Challenges

It’s vital for any company to have a unique and strong value proposition. One of the challenges most businesses would face is customer retention. Our client, a renowned foreign bank in Malaysia with vast product offering portfolio in the banking industry is the same too. Majority of their customers are not expanding their banking product portfolio with them but turning to competitors instead. Hence, it is essential to deep-dive on understanding customers’ perceptions, motivations, needs towards the bank vs competition and their lifestyles. Accordingly, to identify & develop a viable Customer Value Proposition (CVP) for targeting and acquisition.

Approach

Having a holistic view towards the client’s customers in terms of psyche, lifestyle, banking behaviour, needs and motivations is our objective. Hence, we used a combination of both Qualitative and Quantitative methods to achieve that in our study. In Phase 1, we classified the existing different customer personas and iterate test value propositions by using a qualitative approach. Then, we deep-dive into the respective customers personas to validate and understand their banking behaviour, product usage preferences, motivations in Phase 2. Ultimately, we aim to identify opportunities on how best to target them with said potential value propositions.

Results

With our framework, not only are we able to give insights in terms the different customer personas’ motivations, banking needs in terms of products and features, profile, lifestyle, media usage (to aid marketing communications) but also how the needs of each consumer persona fit the strength of our client i.e. which group could be targeted best to increase profitability and growth potential for the bank.