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Table of Contents :
Datamonitor View 1
CATALYST 1
SUMMARY 1
Analysis 2
Introduction 2
The Metro Bank model was pioneered by the banks somewhat controversial founder, Vernon Hill who currently acts as Vice-Chairman 2
Metro Bank are trying to offer a new alternative to the incumbent players 4
The Metro Bank promise is a pledge for change 4
Simplicitys attractiveness should not be underestimated 5
Consumers choice of current account is more complex than a desire for change 5
Over the medium-term Metro Bank may find a core segment of disillusioned consumers to tap into 6
Metro Bank is tapping into the Megatrend of Comfort by providing a friendlier face to banking. 7
Convenience is a powerful message in banking [link widoczny dla zalogowanych], one that Metro Bank needs to communicate perfectly if they are to be successful 7
Banking made easy is an important facet of the Metro Bank offering 8
Service-driven banking could tap into consumers demands for authenticity if marketed effectively 8
Metro Bank are betting on consumers looking past the rate of return to find the value in service 8
Metro Banks slow opening schedule could damage its progress; a strong start is crucial 9
Metro Bank must reinforce their messages of security if they are to reassure the uncertain consumer 10
Metro Bank may want to look fresh and innovative but, to some [link widoczny dla zalogowanych], it may lack the appearance of security 10
Metro Bank may find its offering too easily replicated by the incumbent banks 10
Incumbent banks are already gearing their offering to improved customer service 11
APPENDIX 12
Definitions 12
The Datamonitor Financial Services Consumer Insight Megatrend Framework 12
Authenticity 12
Comfort 12
Connectivity 12
Convenience 12
Individualism 12
Wellbeing 12
Demographic Complexity 12
Financial Intelligence Complexity 12
Lifestage Complexity 13
Wealth Complexity 13
Methodology 13
Ask the analyst 14
Datamonitor consulting 14
Disclaimer 14
List of Figures
Figure 1: High profile executives reveal a US retail past 3
Figure 2: The Metro Bank Promise campaign is one drawn straight out the retailers handbook 5
Figure 3: Convenience is highly valued in choice of current account provider 6
For more information please visit :
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roduction
Metro Bank has opened the doors of its first store in July 2010. It marks the first new entrant to UK high street banking in nearly 200 years and is heralded as having a fresh approach that better targets consumer needs. Whether it is truly a high street revolution or a novelty that will fail to catch the eye of the cynical UK consumer remains to be seen.
Scope
*Examines the key strengths of Metro Banks strategy and why this approach may appeal to consumers
*Analyses the elements of Metro Banks offering which align with Datamonitors FS Megatrend and Highlights points where Metro Banks may fail to appeal
Highlights
Change is a powerful message, particularly when the status quo is not widely applauded. Metro Bank is attempting to make headway into the typically closed environment of the UK high street banking world. Metro Bank is endeavoring to redefine what a bank should mean to consumers.
According to Datamonitors Financial Services Consumer Insight survey conducted in June 2010, shortly before the opening of Metro Banks first store, convenience and personal recommendations are the key reasons for choice of current account provider.
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 and priorities