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.
What...