Browse the complete Report on : TD Bank Case Study: America's Most Convenient Bank
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This case study on TD Bank forms part of Datamonitor's 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 Bank's approach to customer engagement.
- The case study examines why TD Bank's strategy appeals to consumers so strongly
- Datamonitor's Financial Services Megatrend Framework is used to analyse the effectiveness of customer targeting strategies
TD Bank has embraced the ideals of Commerce Bank which Datamonitor believes is a significant, if not the greatest contributor to the bank's 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 Bank's 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
DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
Introduction 2
TD Bank has performed particularly well in the downturn 3
TD Bank's strong performance in the US can largely to its commitment to Commerce's 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 Bank's campaign attracts consumers primarily through the Convenience and Financial Intelligence Complexity Megatrends 9
Convenience is king for America's 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 Bank's 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 Bank's ideas can be easily replicated in the current environment 13
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