Product and brand
What makes a current account sustainable?
CLIENT
German banking association
EXPERTISE
Sustainable financial products
SERVICE
Product modular system for a sustainable current account and thematic roadmap for branding and sales
PARTNER
Eurogroup Consulting (EGC)
01 INITIAL SITIUATION
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A German banking association wanted to embed sustainability into the services offered by its member banks, starting with current accounts and then extending it to brand positioning and sales.
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Sustainable account models were already available on the market, with around fifty banks offering one.
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It remained unclear what actually makes a current account sustainable.
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At the same time, stricter EU requirements regarding environmental claims in advertising increased the risk of leaving the bank open to criticism.
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For the brand and sales departments, the key question was which sustainability topics to champion, including those beyond environmental aspects.
02 APPROACH
STEP 01
Customer needs
For current accounts, we combined the regulatory framework with the perspectives of both customers and banks. This was based on a survey of 1,250 people and a consultation with the relevant associations.
STEP 03
Brand and sales analysis
In a follow-up project we analysed which sustainability issues the banks should address in their brand and sales activities.The analysis combines eight perspectives, from the competitive landscape to the current state of play in the member banks.
STEP 02
Market research
At the same time, we analysed the offerings of around fifty banks with sustainable accounts. This resulted in a catalogue of 47 account features, which highlights what is standard on the market and what is actually exceptional.
STEP 04
Workshop
Building on these results, participants developed a shared topic map for marketing and sales in a one-day workshop.
03 RESULTS
Four core requirements
A sustainable current account requires tangible product features and measurable impact, but just as much it needs sound corporate governance and a credible bank behind it.
Modular toolkit with fifteen components
The components are grouped into three priority levels and ranked by customer demand and actual impact. This makes it possible to assess product ideas for both their effectiveness and appeal to customers.
Topic map for brand and sales
The map structures sustainability topics across marketing and sales and forms the basis for an action plan with clear priorities. Social and governance topics carry the same weight as environmental ones.