Td Bank Case Study: Americas Most Convenient Bank - Market Research Report On Aarkstore Enterprise

Introduction

Introduction

This case study on TD Bank forms part of Datamonitors Financial Services Consumer Insight series, as part of which best practice in specific areas of FS are highlighted.

Scope

*This case study analyses the key successful elements in TD Banks approach to customer engagement.

*The case study examines why TD Banks strategy appeals to consumers so strongly

*Datamonitors Financial Services Megatrend Framework is used to analyse the effectiveness of customer targeting strategies

Highlights

TD Bank has embraced the ideals of Commerce Bank which Datamonitor believes is a significant, if not the greatest contributor to the banks success in the US.

The Penny Arcade is one of the most notable and unique ways which TD Bank has used to bring in deposits. Thousands of new customers have been attracted by the Penny Arcades which count change in branches.

Providers should look at how their customers relate to their finances and tackle this appropriately. Aiding consumers to find fun in finance is a good angle TD Banks Penny Arcade turns money into a game or challenge, and subtly keeps both existing and potential customers engaged with the brand.

Reasons to Purchase

*Gain insight into the methods used by important industry players to give them a competitive edge

*Identify the implications of changing consumer behaviours

*Capitalize on the knowledge of experienced companies when entering a new niche or market

Table of Contents :

DATAMONITOR VIEW 1

CATALYST 1

SUMMARY 1

ANALYSIS 2

Introduction 2

TD Bank has performed particularly well in the downturn 3

TD Banks strong performance in the US can largely to its commitment to Commerces strong customer-focussed ethos 5

The Penny arcade has proved one of the key innovative features of TD Bank responsible for bringing in deposits 7

TD Banks campaign attracts consumers primarily through the Convenience and Financial Intelligence Complexity Megatrends 9

Convenience is king for Americas Most Convenient Bank 9

TD Bank seeks to overcome Financial Intelligence Complexities 10

Consumers have a tendency to pass the buck and get into debt through ignorance 10

Consumers are apathetic about their finances 10

TD Banks Penny Arcade helps educate younger consumers face the fear and makes finance fun 10

TD Bank specifically targets children in its engagement strategy 11

TD Banks ideas can be easily replicated in the current environment 13

APPENDIX 15

Definitions 15

The Datamonitor Financial Services Consumer Insight Megatrend Framework 15

Authenticity 15

Comfort 15

Connectivity 15

Convenience 15

Individualism 15

Wellbeing 15

Demographic Complexity 15

Financial Intelligence Complexity 15

Lifestage Complexity 16

Wealth Complexity 16

Methodology 16

Further reading 17

Ask the analyst 18

Datamonitor consulting 18

Disclaimer 18

LIST OF FIGURES

Figure 1: TD Bank acquired Commerce Bank, Americas Most Convenient Bank, in 2008 3

Figure 2: TD Bank placed 13th in deposit takings in June 2009 4

Figure 3: US Personal & Commercial Banking now represents 17% of the TD Banks trans-national operations 5

Figure 4: TD Bank has a WOW! Department, which sends costume-clad teams from Alpha WOW! Omega, its "fraternity", to "surprise and delight" high performers in front of colleagues 7

Figure 5: The Penny arcade has proved one of the key innovative features of TD Bank responsible for bringing in deposits 8

Figure 6: TD Banks Penny Arcade helps educate younger consumers face the fear and makes finance fun 11

Figure 7: TD Bank specifically targets children in its engagement strategy 12

Figure 8: TD Bank also offers a scheme that pays $10 to children for every ten books they read as a way engaging young consumers 13

For more information please visit :

http://www.aarkstore.com/reports/TD-Bank-Case-Study-Americas-Most-Convenient-Bank-62634.html

by: Aarkstore Enterprise

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