Psychographics and retail banking

Date of publication: September 1, 1978

Author: Philip P. Todd

Abstract:

Amsterdam-Rotterdam Bank,N.V. (Amro Bank), one of the leading retail banks in the Netherlands, in 1975 faced the problem of how to re-segment the national market for personal savings and checking accounts. We felt that this market could be segmented in a much finer and more descriptive way than the usual way of demographic and user classes with "cold" statistical profiles. Thus, a study was undertaken using psychographics to provide the product management with information permitting more precise adjustment to marketing segmentation and marketing strategies, including advertising copy, media selection and product development. This study was carried out in two steps: 1. Explaining financial behaviour by means of demographic, financial, media and psychographic characteristics; 2. Tracing possible new retail banking market segments in terms of financial attitudes, behaviour, life style in general and media usage.

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