This is far from the usual customer retention and acquisition programmes. Research has been pivotal in delivering a ground-breaking outcome: a bank motivating its own customers to switch to a new bank.
As part of the conditions attached to the financial support from UK Government during the financial crisis, RBS needs to reduce its market share and increase competition in the SME banking market. RBS therefore had to create an environment where eligible customers of Royal Bank of Scotland and NatWest switched to a challenger bank - whilst maintaining its own brand and reputation.
An extensive, two-year research programme in partnership with Savanta was launched, combining strategic research with qualitative and quantitative ad-hoc and tracking research. This included exploratory in-depth interviews, pricing modelling, choice-based conjoint modelling, literature testing, mystery shopping and ongoing customer experience tracking.