Defining the opportunity
The client wanted to grow internationally, and Malaysia appeared to be a likely site. Our market entry analysis revealed an opportunity for a bank to differentiate itself by combining traditional values with efficiency, unique products, superior service and broad accessibility. The client decided to proceed and asked us to help build the new bank from the ground up.
Although many established banks already operated in Malaysia, our analysis identified gaps that were not being addressed. By interviewing individual and corporate customers and conducting firsthand competitive research, we confirmed that these gaps represented opportunities for our client.
Broadly speaking, for example, international banks offered strong products and good service, but were not convenient or available to most customers. Domestic players offered wide access but not the same quality, service, speed, and other distinguishing factors customers deserve. Meanwhile, insights from a marketing firm we worked with revealed that Malaysians did not associate trust with the banking sector at all. There was a clear opportunity for the client to combine efficiency and passion, high-performing products, superior service, and accessibility to all customers in a bank founded upon universal values that all customers could appreciate and respect.
To succeed, the client would need to capture public attention immediately and acquire and retain customers. Because most consumers and businesses already have banking relationships, the client would have to position itself as offering service and value in such a distinctive and powerful way that customers would be willing to not only change banks, but also become evangelists for the new bank.
The key questions for the team were:
- What will the bank look like?
- Who are the target markets?
- What differences will provide competitive advantages?
- How can the bank create a great customer experience?
- What products will be offered at launch? What features will make the best consumer banking products?
- What does headquarters look like? How many branches at launch? How many ATM centers, and where are they located?
- How do we initiate the hiring process? What experiences and skills will help the bank differentiate itself?
- What are the marketing requirements for advertising and launch? What agencies can best deliver for the client?
- What are the costs and overall financial returns of this strategy? Would this be attractive to headquarters?