Client Successes: Retail Banking – Advertising testing and brand development

retail bankingA value proposition for advertising testing and brand development based on convenience and innovative banking practices help to differentiate the highest-ranked banks in each segment from their competition. Customers say that convenience, cost and customer service —in terms of locations and hours, no-fee banking and friendly service are important drivers of brand preference.

The study found that banks need to focus on addressing specific gaps in expectations of retail banking customers. Banks that bridge these gaps may benefit from increased loyalty when these customers shop for other financial services. Over 70 percent of retail banking customers hold credit products from the same financial group.

Retail banking is a very personal experience. Customers are in contact with their accounts more than 15 times each month. Each transaction provides an opportunity to reinforce perceptions of customers. The research and strategy engagement included a growth strategy and customer insight research to better understand retail banking needs and help the bank build its business among specific target audiences.

Arcus identified behavioural patterns and customer clusters based on frequency of online transactions and branch visits. Other areas addressed included a customer acquisition strategy and optimization of the bank’s product portfolio.