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Repositioning a bank

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by

Rémi Martin

on 20 January 2014

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Transcript of Repositioning a bank

Introduction
Who is ANZ ?


Who are the Competitors ?


Brief analysis of the market


Why re-positioning ANZ ?
ANZ's Repositioning Strategy
Gap between ANZ's corporate aims and the marketing strategy ?
Is that a good strategy?
4 Banks = 4 strategies
Conclusion
> The repositioning was necessary

> Followed the path to success

> Lack of competitive advantages


REPOSITIONING A BANK IN AUSTRALIA
Who is ANZ?
> 170 years old bank

> 5.7 million retail customers

> 817 branches, 3900 ATMs

> personal banking segment : biggest activity
Who are the competitors ?
> Top four banks

> Mains competitors : Westpac, commonwealth, NAB

> Others : HSBC, Suncorp, BankWest ...

Market Analysis
> turbulent market

> medium entry barriers

> medium power of buyers and suppliers

> medium-to-low threats of substitutes

> high rivalry


Reasons of the repositioning
> Global financial crisis (2008)

> Regular customers : critical for sustainable success

> New philosophy : satisfaction of customers needs



Identification of the market's competitive products
> Commonwealth :
give interest to personal bank account
> Westpac :
numerous partners around the world
> NAB :
- high number of ATMs,
- low fees for personal account
What are the determinant attributes?
> features
- personalized your bank account

> Benefits :
- online service
- more ATMs
- good interets rates
- good service

Collect of informations
Looking for :

> Low account fees
> Number and availability of ATMs
> Interest rates
> Qualified customer service
Brand''s current positioning
> No online service

> Few ATMs

> Low interest rates
Most preferred attributes by customers

> A bank living with its time

> Interest rates

> A bank in which you can trust

> low account fees

> Number of ATMs

The marketing strategy
> Position statement :

"We live in your world"

> Differentiation by customising credit card

> Improve customers by creating online service.
Preferences of the market
VS
Current position of brands
> Lack of ATMs

> Need to restore confidence to customers

> Improve information technologies
Steps in the positioning process
They also look trustworthy, traditional, not contemporary.
ANZ's Corporate Aims
> Long-term intention of an organisation

> Focus on personal banking segment

> Give back trust in the Bank
Marketing Strategy
> Allocate activities to accomplish the business's objectives

> "We live in your world"

> Customise credit cards,

> Online banking

> Focus on 18 - 35 years
> Good understanding of the message

> Not accepted or trusted

> Gap between communicated and actual services
Is there a gap ?
Characteristics
Banks
Objectives
Strategies
Competitive
advantage
> Be innovative, fresh, young

> Satisfy customers' needs


> "We live in your world"

> Customise credit cards,

> Online banking

Customise your "product"


give interest to personal bank account
What are the inconsistencies ?
> Change of strategy :

- Used to be focus on business

> No accomplishment of customers' expectations :

- Slight improvements in ANZ's banking services

>
Do actual customers will re-evaluate their business ?
No, they won't
> Perceived as fresh, modern and appealing

> improvements of online service and account fees
Yes, they will
> Low brand loyalty

> Low competitive advantage

> 3 big competitors
> Develop a brand equity around the world

> Increase partnership number
> "We're a bank, you can bank on"

> Develop social responsability
Have international partners
High number of ATMs

Low fees for personal account
> "Determined"

>High communication
> "Give less, take more"

> Push and pull channels
> Be a global bank

> Don't focus only on personal banking
Be convenience in all Australia
Rémi Martin
In which bank are you ? Why ?
Would you like to change?
Full transcript