Challenge: Santander’s internal analysis of New-to-Bank customers showed they had lower balances vs. competitive banks’ new customers, leading to questions and hypotheses about the broader profile of these NTB consumers and why they chose Santander. Santander wanted to identify acquisition drivers and strategies for increasing share of wallet and ensuring long-term loyalty.

Objective:  In a Phase I qualitative exploratory, to better understand mindsets, attitudes, and behaviors in working with a bank, perceptions of Santander and strengths/barriers to building strong relationships with new customers.  A Phase II quantitative study confirmed banking customers’ reasons for opening new accounts, their perceptions of major bank brands, and verified important decision drivers in choosing a new bank.

Solution: In Phase I, a series of focus groups were conducted among New-To-Bank customer audiences across key markets, including mass market, mass affluent, and Hispanic customers specifically. The large-scale quantitative survey among New-to-Bank customers and “intenders” of new account openings, used a conjoint analysis to determine the optimal banking bundles that would drive trial. New-to-bank customers were also profiled and evaluated on satisfaction, and key drivers for opening new accounts.

Result:  Based on insights and learning across the two phases, Plan-it made recommendations for the optimal banking bundles to attract and retain new customers to specific accounts, made suggestions for refining service and account features to help increase Santander’s share of wallet. Plan-it also made messaging and communications recommendations for appealing to these audiences.