Standard Chartered Bank

Digital Marketing- Jeremy DeZilwa- 15409797
DIGITAL MARKETING
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STANDARD CHARTERED BANK 31, York street Colombo 01
Executive Summary
Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the
Standard Bank of British South Africa and the Chartered Bank of India. Since then Standard
Chartered Bank has pioneered to be the world’s best international bank within its chosen
markets (Africa, Asia and the Middle East). (SC.com, 2014). Standard Chartered is well placed to
expand into emerging economies because of their geographic focus.
Standard Chartered Bank is an international brand that has been present in the Sri Lankan
market since 1858 resulting in 158 years of industry expertise in Banking. The bank has a
growing presence in the corporate and retail sectors of commercial banking in Sri Lanka, and
caters to the more affluent customers of Sri Lanka. Therefore it is essential that Standard
Chartered Bank caters to the digital needs of its clients and ensures convenient service through
its online platforms.
Aim of the Digital Marketing Plan

The aim of this report is identify a digital marketing strategy which will improve the overall
Market Communication plan of Standard Chartered Bank. This will be done by analysing
internal and external factors to access the banks current position in the digital sphere and in
turn implementing SMART objectives that will contribute that will achieve an overall improved
digital stance.
Objectives:
 To introduce a mobile banking platform on IOS & Android that will build
engagement with customers within 2017 and improve Service quality by 20%
through mobile banking.
 Maintain a 44% traffic rate on the SCB website through social media platforms and
a 50% social media lead conversion rate during the financial year
Contents
Executive Summary ................................................................................................................................... 2
Aim of the Digital Marketing Plan......................................................................................................... 2
1. Introduction .......................................................................................................................................... 5
2. Market Insight ....................................................................................................................................... 5
3. Report purpose ..................................................................................................................................... 5
4. Audit Findings ....................................................................................................................................... 6
1. Current digital status quo ............................................................................................................. 6
2. E-CRM............................................................................................................................................ 7
3. TWOS Analysis............................................................................................................................... 8
4. Analysis of current position of Standard Chartered Bank .......................................................... 11
5. Micro Environment ............................................................................................................................. 13
1. Customer Analysis ....................................................................................................................... 13
2. Competitor Analysis .................................................................................................................... 14
3. Stakeholder Analysis ................................................................................................................... 14
4. Industry analysis.......................................................................................................................... 15
5. Target Audience .......................................................................................................................... 16
6. Macro Environment ............................................................................................................................ 16
PESTEL ................................................................................................................................................. 16
7. Digital marketing plan ......................................................................................................................... 18
1. Analysis of the key Objectives..................................................................................................... 18
3. Segmentation Targeting Positioning (STP).................................................................................. 19
4. Analysis of strategies to achieve key objectives ......................................................................... 21
5. Key tools used to measure the digital engagement ................................................................... 21
6. Recommendation to digital marketing mix of Standard Chartered Bank .................................. 22
7. Implications of the marketing Mix .............................................................................................. 23
8. Gann chart and budget allocation .............................................................................................. 25
Conclusion ................................................................................................................................................... 28
References .................................................................................................................................................. 22
Appendix 1 .................................................................................................................................................. 24
Ansoff Matrix ...................................................................................................................................... 24
ECRM ................................................................................................................................................... 24
Appendix 2 .................................................................................................................................................. 25
NPD for Mobile Application ................................................................................................................ 25

Development of digital marketing mix ............................................................................................... 26
External digital mix................................................................................................................................ 0
Appendix 3 .................................................................................................................................................... 1
Social Media Marketing Radar .............................................................................................................. 1
Customer Persona ................................................................................................................................. 2
SWOT ANALYSIS .................................................................................................................................... 3
1. Introduction
Having over 650 employees and 8 branches the bank has a growing presence in personal,
priority and international banking and was awarded the best retail bank in 2014.
Standard Chartered understands the importance of customer service and its main objective to
provide the highest quality service possible. Online customer service is also a focus and the
company has considered improvements to online customer service through internet banking
and its online portal.
2. Market Insight
Standard Chartered Bank has a very different market strategy when compared to other Banks in
Sri Lanka. While most banks consider quantity, Standard Chartered believes in quality of its
customers. They believe in banking mainly the corporate staff and an affluent target market.
This niche market will give the bank the essential revenue to operate in this chosen market with
sustainable growth. Therefore the bank presence is solely Colombo centric. Its market share is
20% of the overall market size.
3. Report purpose
Although Standard Chartered has a focussed market strategy, they run the risk of overlooking a
potential market in both urban and sub urban regions in Sri Lanka. However Standard
Chartered Bank will look to a digital communications mix in order to identify and reach this
untapped market. As Sri Lanka has a growing number of digital users and as Standard Chartered
Bank believes in remote banking through its Ibanking facility, this is the ideal market for
Standard Chartered Bank to maximise its use off.
Image 1.1 Usage of online platforms in Sri Lanka 2015(http://www.digitalmarketer.lk)

