Post on 25-Dec-2015
Live Bank Case Study
Applying CBA Executive Banking School learning objectives to a Live Case Study on a current relevant topic
Applying Retail Bank MarketSim learning objectives to a Live Case Study on a current relevant topic
Applying Live Case Study activities to the Inter-session Assignment
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Course Objectives
Introduction3
Who are the Millennials?
In what forms should they be communicated with?
What products might they need?
How might they want them delivered?
If millennials are the new mass affluent, how would bank strategies have to change to accommodate them?
How should success be measured?
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The Components of this Live Bank Case Study
Who are the Millennials?
Live Bank Case Study5
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Who are the Millennials?
• Demographics• Psychographics• Major events that impacted their
thinking/shaped their lives• Attitudes towards technology• Attitudes towards money• Attitudes towards work• What is success to Millennials?
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Who are the Millennials?
• What products might they need?o Managing daily moneyo Savingso Credito Investingo Other
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Who are the Millennials?
How might they want them delivered?
Branch
Call Center
ATM
Online
Mobile
Other
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Who are the Millennials?
• If Millennials are the new Mass Affluent, how would bank strategies have to change to accommodate them?
• How should success be measured?• Financial• Balanced Scorecard measures
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Customers
Live Bank Case Study
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Who are the Millennials?
• Basic demographics• Basic psychographics• Major events that impacted their thinking and
shaped their lives• General attitudes towards technology• General attitudes towards money• General attitudes towards work• What is success to Millennials?
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Customers
• Is your subject bank doing anything now? If so, what?
• How would you communicate with them? Why?• What would the message be?• Develop a plan for marketing mix• What are the budget implications?• How might a Millennial segment strategy impact
other targeted segments?
What’s Next?
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Don’t Forget the Process
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Analyze
Plan
Forecast
Execute
ReviewRetail Bank
MarketSimProcess Flow
Target for Live Case
Study
Research
Create
DiscussRefine
Document
What’s Next?
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• Bank Websiteo Annual Reporto Investor Reports
• News Articles• Google/Bing/Yahoo
Research
Remember! To remember where you found your information. Document your sources by saving the URLs.
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• After researching the topic craft a draft response to the topic questions using the appropriate forms stored in the CBA Executive Banking School Website. In this case two LCS Answer Sheets – Who are the Millennials and Customers.
Create
Live Case Study – Who are the Millennials?
Name E-mail
Date [Click to select date] Team
Answer the following questions to answer the question, “Who are the Millennials?”
1. What are their basic Demographics?
[Click to type your response]
2. What are their basic Psychographic characteristics?
[Click to type your response]
3. List the major events that impacted their thinking and shaped their lives
[Click to type your response]
4. What are their general attitudes towards technology?
[Click to type your response]
5. What are their general attitudes towards money?
[Click to type your response]
6. What are their general attitudes towards work?
[Click to type your response]
7. What defines success to Millennials?
[Click to type your response]
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Getting to CBA Executive Banking School Website
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Getting to CBA Executive Banking School Website
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Finding the Appropriate Worksheet for the Case
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Finding the Appropriate Worksheet for the Case
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Live Case Study – Who are the Millennials?
Name E-mail
Date [Click to select date] Team
Answer the following questions to answer the question, “Who are the Millennials?”
1. What are their basic Demographics?
[Click to type your response]
2. What are their basic Psychographic characteristics?
[Click to type your response]
3. List the major events that impacted their thinking and shaped their lives
[Click to type your response]
4. What are their general attitudes towards technology?
[Click to type your response]
5. What are their general attitudes towards money?
[Click to type your response]
6. What are their general attitudes towards work?
[Click to type your response]
7. What defines success to Millennials?
[Click to type your response]
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Live Case Study – Customers
Name E-mail
Date [Click to select date] Team
Answer the following questions to generate a point of view of Millennials as customers.
