Ubank Case study: a direct offering with the personal touch

Publication Date	July 2009
Publisher	Datamonitor
Product Type	Report
Pages	15
ISBN Number	not applicable
Product Code	DAT07165

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Summary

This case study on Ubank forms part of Datamonitor's new series highlighting best practice in specific areas of financial services.

Scope

This case study analyses the key successful elements in Ubanks's marketing and communication strategy
The case study examines how the brand has developed to its current status and why it appeals to consumers so strongly
Datamonitor's Financial Services Megatrend Framework is used to analyse the effectiveness of customer targeting strategies

Highlights

UBank is offering a direct banking service that maintains a personal touch. It taps into the potential of Web 2.0, while avoiding the pitfalls that many direct offerings fall foul of. It leverages its knowledge of customer relationships in order to provide a service which is both simple and convenient.

Reasons to Purchase

Gain insight into the methods used by important industry players to give them a competitive edge
Identify specific areas for operational improvements
Capitalize on the knowledge of experienced companies when entering a new niche or market

Content

DATAMONITOR VIEW

CATALYST

SUMMARY

ANALYSIS

Introduction
Maintaining the personal touch whilst using the direct approach and keeping costs low
A focus on interaction rather than just communication is core to UBank's offering
UBank is a new player in the banking world
Simplicity is central to UBank's product offering
UBank targets key consumer mega-trends
Every aspect of UBank is built around customer service, to ensure a comfortable banking experience
UBank is designed around a model of convenience
UBank targets internet savvy consumers
UBank faces the threat of losing its USP as other banks understand the potential of Web 2.0
Opportunities exist for competitors to challenge UBank in this market through adopting similar techniques
A winning challenger must achieve convenience and efficient interaction

APPENDIX

Definitions
The Datamonitor Financial Services consumer insight mega-trend framework
Authenticity
Comfort
Connectivity
Convenience
Individualism
Wellbeing
Demographic Complexity
Financial Intelligence Complexity
Lifestage Complexity
Wealth Complexity
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
Table 1: Hong Kong is forecast to grow most in the retail deposits domain over the next three years
Table 2: Number of internet users
Table 3: How popular are Facebook and Twitter sites with the other Asia Pacific countries that NAB operate in? (Number denotes the most popular site e.g. 3 = third most visited site in the country)
Figure 1: Simple, clean lines and a subtitle which adds credibility
Figure 2: The full UBank provision holds great appeal to technologically savvy customers
Figure 3: UBank is dedicated to educating its clients
Figure 4: Gerd Schenkel sends out a message of trust and simplicity
Figure 5: Skype allows customers to call the bank for free, anytime of the day or night
Figure 6: Twitter allows over 1,500 individuals to ask the bank questions in an easy and convenient way
Figure 7: Hong Kong is forecast to grow most in the retail deposits domain over the next three years