Case Study: How to attract and keep customers with state-of-the art banking products
INDUSTRY – Finance
EXPERTISE – Customer Acquisition & Drivers of Advocacy
The Challenge
For a state bank with a national presence, the development of brand positioning, CX priorities and product suite relevant to existing and future customers was required to build a strong platform for future growth.
The Solution
An in-depth look at what drives personal and business banking decisions – to start a new bank relationship, to advocate for that bank, to adopt their products, and to stay or go. By modelling bank consideration, advocacy (NPS) and product choice we identified the "category truths" of banking behaviour. This guided product development across multiple categories – transaction, savings, loans, merchant facilities and credit cards.
Services Provided
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Quantitative Evaluation
Survey of over 5,500 personal and business banking decision-makers
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Drivers Analysis
Brand perception and performance measurement using Structural Equation Modelling (SEM-PLS)
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Choice Based Conjoint
Simulator of brand and product choice and the impact of feature and price changes on adoption
The Result
The bank has used the work to guide brand positioning and segment prioritisation.