Innovating Small Business Banking Offers
More specifically, the bank sought to:
– Identify pain points and areas of opportunity around Merchant Solutions, specifically for payment processing
– Evaluate a new small business concept catered to retail SBO’s
– Prioritize a list of up to 50 product/brand/service features among SBOs
Big Village used a comprehensive, but agile, approach to explore SBO’s reactions to a series of concepts designed to optimize strategies for acquiring, retaining, and deepening relationships:
3-day Digital Hive to understand how SBOs are leveraging merchant solutions to uncover white space and enhancement opportunities with the product
3-day Digital Hive to explore the extent to which the new SB offering was compelling to retail SBO’s
MaxDiff Quantitative Survey to determine SBO’s reactions to product/service/brand features and identify the most favorable products/services to highlight among SBOs.
Big Village delivered detailed analysis of the product/service/brand features that resonate the most with SBOs and recommendations of how to optimize their new concept and MS offer. Insights are being used to present these learning from top down – by business banking stakeholders / marketing executives and creative teams
The client modified their SBO marketing strategy to highlight features that are most compelling to the SBO segment as a whole, and other key growth segments for the bank.
Appeal to new SBO customers to achieve their growth strategy of opening ~3,000 new business online checking accounts and ~10,000 New Merchant accounts.