Strategic Planning

Situation: An international financial services organization was evaluating a joint venture with a major UK airline to launch a virtual bank. They approached Convergence Group to determine the viability of the project and to initialize the strategic planning and implementation.

Solution: A comprehensive landscape analysis of the five forces in a competitive marketplace—competition, purchase power of target market, suppliers, substitutes and new entrants—was completed. In addition, we conducted a comprehensive brand equity analysis and deconstructed the brand to identify and determine how to maximize brand identity and equity to sell financial products.

Result: Convergence Group developed a strategic plan designed to find, win, keep, and grow customers in the UK market. We identified the target audience and potential customers and how to market to them vis-à-vis brand equity analysis. Recommendations also included a process for launching the virtual bank such as infrastructure, operations, risk and fulfillment. It included complete financials and valuations analysis to determine viability. Contract negotiations support for joint venture and launch of a virtual bank was also provided.