Banco Santander

Revolutionizing retail banking with new business models

Client

Banco Santander

2018

Project

Revolutionizing retail banking with new business models

Context

Banco Santander needed to find ways to add value to customers through the retail locations, while also generating new income

Solution

Mormedi identified, created and validated with clients and stakeholders 7 final concepts and quantified the potential business impact, producing an indicative P&L describing the potential costs and revenues of implementing the concepts.

What we did

Identification, creation and validation of new non-financial business models

Santander asked Mormedi to help in the creation of new retail experiences to strengthen the Santander brand and generate new revenue streams within a 1-5 year timeframe.

Mormedi worked with stakeholders across the international organisation, as well as current and potential customers, to ideate and define the Santander branch of the future.

The challenge

Santander currently serves more than 100 million customers through a global network of 14,400 branches, the largest in the international banking sector. However, the bank realised that customers’ expectations of a retail bank are changing, so it approached Mormedi to find ways to add value to customers through the retail locations, while also generating new income, increasing productivity, increasing foot traffic, and supporting Santander’s involvement in the SME ecosystem.

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Our approach

To generate concepts that would be valuable to both Santander and to customers, Mormedi began by taking in three main inputs:

The voice of the consumer: Mormedi carried out ethnographic research through focus groups in Spain and Brazil to co-create new ideas with customers.

Corporate approach: Mormedi interviewed 16 Santander stakeholders to ensure alignment and feasibility.

Business context: Mormedi carried out a through benchmark study of new retail trends in both banking and other industries, as well as a study of 40 relevant consumer trends.

117 initial ideas/opportunities were clustered and prioritised, then filtered down in a co-creation workshop with Santander stakeholders, and then further validated with customers to arrive at 6 final concepts.

Mormedi then defined the final concepts and quantified the potential business impact, producing an indicative P&L outlining the costs and potential revenue of rolling out the concepts.