How SunTrust used a customer-centric approach to inform brand strategy, improve marketing tactics, and drive organizational transformation.
The Challenge
SunTrust, a leading financial services firm, was relying on a product and wealth-based view of their customers. While this traditional approach worked in the past, it was leaving them vulnerable to new and increasingly sophisticated competition. Senior management decided the bank had to shift from its traditional product-focused model to a customer-centric model that would address customers and prospects on the basis of their needs and goals.
The Results
The segmentation formed the foundation for SunTrust’s brand strategy, which both identified and targeted consumer segments. It was also central to a body of work mapping the future of SunTrust’s retail banking (along with priority product and service innovations).
As part of the brand strategy, the segmentation supported defining and designing differentiated client experience within the call center, which helped manage down costs and improve revenue from targeted segments. On a tactical level, algorithms linking the segmentation with third party and bank transactional data helped target DM to the most valuable households with the most effective messages.
About the Client
SunTrust is an American bank whose purpose is lighting the way to financial well-being. Banking services and products from SunTrust Bank including checking and savings accounts, credit cards, mortgages, wealth management and retirement. Learn more about SunTrust here.
Client Impact