Westpac Case Study:The Bank Manager at the Forefront
Introduction
This Westpac case study forms part of Datamonitor’s Financial Services Consumer Insights series, as part of which best practice in specific areas of FS are highlighted.
Scope
*This case study analyses the key successful elements in Westpac’s marketing and communication strategy
*The case study examines how the brand has developed to its current status and why it appeals to consumers so strongly
*Datamonitor’s Financial Services Megatrend Framework is used to analyse the effectiveness of customer targeting strategies
Highlights
Westpac has embraced the concept of ‘togetherness’ at the top level through the offer of relationships with local bank mangers who are ‘real people’. This is strengthened by use of innovative technology such as social networking sites like Twitter, offering an additional platform for customers to raise concerns in a public community setting.
Reasons to Purchase
*Gain insight into the methods used by important industry players to give them a competitive edge
*Identify the implications of changing consumer behaviours
*Capitalize on the knowledge of experienced companies when entering a new niche or market.
DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
Introduction 2
Westpac’s Local Banker campaign is an innovative customer-centric approach 3
Westpac has successfully created a holistic customer-centric cross-brand strategy in which St.George Bank’s brand is aligned with its own 6
Comfort and Authenticity are important elements in Westpac’s appeal 7
Westpac aims to provide Comfort through simplification 7
Connectivity is enhanced through Westpac’s commitment to community and use of social media 8
Westpac’s ongoing commitment to sustainability and ethical consumerism remains key to its ‘Connected’ image 9
Westpac aims to rebuild and retain loyalty through Authenticity 10
Westpac looks to set to continue putting customers first-for the time being 10
Westpac must show longer-term commitment to the customer-centric approach in order to retain customers 11
APPENDIX 13
Definitions 13
The Datamonitor Financial Services Consumer Insight Megatrend Framework 13
Authenticity 13
Comfort 13
Connectivity 13
Convenience 13
Individualism 13
Wellbeing 13
Demographic Complexity 13
Financial Intelligence Complexity 14
Lifestage Complexity 14
Wealth Complexity 14
Methodology 14
Further reading 15
Ask the analyst 15
Datamonitor consulting 15
Disclaimer 16
List of Figures
Figure 1: Westpac has sustained financial growth over the last five years, despite the recession 3
Figure 2: A customer-centric strategy is at the heart of Westpac’s Local Banker campaign 5
Figure 3: Adding street staff to the Local Bank campaign has added that extra layer of accessibility 6
Figure 4: Simplification will be a key feature of Westpac’s strategy going forward 8
Figure 5: Westpac’s use of social media enhances its accessibility and encourages a sense of community 9
Figure 6: Bank manager case studies have highlighted the benefits of empowering them to make the decisions that will best serve individual communities 11
CATALYST 1
SUMMARY 1
ANALYSIS 2
Introduction 2
Westpac’s Local Banker campaign is an innovative customer-centric approach 3
Westpac has successfully created a holistic customer-centric cross-brand strategy in which St.George Bank’s brand is aligned with its own 6
Comfort and Authenticity are important elements in Westpac’s appeal 7
Westpac aims to provide Comfort through simplification 7
Connectivity is enhanced through Westpac’s commitment to community and use of social media 8
Westpac’s ongoing commitment to sustainability and ethical consumerism remains key to its ‘Connected’ image 9
Westpac aims to rebuild and retain loyalty through Authenticity 10
Westpac looks to set to continue putting customers first-for the time being 10
Westpac must show longer-term commitment to the customer-centric approach in order to retain customers 11
APPENDIX 13
Definitions 13
The Datamonitor Financial Services Consumer Insight Megatrend Framework 13
Authenticity 13
Comfort 13
Connectivity 13
Convenience 13
Individualism 13
Wellbeing 13
Demographic Complexity 13
Financial Intelligence Complexity 14
Lifestage Complexity 14
Wealth Complexity 14
Methodology 14
Further reading 15
Ask the analyst 15
Datamonitor consulting 15
Disclaimer 16
List of Figures
Figure 1: Westpac has sustained financial growth over the last five years, despite the recession 3
Figure 2: A customer-centric strategy is at the heart of Westpac’s Local Banker campaign 5
Figure 3: Adding street staff to the Local Bank campaign has added that extra layer of accessibility 6
Figure 4: Simplification will be a key feature of Westpac’s strategy going forward 8
Figure 5: Westpac’s use of social media enhances its accessibility and encourages a sense of community 9
Figure 6: Bank manager case studies have highlighted the benefits of empowering them to make the decisions that will best serve individual communities 11
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