According to statistics, the total annual costs incurred by Chinese companies on business trips totaled RMB30.5 billion, ranking second worldwide and accounting for 35% of controllable costs. However, the business travel management market remains largely underdeveloped. CMB Vice President Ding Wei believes that based on its lead in banking sector, CMB will challenge Ctrip and Mangocity in the business travel management sector.
One-stop travel management system facilitates business travel management
CMB Credit Card Center General Manger Peng Qian told ce.cn that the CMB business travel management system is a cloud-service system based on business travel card payments and data services. It integrates approval, booking and payment functions to offer a one-stop solution for corporate users.
Users can log in to the system online to apply for and approve business travel, make ticket and hotel reservations, and pay credit card bills.
Peng believes that the business travel card business enjoys a rosy outlook. By 2014, China will exceed the U.S. in terms of business trip costs. As the largest business card issuer in China, CMB is set to respond to this great market opportunity.
CMB exploits its advantages to compete with E-business leaders
In 2006, CMB issued the first business card to provide high-efficiency business travel payment solutions for corporate customers, which has since been used by nearly 300 of the Top-500 companies in China. Based on China's interest rate reforms, CMB is aware that this business card alone can meet customers' demands.
CMB Vice President Ding Wei told ce.cn that CMB will expand into the business travel card business by exploiting its advantages in the banking sector and credit card business, and thus generate profits and attract high-value corporate customers.
As a pioneer in the business card sector, CMB employs an expert team. Ding believes that CMB will challenge e-business leaders based on its credit card brand equity and payment advantages.
Compensation of RMB200 for a flight delay of two hours attracts attention
If a CMB business card holder books a flight ticket and the flight is delayed by 2 hours, CMB will pay RMB200 compensation to the holder, regardless of cause.
According to Ding, the compensation will be made for the delay regardless of the cause, such as wealth and air traffic control. This move will largely help CMB to win enormous customers.
CMB HQ Banking Department General Manager Li Jinping indicated that CMB’s current business travel management system will evolve to serve medium-to-large companies, and that CMB will develop another system for SMEs in the future.