Case summary:
Bank U is a financial holding company. It operations are personal banking and lending, wealth management and business banking and lending. It has formulated a separate marketing mix to meet the needs of each target market customers.
Bank U designed a strategy of human-digital to meet the targeted customer needs and preferences they realized that most of the customers are doing their banking operations without going to a bank.
Later on, Bank U launched one application called Best Financial Friend through this any participate can text or video chat with the bank employee and completing all kinds of banking transactions except withdrawals.
This application allows the bankers to access customer accounts and analyses, summarizes the previous interactions. This provides circumstances based banking which helps to know events that are connected to consumer’s life.
The result of implementing of these strategy, Bank U restructuring its stores and to enable its employees to serve customers through application and in person.
To discuss: Whether Person X agrees the decision of Bank U to use a market test before launching their application Best Financial Friend in the wider marketplace
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Chapter 6 Solutions
Marketing
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