Modernizing Banking.

Using technology to better serve the customers of a top 25 global banking company.

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Industries

Methods

  • Discrete choice
  • Pricing
  • Segmentation

The Challenge

Evolving in a Rapidly Changing Industry.

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.

Our Client's goals were to:

  • Assess the preferred feature set among target businesses
  • Develop of a new value proposition

Research & Results

The Development of a New Value Proposition.

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).

The results of this research initiative were the foundation for the development of a new value proposition. The results and recommendations specifically allowed our client to:

  • Develop the market acceptance and competitive positioning for the overall proposition, specifically exploring the reasons that business owners use particular channels and the perception of various service channels and transactions.
  • Evaluate the role of the customer relationship management experience in product appeal as well as when and how interactions are valued.
  • Gauge the optimal features and services for larger business clients and prospects, including price thresholds, while taking into account potential cannibalization of other products.

Our People

Meet our top-notch team who made all the difference.

Amy Modini VP, Practice Leader

Courtnie Hallendy Account Director

Kate Zilla-Ba Account Director

Lori Vellucci VP, Financial Services

Taylor Trowbridge Account Director