewards with fewer points, while mass customers are required to accumulate more. This pricing structure ensures that the cost of engagement remains sustainable across segments. Internally, budget responsibility is shared across product and segment owners, who fund mission-specific campaigns based on strategic objectives. Maintaining trust through security and customer control As a fully digital programme handling reward redemptions and transaction data, GIFT is protected by Krungsri’s banking security infrastructure. All missions and redemptions are processed within the mobile app’s post-login environment, with two-factor authentication (2FA) required. “We have had no fraud incidents or data breaches related to GIFT,” said Rachada. The team also tests AI-generated missions before release to avoid confusion or miscategorised behaviours that could frustrate users. Krungsri manages over-incentivisation by setting internal thresholds to ensure that reward value remains proportionate to customer effort. For example, a casual user may need six points to redeem a mobile voucher, while a loyal, high-frequency user might need only four. “It’s about balancing generosity with sustainability,” she added. A unique proposition in Thailand’s retail banking market Compared to other Thai loyalty schemes, which are often tied to credit card usage or seasonal campaigns, Krungsri GIFT stands apart in its always-on, mission-based approach. “Most competitors reward spending, not behaviour,” Rachada observed. “We are the only bank that rewards users for doing what they already do in their daily banking—transfers, bill payments and top-ups.” For retail customer base—GIFT has become a central pillar of the bank’s digital retail strategy. It delivers both commercial and emotional value, driving higher app engagement while creating a personalised and rewarding user experience. By embedding loyalty directly into the digital banking journey, Krungsri is not just rewarding activity—it is cultivating sustained behaviour, cross-sell opportunities and brand affinity in one of Southeast Asia’s most competitive retail banking markets.
