CONSUMER BANKING

Diminishing Market Share in the Banking Industry
As a result of diminishing market share in a very competitive environment, a major bank decided to develop and implement a customer-centric business strategy. To develop this strategy it was necessary to understand the key drivers of the customer relationship and how these drivers could be improved and/or leveraged.

Customer Relationship Research
To ensure effective implementation of the strategy, the bank wanted a research programme that would give results leading to optimal resource allocation.

On our recommendation a total customer relationship research program was adopted, with extensive internal and external qualitative research to understand better the objectives, existing strategy, products and services from the perspective of both the Bank and its customers.

Customised questionnaires were developed for each customer segment covering the retail, corporate and other divisions of the bank, and more than 2,000 customers interviewed nationally. The bank’s products and services were also benchmarked against its major competitors, and action planning and implementation workshops established.

Realignment of Business Strategy
As a result of the study a new branch management structure and layout design was introduced to offer a better customer experience. Staff training programmes were initiated focusing on customer relationship management and product knowledge. Simplified administrative procedures and new technology for on-line products and services was introduced, and products and services customised to the needs and expectations of distinct customer segments (mass and affluent). The corporate business unit was split into separate units servicing large corporate clients and small businesses.