TD Bank Case Study: America's Most Convenient Bank

Date: August 1, 2010
Pages: 18
Price:
US$ 1,695.00
Publisher: Datamonitor
Report type: Brief Review
Delivery: E-mail Delivery (PDF)
ID: TE70A1B0C1FEN
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TD Bank Case Study: America's Most Convenient Bank
Introduction

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
Highlights

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
CATALYST
SUMMARY
ANALYSIS
Introduction
TD Bank has performed particularly well in the downturn
TD Bank's strong performance in the US can largely to its commitment to Commerce's strong customer-focussed ethos
The Penny arcade has proved one of the key innovative features of TD Bank responsible for bringing in deposits
TD Bank's campaign attracts consumers primarily through the Convenience and Financial Intelligence Complexity Megatrends
Convenience is king for America's Most Convenient BankĀ©
TD Bank seeks to overcome Financial Intelligence Complexities
Consumers have a tendency to pass the buck and get into debt through ignorance
Consumers are apathetic about their finances
TD Bank's Penny Arcade helps educate younger consumers face the fear and makes finance fun
TD Bank specifically targets children in its engagement strategy
TD Bank's ideas can be easily replicated in the current environment
APPENDIX
Definitions
The Datamonitor Financial Services Consumer Insight Megatrend Framework
Authenticity
Comfort
Connectivity
Convenience
Individualism
Wellbeing
Demographic Complexity
Financial Intelligence Complexity
Lifestage Complexity
Wealth Complexity
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer

LIST OF FIGURES

Figure 1: TD Bank acquired Commerce Bank, America's Most Convenient Bank, in 2008
Figure 2: TD Bank placed 13th in deposit takings in June 2009
Figure 3: US Personal & Commercial Banking now represents 17% of the TD Bank's trans-national operations
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
Figure 5: The Penny arcade has proved one of the key innovative features of TD Bank responsible for bringing in deposits
Figure 6: TD Bank's Penny Arcade helps educate younger consumers face the fear and makes finance fun
Figure 7: TD Bank specifically targets children in its engagement strategy
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

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