The Bank for Investment and Development of Vietnam (BIDV) is one of the largest banks in the country with assets over US$ 20 billion focused on a portfolio of private and state-owned mid-cap and corporate enterprises.
GBRW was retained by BIDV to undertake an extensive analysis and make recommendations for the enhancement of their retail banking strategy.
The main tasks and activities included a review of BIDV’s current retail customer base in terms of demographics and customer behaviours. This was compared to that of competitors and conclusions drawn. Recommendations were made for the improvement of market analysis, including the commission of additional market research with a view to enhancing customer insight.
This data was compared and contrasted to the Retail Banking Strategic Plan. The retail banking segmentation strategy was reviewed to focus resources on target segments, where BIDV could draw on competitive advantage, particularly noting the synergies with its large commercial banking franchise.
In developing a more specific segmentation strategy, we were able to work with the Retail Banking strategy team to refine a suite of detailed Key Strategic Initiatives (to be aligned to the strategy), designed to achieve the Critical Success Factors needed to achieve their targets.
- A review and assessment of BIDV’s retail customer base;
- Review of the market analysis undertaken by BIDV Retail Banking;
- Analysis of BIDV’s Retail Banking Strategic Plan and the success of implementation;
- Evaluation of BIDV’s major policies to develop retail banking (in relation; and
- Recommendations for adjusting and updating the BIDV Retail Strategic Plan.