Through the use of the SOSTAC framework, the current digital marketing situation will be
analysed in relation to the macro and micro environmental, and internal analysis. This will form
a set of SMART objectives that will aim to improve Standard Chartered Banks digital customer
engagement; this will create a digital marketing plan that will be implemented over a 18 month
period.
From the macro and micro environmental and internal analysis, a TOWS analysis will be created
to link the strengths, opportunities, and weaknesses and threats together, to give Standard
Chartered Bank a view of impacts of their digital environment. This will identify potential
strengths and opportunities and act upon them, and also to advice on how best avoid the
potential threats and weaknesses. Relevant theories and models will be used to develop the
digital marketing plan, with attention to competitors, to ensure that Standard Chartered Bank
will maintain a strong stance in its digital environment.
4. Audit Findings
1. Current digital status quo
Standard Chartered’s SEO and organic searches have increased significantly from 2011 through
to 2015. (Similarweb.com). Standard Chartered site has increased increased organic keywords
and SEO visibility leading increased traffic.
However we find that Standard Chartered
Bank has not used a vital tool which would
be the mobile platform. Although using
mobile as a key communication platform
through SMS banking, competition has
adopted mobile applications as a means of
market communication and this sets a
significant gap in the market.
Standard Chartered has a very strong
stance with regard to its existing digital
platforms. The digital dashboards set in
place as you can derive from the appendix
2.1 that there is a strong referral market
Image 1.2 Total website engagement (Similarweb.com2016) through social media. When referring to
image 1.3 we understand that there is a consistent flow of web traffic throughout the year.
However these statistics are crucial as it includes mobile web stats and shows high numbers.
However, we have identified a high bounce rate in the statistics and there are Constraints that
are in place that limits the generation of new target audiences. Therefore a strategy must be
implemented to prep better Web traffic and a swifter referral market.
Image 1.3 Total visits On desktop & mobile web, in the last 6 months (Similarweb.com2016)
2. E-CRM
Customer relationship management is the commitment of the bank to place the customer
experience at the center of its priorities and leverage the relationship by enhancing the
experience. Et al Peter Keen (1997), That is exactly what Standard Chartered Bank wishes to do
in terms of its digital strategy and building a strong loyal customer base which ties in with its
customer charter.
Therefore E-CRM will have very specific strategies. As the appendix 1.2 shows various
techniques when managing E-CRM Standard Chartered invests heavily in managing its
service quality and client management and will continue to capitalize on it.
3. TWOS Analysis
The diagram mentioned below shows the Threats Opportunities Weaknesses and Strength of
Standard Chartered to understand the current status of the company in online and digital
banking operation. The TOWS matrix referred from Chaffey, (2014) to understand the
summarized strategies to improve the market.
Internal Environment Strengths Weaknesses
1. Having 158 years + of industry 1.Unfavourable employee turnover

knowledge and a strong client database. 2.Lack of employee digital usage
2.Managing & navigating local market 3.Lack of technological flexibility &
3.An award winning internet banking company restrictions
platform 4.Unable to manage service quality
4.High social media and technology through internet banking
presence 5.Lack of macro- statistics
External Environment 5.Streamlined cost management 6.Demographics disadvantage
practices 7.Negative mind-set of traditional
6.CSR & Planet oriented work bankers)
7.Learning & Development
8.Strong Legal & Compliance framework
Opportunities S-O Strategies= Leverage strengths to W-SO Strategies= Counter weaknesses
1.Growing digital usage in SL maximise opportunities by using Opportunities and Strengths
2.Positive outlook of trend 1. Refine customer contact strategy and 1. Use of an ECRM strategy to improve
setters use of a key market acquisition strategy. customer service through I-banking. (O –
3.Better digital (S1-O 4) W4)
infrastructure 2. Create a customer engagement 2. Use of Learning & Development to
4.Growing online population strategy to increase conversion rates improve employee digital knowledge and
from rural mind-set which and grow customer loyalty. (O3-S4) improve employee loyalty.(S7-W1&W2)
gives room to better market 3. Refine existing customer base and 3. Use of Google analytics and digital
share engage these customers on multiple dashboards to understand Macro
5. Fast growth of mobile digital platforms (O11/12-S1/3) statistics. ( O – W5)
phone users. 4. Use a digital marketing 4. Use of those with a positive outlook to
6. Branch banking is found communication mix to reach out to convert customers used to traditional
to be exhausting. corporate markets and use extremely banking & Migrate customers to a web
7. Customer behaviour targeted digital marketing.(O8-S4) strategy. (O2-S7)
forecasting made easier. 5. Introduce a mobile banking 5. Growing use of digital users in Sri Lanka
8. Increased targeted application that would revolutionise the gives way to remote markets and aging
marketing banking experience for Standard population as well (O1/ O4 –W6)
9. Fast growing technology Chartered Bank(O10/6/12-S3) 6. Create an online promotion to prompt
10. Better technology 6. Encourage the existing database to customers to action to adopt online
development be ambassadors to the new digital banking
11. Digital technology forms experience O11- S1/2)
loyalty
12. E- commerce and M-
commerce
Threats S-T Strategies= Leverage strengths to W-T Strategies= Counter weaknesses

