Level up customer experience for B2C segment for public sector bank

Business Context

In the financial services sector, service standards are the biggest differentiator given the commoditized nature of products and services. This rings especially true for public sector banks, given their large branch networks. Decrypt was tasked by a leading public sector bank to improve customer experience standards and create standardized services by understanding consumer needs and competitive benchmarking

Research Approach

The bank had presence both in India and the Gulf and catered to multiple audience segments. To address this problem, Decrypt conducted extensive quantitative interviews across multiple segments in both markets. We sampled 3,500+ customers for this exercise. In addition to profiling the services of the bank we also conducted competition benchmarking

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Deliverables & Client Benefit

Decrypt’s in-depth insights profiles services across all products. Using this as a foundation, we were able to identify the drivers of personal/B2C banking as a whole and key sub-products (loan, credit card, HNI solutions, mobile banking, branch banking). We also deciphered that the availability of ATMs in the consumer catchment area and mobile banking availability was a key concern of customers. Through competitive benchmarking we identified the action points for creating a mobile banking solution to meet the needs of target customers.

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