Aarkstore announce a new report "TD Bank Case Study: Americas Most Convenient Bank " through its vast collection of market research report.
Online PR News – 05-October-2010 – – 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.
*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
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
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
The Datamonitor Financial Services Consumer Insight Megatrend Framework 15
Demographic Complexity 15
Financial Intelligence Complexity 15
Lifestage Complexity 16
Wealth Complexity 16
Further reading 17
Ask the analyst 18
Datamonitor consulting 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
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