Campaign: Standard Bank Business Banking
Campaign Type: External
Role: Research Consultant
Methods: Interview (telephonic and face-to-face), Participant-Observation
Deliverables: Presentation to stakeholders. Research Report
Skills: PowerPoint, Presentation, Copywriting
Campaign Overview
Execute a digital awareness campaign to existing clients in the Commercial and Business Banking divisions of the bank, making them aware of the newly developed Service Unit. The campaign was to be executed to approximately 17 000 Business Banking clients and 2 000 Commercial clients.
Campaign Objectives
- Signal to existing clients that Standard Bank understands their need for an effective and efficient recourse for business-related service queries;
- Demonstrate to existing clients that the Bank has recognized this need and developed and deployed a Service Unit to expand and streamline their existing service offerings;
- Increase awareness regarding the Service Unit offering and drive clients to the Service Units for admin related queries;
- Create a digital execution framework, including an:
1) An introductory email from the Account Executive to the respective business owner;
2) An email from the Service Unit consultant demonstrating the roles of the client’s various service team;
3) A follow-up / survey email.
My Objectives
- Engage with a sample of clients and Service Unit consultants who currently make use of this service to garner insights as to what works for them and why;
- Identify how clients lodged requests prior to the introduction of the Service Unit, and what their frustrations were before the bank put this capability in place;
- Offer strategic considerations for digital framework i.e. informing content and copy of emails.
Methods
- Service consultants were interviewed in groups at the Service Unit office;
- Clients and Account Executives were interviewed telephonically;
- Observing the daily work flow of Service Unit consultants, paying particular attention to how they communicated with clients, the way they solved queries, and their interactions with fellow consultants.
Findings
Client’s main pain point before the creation of the Service Unit included the bank’s slow processing times. Prior to the unit, clients would often be bounced around, redirected to various departments within the bank attempting to get their queries solved. Frustration mainly stemmed from the lack of information and accountability from their personal Account manager. This process instilled a sense of directionless in the client, and in some cases, feelings of inadequacy.
The two main value adds client received from the creation of the Unit include speed and stability. In terms of speed, requests are resolved quickly and efficiently resulting in a frustration-free and more enjoyable banking experience. A more efficient banking experience allowed clients to do their jobs better. Clients were very cognizant of this.
The knowledge that a dedicated someone is always there to help them provides clients with peace of mind and continuity. This stability allows for long term relationships to be built between a client and their Standard Bank representative.
Strategic Recommendations
Introductory email:
- Make the client feel that this step is a solution, and assure them that the Unit is not just an additional step in their banking experience.
- Drive awareness as to the exact requests the Unit can resolve. Opportunity to provide clarity and simplify the administrative complexities of the bank.
Service Unit Email:
- Reaffirm their role and demonstrate that the Unit provides a dedicated service.
- Establish that the consultant will serve as the client’s “go to” contact point.
- Highlight how the Unit will provide a direct and regular line of communication.
- Relay that the Account Executive is not only an expert in solving business queries, but also a guide who can make the client’s experience as pain-free as possible.
Follow-up/survey Email:
- Confirm what was pledged in earlier emails i.e. a constant line of communication.
- Build off the statement that the Unit was established because of the client’s need. The unit’s development will continue to be informed by client feedback.
- Highlight how the feedback will allow the bank to gauge the efficacy of the Unit and will ultimately be beneficial for both parties.