1. Is your bank doing anything focused on Millennials new? If so, what?
[Click to type your response]
2. How would you go about communicating with Millennials? Why?
[Click to type your response]
3. What would the message be?
[Click to type your response]
4. Develop a high-level plan for marketing mix?
[Click to type your response]
5. What are the budget implications?
[Click to type your response]
6. How might a Millennial segment strategy impact other targeted segments?
[Click to type your response]
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Discuss, Refine & Document
• Review your findings with your team• Exchange sources• Adjust your responses to final form• Add source document information – Title and
URL• Save and Upload to the CBA Executive
Banking School WebsiteDo not change your response to match the rest of your team! There are multiple appropriate responses to most questions. Do change your responses to provide a more complete and well rounded answer.
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Products
Live Bank Case Study
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Products
• What are Millennials' attitudes towards:o Payments (checks, debit, “P to P”, credit card)o Debt (auto, mortgage)o Savings (short-term)o Wealth & Investments (long-term)o Retirement
• Are they unique?• Are they unreasonable?
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Products
• What existing bank products fill those needs?o Managing daily moneyo Credito Savingso Investingo Other
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Products
• What are the gaps in existing bank products?• Is anyone filling those gaps? If so, who?• What investments need to be made to fill
those gaps and meet Millennials’ expectations?
• Will those expectations change as Millennials progress through one life stage to the next?
What’s Next?
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Don’t Forget the Process
30
Analyze
Plan
Forecast
Execute
ReviewRetail Bank
MarketSimProcess Flow
Target for Live Case
Study
Research
Create
DiscussRefine
Document
What’s Next?
31
32
• Bank Websiteo Annual Reporto Investor Reports
• News Articles• Google/Bing/Yahoo
Research
Remember! To remember where you found your information. Document your sources by saving the URLs.
33
• After reading materials craft a draft response to the topic questions using the LCS Products form
Create Live Case Study – Products
Name E-mail
Date [Click to select date] Team
Answer the following questions to generate a point of view of Millennials concerning products and
product usage.
1. What are Millennials’ attitudes towards:
a. Payments (checks, debit cards, credit cards, “P to P”)
[Click to type your response]
b. Debt (auto, mortgage, others)
[Click to type your response]
c. Savings (short-term)
[Click to type your response]
d. Wealth & Investments (long-term)
[Click to type your response]
e. Retirement
[Click to type your response]
2. Are they unique? Why?
[Click to type your response]
3. Are they unreasonable? Why?
[Click to type your response]
4. List existing bank products that fill Millennials’ needs described in their attitudes towards bank products listed above:
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Discuss, Refine & Document
• Review your findings with your team• Exchange sources• Adjust your responses to final form• Add source document information – Title and
URL• Save and Upload to the CBA Executive
Banking School WebsiteDo not change your response to match the rest of your team! There are multiple appropriate responses to most questions. Do change your responses to provide a more complete and well rounded answer.
35
Delivery
Live Bank Case Study
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Who are the Millennials?
How might they want them delivered?
Branch
Call Center
ATM
Online
Mobile
Other
37
Delivery
• Are customers’ preferences on how they interact with banks changing? If so, how so?
• What is your doing in response to changing customer preferences to delivery of bank products and services?
• Is the industry acting ahead, behind or in line with customer expectations?
• What are the risks;o Of moving too quickly?o Of moving too slowly?
• Is there a significant competitive advantage in;o Moving quickly?o Or moving slowly? o Is the advantage sustainable?
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Delivery
• What are the delivery requirements of the Millennial generation?
• From the perspective of Delivery, what industry has effectively captured this segment?
• Can your bank emulate it? Should it? Why or why not?• Consider changes that need to be made within branches to
encourage customers to further change their behaviors.• What is your bank doing to reduce costs in the branch
network?o Will this create service gaps?o If so, what could be done to bridge those gaps
What’s Next?
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Don’t Forget the Process
40
Analyze
Plan
ForecastExecute
ReviewRetail Bank
MarketSimProcess Flow
Target for Live Case Study
Research
Create
DiscussRefine
Document
What’s Next?
41
42
• Bank Websiteo Annual Reporto Investor Reports
• News Articles• Google/Bing/Yahoo
Research
Remember! To remember where you found your information. Document your sources by saving the URLs.
