Research on personal banking was a project conducted under an agreement with Standard Chartered Marketing Division. While personal banking products are in the process to be launched, it is considered Important to learn about consumer and, market behaviors.



Objectives:

1. To research consumer preferences between suggested personal banking products.

2. To find out the important product attributes.

3. To research consumer media choices.



Constraints :

The limitations of the research were:

1. Consumer target segments have already been chosen.

Private banking is basically targeted at focused segments: celebrities group, professional group, and expatriate group. Consumer research was conducted to understand the behaviors of these consumers.



2. Products have already been chosen.

Suggested personal banking products were already designed, divided into asset products and liability products.

Research was conducted to learn consumer needs and acceptance of those selected products.



3. Products are not well known. Some of the suggested products are new to the Indonesian market. Difficulties were encountered when we had to give product definition to consumers who were not familiar with the products yet. While the method used was questionnaires, a clear explanation was needed to , define the product as accurately as possible.



4. No consumer demographics and psychographics research.

Since the segments have already been chosen and since research was focused to learn preferences, we did not conduct further research on the demographics and psychographics consumer.



Research location: Standard Chartered Bank

Supervisor: Hadi Satyagraha, PhD.

Kemal T. Mertohadidjojo, MBA.

Accepted: December 1994