Danske Bank Sweden has grown their market share successfully by making branches the place to go for help on new products, rather than for transactions. Mats Torstendahl, CEO of the bank, spoke to Forrester about the bank’s efforts to stand out among many competitors and grow market share. Over the past ten years the bank has redefined its branch strategy to focus it on advice, rather than transactions. Over 65% of the bank’s customers perform transactions through e-banking, and are turning to the branches for face to face advice on their finances. Danske Bank is targeting entrepreneurial type people to manage their branches, and empower them to price products as needed — as long as they meet overall financial goals. They’ve also resized branches to be smaller and more boutique-like, placing them in less expensive real estate such as the second floor of buildings, and on the outskirts of cities, rather than in prime commercial space. Customers have embraced the new approach, preferring the better parking facilities in outlying areas, and the VIP feeling when they have to be ‘buzzed through’ the locked doors of branches. Read more on the Forrester Blog.
Filed under: Branding, Cool, Experimental Marketing
