An online bank looked to The Strategic Counsel to understand better the market for a no fee, online chequing account

Challenge

An international, online bank wanted to launch a free, online chequing account. The bank wanted to better understand the size of the market for a chequing account offered by a virtual bank. The bank also wanted to know the barriers and motivations to having a chequing account.

Solution

To understand the opportunity we developed a segmentation model that identified the ‘low hanging fruit’ segments for a virtual chequing account. Our approach pinpointed what type of offer was needed to stimulate interest and adoption.

Outcome

The online bank successfully launched the product and its features and benefits were offered based on the research. The product remains a key product of the online bank. Later, the client came back to us to do extensive qualitative research with early adopters to gauge customer experiences, likes and pain points. These findings were used to improve the product experience and identify drivers that could be tracked over time using customer satisfaction tracking research.