Coventry Building Society: Do low rates have to mean no mates? Why low interest rates don’t have to mean no interest for savers

Coventry Building Society (CBS), a building society, conducted a research study in the UK to gain a better understanding of how to attract and retain customers.

Summary

By consistently offering competitive rates, Coventry Building Society (CBS) have successfully grown to the second largest building society in the UK. But, with interest rates at an all-time low, attracting/retaining customer is increasingly challenging!

The objective: The Society needed a new hook to attract and retain customers.

Instead of the obvious product innovation workshops, we recommended a collaborative knowledge building process: first, challenging CBS's understanding of savings behaviours and drivers in a low-rate environment, before using this to direct solutions. We wanted to place the understanding of what motivates savers at the heart of CBS's response.

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