An improved proposition for banking customers?

An improved proposition for banking customers?

The situation

The Banco de Crédito Cooperativo (BCC) wanted to understand how they could engage a specific group of their customers to improve the bank’s proposition for them and enhance their banking experience.

Getting to the route of customer engagement

After establishing the BCC market share of this specific segment, we analysed BCC data. This highlighted the segments’ behaviours with their relevant products and what the segments’ relationships to BCC looked like.

We also looked at the suitability of existing products and services. And, by looking at individualized data, we went deeper to analyse the products and services acquired, channels of communication used and the engagement generated by each client in this segment.

Although this group spanned a wide variety of clients, we identified a split in the segment:

  1. Highly engaged with the bank, successful relationship
  2. Minimally engaged, relationship not optimised

Understanding the reasons behind having these two groups and knowing why some clients where highly engaged while others showed a very low level of engagement was key, due to the consequences of value creation for both parties.

To understand more about these groups different banking habits, we ran in depth stakeholder interviews. We learned what their day to day banking activities entail, what their main channel of communication with BCC is and any friction points with banking they may have. We looked holistically at how the segment banked and what their banking needs were, as well as their relationship with personal and/or professional banking to help BCC continue to evolve its successful customer-centric model.

Putting the customer relationship first

By stepping back from the product perspective, we were able to get to know how the client’s relationship and their complexities work. We identified some immediate actions BCC could take to increase engagement, thinking not just about the product but putting the customer relationship at the centre of their strategy.