43
• After reading materials craft a draft response to the topic questions using the appropriate forms
CreateLive Case Study – Delivery
Name E-mail
Date [Click to select date] Team
Answer the following questions to generate a point of view of Millennials concerning delivery
channels.
1. Are customers’ preferences on how they interact with banks changing? If so, how so?
[Click to type your response]
2. What is your bank doing in response to changing customer preferences to delivery of bank products and services?
[Click to type your response]
3. Is the industry acting ahead, behind or line with customer expectations?
[Click to type your response]
4. What are the risks of moving too quickly? Of moving too slowly?
[Click to type your response]
5. Is there a significant competitive advantage in moving quickly? In moving slowly? Is that advantage sustainable?
[Click to type your response]
6. What are the delivery requirements of the Millennial generation?
[Click to type your response]
7. From the perspective of Delivery, what industry or company has effectively captured this segment?
[Click to type your response]
8. Can your bank emulate it? Should it? Why or why not?
[Click to type your response]
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Discuss, Refine & Document
• Review your findings with your team• Exchange sources• Adjust your responses to final form• Add source document information – Title and
URL• Save and Upload to the CBA Executive
Banking School WebsiteDo not change your response to match the rest of your team! There are multiple appropriate responses to most questions. Do change your responses to provide a more complete and well rounded answer.
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Strategy
Live Bank Case Study
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Strategy
• What are the implications of ending current bank strategies that have been focused on the mass affluent/baby boomers and implementing a new strategy customized to attract and serve millennials?
• What are the primary elements of strategy?• Address each in developing a bank strategy
with a focus on Millennials.
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Strategy
• Compare with current bank strategy.o What are the primary gaps?o Can they be bridged? o If so, what would be the impact to profitability? o If not, why not?
• Are any banks doing well targeting millennials? o Are any businesses doing well targeting
millennials?o What are their keys to success?
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Performance Measurement
Live Bank Case Study
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Performance Management
• Evaluate MarketSim BSI in measuring success with millennials, Which elements are relevant? Which are not?
• List measurements that would be important in measuring success with millennials and why you selected those elements.
• How would these numbers be obtained?• Which metrics would you feel comfortable
paying bonuses or commissions on and why?
What’s Next?
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Don’t Forget the Process
51
Analyze
Plan
ForecastExecute
ReviewRetail Bank
MarketSimProcess Flow
Target for Live Case Study
Research
Create
DiscussRefine
Document
What’s Next?
52
53
• Bank Websiteo Annual Reporto Investor Reports
• News Articles• Google/Bing/Yahoo
Research
Remember! To remember where you found your information. Document your sources by saving the URLs.
54
• After reading materials craft a draft response to the topic questions using the appropriate forms
CreateLive Case Study – Strategy & Performance Measurement
Name E-mail
Date [Click to select date] Team
Answer the following questions to generate a point of view of Millennials concerning strategy and
performance measurements.
1. What are the implications of ending current bank strategies that have been focused on the mass affluent/baby boomers and implementing a new strategy customized to attract and serve millennials?
[Click to type your response]
2. What are the primary elements of strategy?
[Click to type your response]
3. Address each in developing a bank strategy with a focus on Millennials.
[Click to type your response]
4. Compare with current bank strategy. What are the primary gaps? Can they be bridged? If so, what would be the impact to profitability? If not, why not?
[Click to type your response]
5. Are any banks doing well targeting millennials?
[Click to type your response]
6. If so, what are their keys to success? If, not what will the keys to success be?
[Click to type your response]
7. Evaluate MarketSim BSI in measuring success with millennials. Which elements are relevant? Which are not?
[Click to type your response]
8. List measurements that would be important in measuring success with millennials and why you selected those elements.
[Click to type your response]
55
Discuss, Refine & Document
• Review your findings with your team• Exchange sources• Adjust your responses to final form• Add source document information – Title and
URL• Save and Upload to the CBA Executive
Banking School WebsiteDo not change your response to match the rest of your team! There are multiple appropriate responses to most questions. Do change your responses to provide a more complete and well rounded answer.
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