A revolution in banking
A first direct case study

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Page 5: Strategies

  • First Direct 2 Image 683% of respondents treated their First Direct account as their main current account.
  • 77% had their salary paid into this account.
  • 94% of First Direct account holders said they would not transfer back to their previous bank, if it were to offer a similar service to First Direct.

This last piece of evidence is very important because it indicates that First Direct has built up a strong and loyal consumer base. Research also showed that 65% of established customers held savings accounts elsewhere, 62% of the sample had credit cards with other issuers and 58% held mortgages with other organisations. Clearly this provides a real opportunity for First Direct to develop its cross selling in order to tap these other markets.

The indication is that telephone banking is of particular interest to those who use modern technology. This is a very positive sign because nearly all young people in schools and colleges have this sort of expertise.

Driving forward

In order to drive forward from an existing successful position, First Direct is concentrating on key strategic areas:

  1. To increase familiarity with First Direct, amongst its target markets (ABC1 21-54). The company has set itself the target of increasing meaningful awareness of the brand by 50% within 1997. To this end they have engaged in television, press and direct mail advertising.
  2. A second major focus has been on developing greater emphasis on cross-selling of products.
  3. To continue to carry out detailed research, to establish customer needs at a personal level, in order to provide a customised service to individuals.

first direct | A revolution in banking