Measuring criticality of mobile banking for heritage bank

Business Context

In this interesting scenario, Decrypt was approached by a heritage bank synonymous with providing bespoke personalized service. Their strength had traditionally been an in-person heavy touch approach which provided comfort, personalization and guidance to their customers. Decrypt was tasked with estimating the criticality and relevance of mobile banking services for this consumer group.

Research Approach

In our signature approach we first understood the bank brand and its business offerings, including its successful drivers. We determined that for a detailed understanding of the relevance of mobile banking we needed to dive deep into both customers and non-customers. We conducted this assessment through a large scale Computer assisted web interviewing (CAWI) exercise. This allowed us to reach respondents across the country while limiting cost & logistical challenges while also engaging the audience.  A services sorting exercise helped us assess relative importance placed on mobile banking services. We also conducted a concept evaluation study to evaluate the relevance of mobile banking as well as the services under mobile banking.

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Deliverables & Client Benefit

Our extensive consumer insights discovery approach helped identify the impact of mobile banking on both new customer acquisition as well as retention. We also measured the impact of introduction of mobile banking on brand equity. Our analysis of the insights determined that mobile banking was unlikely to be an acquisition driver but provided significant uplift to retention. For brand equity mobile banking would be a catalyst in perception enhancement while not impacting brand equity of personalization. We also determined that focus on safety & security while focusing on convenience would help drive brand equity.

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