Using technology to better serve the customers of a top 25 global banking company.
The banking industry has experienced tremendous change as more and more banking transactions are completed online. In response to these changes, our client, a leading global bank, recognized the opportunity to better serve larger and potentially more profitable customers by using technology to offer real-time premier online service and by reallocating client-relationship resources previously spread across sectors to truly engage large businesses. To fully realize this opportunity, our client needed to develop a business banking value proposition that incorporated an optimal mix of services and product features at the right price.
Research & Results
We conducted a multi-phase research study, including exploratory IDIs with client employees and clients and a quantitative survey of clients, to assess the preferred feature set among businesses with annual revenue between $3 and $50 million.
CMB used a customized discrete choice exercise known as Alternative Specific Design to distinguish between basic (included) and optional (additional cost) features. The discrete choice model allowed CMB to optimize features to maximize different goals: demand, preference share, revenue, or profits. It also enabled our client to optimize features within specific segments (e.g. geography, international versus domestic businesses) or by any other variable they wanted to explore (e.g. industry, clients versus prospects).