Customer Acquisition Strategies in Banking - Best Practice


Dallas, TX -- (ReleaseWire) -- 10/09/2012 -- adds new market report “Best Practice Customer Acquisition Strategies in Banking ” to its store.

Customer acquisition can be expensive; therefore banks need to ensure that the strategies they use will be successful. Despite issues faced by the UK’s largest banks they still offer important examples of best practice acquisition strategies. Brand strategy, product innovation, and service delivery are three approaches utilized by these banks to build up an overall acquisition strategy.

Features and benefits
- Implement a successful acquisition strategy by learning from the largest providers in the UK.
- Acquire new customers through altering your brand strategy and innovating new products.
- Enrich your proposition with insight into global best practice acquisition strategies.
- Target key customer segments by building an acquisition strategy to meet their needs and demands.

The acquisition strategies of the big five UK players are interesting to analyze in order to help establish how they have grown so successfully. The five players demonstrate diverging approaches, giving competitors an insight into a range of options available to them.

A strong and trusted brand is a key element for acquiring customers. Consumers need to be able to recognize and have confidence in their provider's brand. Encouraging consumers to engage with a brand will aid acquisition and help consumers to see a more human side of their bank.

In order for providers to continue to acquire customers they need to innovate and create customer-centric products. Innovation is important both for creating new experiences which consumers want to engage with, and also to ensure that a provider's offering continues to keep up with the changing demands of its customer base.

Your key questions answered
- What strategies are the big five providers in the UK employing in order to acquire new customers?
- How can brand strategy, product innovation, and service delivery be used to successfully target new customers?
- What are the best practice examples of customer acquisition from around the globe?
- How can an overall acquisition approach be built up from a number of different elements of a bank’s strategy?
- How do the big five providers in the UK differ in their approach to customer acquisition?

Buy your copy of this report @ .

List of Figures

Figure: NatWest spent the most on overall brand building in 2011 out of the top UK players
Figure: The equity of a brand consists of a number of factors
Figure: There are three main elements of an acquisition strategy that are explored in this report
Figure: Datamonitor's Financial Customer Intelligence framework details the key consumer trends within the financial services industry
Figure: Each of the top five banks in the UK employs different approaches in order to build up their overall acquisition strategy
Figure: Despite no longer being in use, HSBC's "the world's local bank" strapline is still well-known by consumers
Figure: The HSBC "in the future…" campaign focuses on how banking will change, and how HSBC is prepared for these changes
Figure: The "for the journey" strapline is clearly present in Lloyds TSB's branding
Figure: Lloyds TSB's marketing uses consistent imagery to visualize the life goals that the bank is aiming to help customers to achieve
Figure: Barclays uses metaphors to simplify the message of financial responsibility in its "take one small step" campaign
Figure: Barclays' brand concept branch showcased technology that could be used in branches of the future
Figure: The NatWest Customer Charter contains a series of promises to its customers, under four main areas of service
Figure: Santander's sponsorship of Formula 1 racing has raised brand awareness and created a mutual enjoyment of the sport with customers
Figure: The HSBC Expat service cements HSBC's position as an international bank
Figure: HSBC clearly segments customers with its range of current accounts, adapting the products to the needs of each group
Figure: The Money Manager tool allows consumers to analyze their spending on their Lloyds TSB account and credit card
Figure: The Lloyds TSB Added Value accounts bundle a number of products together to offer consumers greater convenience
Figure: The Pingit service is designed to help consumers make transfers to their peers without the need for all their banking details
Figure: The Features Store from Barclays allows consumers to build their own packaged current account
Figure: NatWest is aiming to show how helpful it can be by introducing services such as emergency cash withdrawals without a bank card
Figure: NatWest offers three current accounts to cater to the needs of a range of customers
Figure: Consumers can calculate the approximate cashback and interest they would earn from Santander's 123 current account
Figure: Santander has demonstrated a range of product innovation in its attempt to acquire customers
Figure: HSBC uses Twitter to distribute press releases and publicize new products and services
Figure: Lloyds TSB's 24 hour telephone advisor service highlights its commitment to all banking channels
Figure: Barclays' Investor Zone is the online option for consumers now that the bank no longer offers financial advice through its branches
Figure: The mobile banking app from RBS/NatWest remains one of the best on the market in terms of functionality
Figure: RBS/NatWest has been vocal in advertising its extended branch opening hours
Figure: NatWest's use of social media to promote its sponsorship activities creates brand warmth that in turn can aid customer acquisition
Figure: Chase Community Giving demonstrates how to strengthen a brand through charitable actions
Figure: The Co-operative Bank has a clearly communicated ethical brand
Figure: Halifax has introduced an innovative prize draw system in order to attract consumers to its savings accounts
Figure: Westpac has innovated to create a flexible personal loan
Figure: Simple has created a unique proposition that relies heavily on technology to differentiate itself and attract customers
Figure: National Australia Bank demonstrated tangible returns from its social media acquisition campaign
Figure: La Caixa offers its own mobile app store, highlighting the extent of its offering in this channel

Contact for further information.