Financial Services Technology

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Client Profile: Mid-sized financial institution

Prior to the availability of the Internet, Intuit (maker of Quicken) partnered with a commercial banking group (Client) to offer a beta of a new product. The product would allow the bank to provide customers with a digital file holding their monthly account transactions. After installing Quicken, the company would be able to download their account detail from this file and reconcile their core checking account.

The commercial product group approached the corporate marketing group with the need to market this product in beta phase after having agreed to the test with Intuit.

The commercial product group did not possess a business plan for the test with Intuit or potential rollout of the product.

The Branding and Marketing Communication Director, later a TBG partner, lead an effort to build an unbiased business plan for the test prior to agreeing to any support of the product.

  • Financial analysis showed that the test was risky at best.
    • Not a large enough target base willing to pay the monthly cost of the product to support the launch
    • Product group felt they had already made a commitment to Intuit and needed to launch the product anyway
  • Developed (and shortly thereafter launched) a highly targeted direct marketing, advertising and PR program.
  • Supplied training and support materials to bank offices and key calling officers.

The program was unsuccessful. Response to the product was as predicted by the business plan. The bank could not justify serving the relatively few companies that were early adopters of this technology.