Challenges

Our client, one of the key players in the banking industry have an intention to grow their business with Malay consumers and hence the intention to validate and in uncovering potential in the Malay segment to identify their size, potential and growth trends within the banking landscape. As such, it is essential to identify their banking behaviour and understand their key needs in order to be able to provide relevant and suitable offerings/services for targeting and acquisition.

Approach

Over n=1,900 Malay consumers across urban areas of Peninsular Malaysia aged 20-59 were polled through face-to-face, door-to-door interview approach. Through this segmentation exercise, we had given a holistic view of Malay consumers in terms of their psyche, lifestyle, digital banking behaviour, needs and motivations. By doing this, we were able to classify the different user personas of the Malay consumers where the next step was to deep-dive into the different personas’ banking behaviour, preferences, product usage to uncover potential and identify how best to target them.

Results

With our framework, not only are we able to give insights in terms the different personas banking needs in terms of products and features, profile, lifestyle, media usage (to aid marketing communications) but also how well the needs of each personas fits into the strength of our client i.e. which group could be targeted best to increase profit and growth potential. Apart from a full segmentation report; we have also dive into the individual banking products e.g. Retail deposits, Credit card, Personal loan, etc.