The introduction of a Personal Current Account is an integral service for a Supermarket to broaden its banking proposition. Our client was introducing this service in order to become a full service retail bank.
P2 Consulting set out to meet a range of strategic objectives, reaching high levels of customer satisfaction was a key element of the project, engaging with the challenge of stimulating conservative initial volumes of customer uptake. P2 Consulting recognised the requirement of building momentum over time and creating a reputation as a current account, offering excellent services and rewarding loyalty. This allowed the team to assist in providing customers with an exemplary online, telephone (including mobile) banking proposition and for the retailer to utilise its in-store presence to service basic transactional needs.
Additionally, the team was tasked with generating income to offset the costs of running operations and loyalty rewards, and making this expectation clear to its customers. The need to leverage the new industry standard account switching proposition was a significant component of the scope in relation to driving customer acquisition at the time of launch.
The challenge was to maintain governance and control, to manage the complexity of a new Credit Risk and Fraud Decision Analytics requirement and multi-channel implementation, while managing the significant media interest on the back of negative sentiment towards the retail banking sector.
The final key requirement was the need to commit to a launch date in order to take advantage of the second wave of the industry-wide Payments Council Account Switching Service.