1. Rapid technology changes minimize threat- defensive strategy and threats
2. 2010 Global recession, 1. Developing a digital marketing plan 1. Training and development for
bad reputation for banks that will optimise organic searches and employees to use digital platforms on the
3. Unstable local economy web traffic. frontline. (T11-W2)
4. Financial crime risk & 2. Use promotional tactics that will 2. There has been a study that the older
terrorism enhance the outlook to digital banking generation are beginning to adopt the
5. Increasing cyber crime 3. Implement cost saving strategies that use of digital platforms, therefore
6. Reputational risk will create efficiency and process understanding how to stabilise this
7. Technology glitches management. market clientele. (T11-W6)
8. Digital competition 4. Use industry knowledge to conduct 3. Create an online reputation
9. Taxation proper research and combat any management strategy (E-PR)’(T6- W4)
10. Regulator instability reputational risk 4. Instilling a strong security framework
11. Negative digital 5. Use of a safe and convenient digital that cannot be breached and making a
perception platform to build faith in customers security risk measurement method, to
(T11-S1) control risks. (T5/7- W3)
6. Use of a strong legal & compliance 5. Implement marketing metrics to
framework to combat reputational risk understand the Key performance
and financial crime and terrorism indicators of the banks digital growth and
(T4/T6-8) monitor social and cultural changes.
7. Use of customer feedback on digital (T8/1-W5)
platforms to improve Internet banking
and make it customer centric. The use
of E-CRM to manage customer
relationships. (T11-S1)
Table 1.1 TOWS analysis

4. Analysis of current position of Standard Chartered Bank

The below mentioned table 1.2 shows the key findings of TOWS matrix and the impact and the
KPI’s set and achieved with the internal sources/KPI’s of SCB.
Findings Impact KPI’s set Achieved source

Minimum usage of Lack of traffic generation 20 new 5 to 10 new Hootsuite social
LinkedIn accounts from LinkedIn to followers per followers per media dashboard for
company web portal due month month SCB
to lack of followers
Level of capacity in Internal and external 20% increase 15% CRM-Report

usage of e-mail emails were restricted to in brand
5Mb for staff members awareness
which is inept to through e-
communicate with the flyers
customers by sharing
product images and
information
Four ways of traffic Improvement in revenue 12% increase 5% Financial report –

generation to the generation in digital in revenue 2015/2016
company web portal banking has dropped due growth
to new entries to the
same platform which
used by LOFC
Conversion of existing Cost of offline process is 80% customer 50% SBU – Monthly
customer from offline high and time invested in conversion report
to online online is wasted due to rate from
communication lack of customer offline process
methods knowledge to online per
( E-statements,sms month
banking and ibanking)
Less than forecasted Return from the 90% of total 85% of total of SBU – Monthly
level of engagement investment is not steadily New to Bank New to Bank report
on online banking recovered, cost from sign ups per sign ups and
(signups and usage) Branch banking is high month and 45%
100% engagement
engagement
Table 1.2 Findings of digital KPI’s against objectives.

