Case_Study_bank_aquisition

Case Study : 

Neelam Mishra, ISB&M school of communication 1 Case Study Bank Acquisition: Citizens Bank- Mellon Bank

An overview : 

Neelam Mishra, ISB&M school of communication 2 An overview Citizens bank Mellon Bank

Fears they had : 

Neelam Mishra, ISB&M school of communication 3 Fears they had Anticipated problems: 1) Customers’ migration. 2) Retention of Citizens’ image in new market. 3) Reduce customers’ intentions to leave.

Objectives : 

Neelam Mishra, ISB&M school of communication 4 Objectives Arnold worldwide Agency set up the following objectives: Minimize Customer attrition rate under 10% Build awareness through advertising. Reduce customers intention to leave the bank.

Agency’s observations : 

Neelam Mishra, ISB&M school of communication 5 Agency’s observations Mellon’s customers were aged b/w 35-54 with income of $ 50,000- $ 150,000 Customers had negative expectations of : Fee increase. Branch closures. They thought it was like any other acquisition.

New Philosophy : 

Neelam Mishra, ISB&M school of communication 6 New Philosophy Citizen Bank is “ Not Typical bank”. It’s a bank that believes in quality customer service, quick response, and treating its customers with a uniquely high level of respect.

Tools of Communication used : 

Neelam Mishra, ISB&M school of communication 7 Tools of Communication used Arnold used IMC (Integrated Marketing Tools) to convey the message across the large no. of customers: Series of T.V ads with a self depreciating humor twist. Filming 4 documentary style TV spots. Promotion via radio, newspaper.

Results of the campaign : 

Neelam Mishra, ISB&M school of communication 8 Results of the campaign “ Not Typical bank” campaign was a hit delivering following results: 1) During six months of merger, no customer attrition. 2) Citizen’s awareness rose to 31% in few weeks. 3) Proportion of customers likely to switch was cut short by half i.e. 12 % .

Slide 9: 

Neelam Mishra, ISB&M school of communication 9 Thank You….