5. Micro Environment
1. Customer Analysis
Standard Chartered caters to a wider customer base that comprises of large and medium scale
corporate, retail customers, small and medium scale enterprises and micro segments. Bank’s
personal financial services are targeted towards the Employees of corporate clients and other
working class be it professionals or other. In addition the bank offers priority banking services
targeting high net worth individuals.
To serve customer interests the bank focuses on 6 core areas. They are new product
development, embracing the next generation of customers, access to banking services,
protecting customer interests, listening and engaging with customers and financial literacy to
build lives.
The below mentioned table 3 shows the analysis of customer segment of Standard Chartered.
Each segment’s contribution were given in the table to understand the return and the value
that was created by each segment and to understand the key segment to prioritize the
marketing mix to focus more personally to add more value to the company.
Segments Product & Revenue Promotion Communication Cross Churn

service (P.A) method sell rate
Employee Saving/Current $24 Email, Radio, SMS, phone, 25% 5%
Banking/ accounts, million Online, Social email, frontline
Retail Mortgage, Media, Sales staff and letters
Banking Loans and
credit card
Business Business loan, $63 Personal Email, skype 15% 2%
banking/ Fixed Deposit, million Relationship, conferencing,
SME Savings and Online telephone
investment
Corporate Speed draft, $178 Personal Email, skype 60% 3%
Banking Transaction Million Relationship conferencing,
banking, Loan, telephone
FD and bonds
Table 1.3 Detail audit about customer segment (Source - MKIS system of SCB)
The table above shows the analysis of customer segments and then highlighted column shows
the key segment of `SCB to promote the digital banking product and services with considering
six key elements to justify the chosen segment.
2. Competitor Analysis
Having 25 Licenced commercial Banks and 48 finance companies sets the stage for large market
competition. Catering to a largely professional or working class middle class to upper class
market would be NTB and HSBC alongside Standard Chartered. Understanding this market
mainly digital savvy of all other target groups gives Standard Chartered an advantage to
compete on digital marketing although being impaired with physical presence of having 8
branches in Colombo. The competitor analysis consists of present rivals, in relation to their
digital activities, that SCB must overcome in order to reach its objectives, by analysing their
strengths and weaknesses and predict both strategic and tactical initiatives. (Fleisher and
Bensoussan, 2007).
The selected competitors of Standard Chartered Bank are as mentioned in the analysis below.
Being analysed, the competitors are on fairly different scales; HSBC being a global bank
whereas NTB is local bank, this will help to give a wide insight into a variety of digital activities
of both small, and large competitors. The key success factors of each competitor are evaluated
below:
Key Success Factor HSBC NTB Standard Chartered Bank

1 2 3 4 5 1 2 3 4 5 1 2 3 4 5
Market Share
Financial Strength
Web Traffic
SEO Visibility
Visual Branding
Technology
Internet Banking
Mobile Banking
Table1.4 Competitor Capability Analysis (Hooley and Pierce 2008)
3. Stakeholder Analysis
The bank’s mission is to exceed stakeholder expectations. Therefore the bank focuses on the
expectations of investors, customers, employees, suppliers, community and environment and
recognizes them as its key stakeholders. They can be further classified under three categories
such as internal (senior management, employees), connected (shareholders) and external
(customers, suppliers, community and environment).
As per the Mendelow’s Matrix in Apendix 1 (Image1.1) In the current context of the scenario,
most stakeholders are split between to be kept satisfied and key players due to high levels of
both power and interest.The indicated parties are decisive to the sustainability of business and
the lack of quality and sustainability practices related to the product and process, statutory
compliance may infringe the flow of business.
In this context, the Key industry players are kept in the ‘Keep Satisfied’ segment as currently
they amount to more than 60% of annual sales, and for sustainability of business as at this
moment, their presence is required.
4. Industry analysis
Porters 5 Forces Impact Description
3.1 Bargaining Power of Medium- Due to market interest rate fluctuations, customers frequently
Customers High bank with more than one bank and may switch depending on
facilities and services obtained.
3.2 Threat of Substitutes Low There are very few substitutes for retail banking products,
Products however the induction of digital transaction methods such as
Ezcash and EZpay from mobile providers and finance
companies.
3.3 Threat of New Entrants Low Due to regulatory power and barriers to enter this market
based on strict banking license policies, threat is low.
3.4 Bargaining Power of High 1. Customer deposits. 2. mortgages and loans.
Suppliers 3. mortgage-baked securities. 4. loans from other financial
institutions.
These are the main securities obtained from suppliers and are
of high impact due to competition and Regulatory power.
3.5 Inter Rivalry Competitors High There are 25 Licensed commercial banks in Sri Lanka with 48
finance companies. And 4 International banks, which are in
high competition and established LCB’s use digital mediums to
compete.
Table1.5 Porters 5 forces
As Banking is an industry that customers do not easily change, adaptation of a digital medium
for customers to bank on will create customer loyalty and create a barrier to exit. Standard
Chartered will also have an inbuilt in the customer’s relationship management system, which
through digitalization will both add value to the relationship and promote an ethical culture.
5. Target Audience
The target audience will be mainly existing Corporate Banking and Transaction Banking client
staff to be acquired through business development, to improve quality customer bases of
corporate working class. In the appendix 3.2you will note the customer Persona
Segments Criteria Demographics Company
• Priority Banking • 5Mil • 23 to 55 Years of • SME

• Personal Deposites/400K age • Transaction
Banking NET Salary • Colombo centric Banking
• Current Account remmitance • Educated class • Corperate
• Savings Account • 35K NET or • Working/ • Professionals
higher salary employes
• Wealth
remmitence
Management
6. Macro Environment
PESTEL
Political & Legal Implication Impact

6.1 The appointment of a Digital 6.1.1 This gives more security to the regulating of digital
media ministry. media channels and the monitoring the practice so that High
6.2 The consolidation of Banks to is free and fair.
achieve BASEL 3 6.2.1 This has a positive implication that it has made the Medium
6.3 Government in debt to IMF banking industry resilient, however this implies
additional strict policies.
6.3.1 Government debt has led to development High
however, has increased tax pressure on the population
Economical
6.4 Forecasted economic growth 6.4.1 The rise in GDP per capita income will result in Medium
beyond 8% in 2014 savings and investor confidence
6.5 As a result of higher tax rates 6.5.1 As a result of market rate fluctuation there is a Medium
unstable fluctuation of interest considerable risk that the bank will attend too
rates
High
6.6 The growth of a digital economy 6.6.1 The use of online buying and delivery creates an
eco-system online market that contributes to the market inflows
and outflows of the Sri Lankan Economy
Social, Cultural & Environmental

6.7 People preference to work on 6.7.1 Opening up new opportunities for mobile and High
the move. online banking
6.8 Growth of Sri Lankans 6.8.1 As there is a growth of internet users the
connected to the internet and reachability of digital marketing is high and a clear sign
network. of development and progress in an emerging market High
6.9.1 Standard Chartered Highly relying on TTL media
6.9 Peoples positive perception to giving Standard Chartered an added advantage High
social media use for information
need. 6.10.1 Digital Banking contributes to the banks overall
ethical standing and helps the bank move forward in High
6.10 Digitalized business being environmentally responsible
contributes to a favorable 6.11.1 Creating an opportunity for receptiveness of Medium
carbon footprint online and digital banking platforms to simplify their
lives.
6.11 Increasingly busy
lifestyles of people. 6.12.1HNB can capture and target these individuals to High
improve online banking operations
6.12 Generation Y and Z eg. Facebook banking, Mobile banking Mobile banking
becoming more sensitive to the can be enhanced as a low cost electronic channel
usage of online products and
mobile products
Technological
6.13 Rapid Advances in 6.13.1 With free WIFI zones and schools being endowed Medium
technology and internet with technological education, a positive trend is created
accessibility 6.14.1 Competition and other finance models are High
6.14 Digital convergence and adopting digitalized systems through the customer’s
the industry moving away from journey and it is more accepted medium.
the brick and mortar models
7. Digital marketing plan
The recommendation for improvement in digital marketing plan and process will be discussed
in the section below. The digital marketing plan was cited from Smith, (2015) in order to
process the digital plan using SOSTAC model.
1. Analysis of the key Objectives

Using information gathered from the macro and micro environmental analysis and TOWS
analysis, digital marketing objectives for Standard Chartered Bank have been created. These
objectives must be SMART (Specific, Measureable, Attainable, Realist and Time), this SMART
test will ensure that the objectives are well-defined and to minimize misinterpretation
(Richman, 2006).
The following objectives are achievable and time bound as shown in the Gantt chart
1. Maintain a 44% traffic rate on the SCB website through social media platforms and
a 50% social media lead conversion rate during the financial year.
2. To introduce a mobile banking platform on IOS & Android that will build
engagement with customers and improve Service quality by 30% through mobile
banking within 2017.
Specific Measurable Realistic

Objective 1: 1.1 This is measurable, by using ‘Search This is relevant to the company, as
develop the organic Metrics’ to monitor the increase in social the target audience, aged 20 and
searches for the visibility. (Suite, 2014) above are increasingly growing in
Standard Chartered 1.2 Use of ‘Search Metrics’. The email social media usage and social media
Website and web and social share buttons can be is gradually growing as an e-
traffic through SEO measured by the increase in likes, marketing source.
optimization and comments and shares. (Suite, 2014) The use of which will create both
effective and targeted 1.3. Improve Website and web traffic by organic efficiency and digital
social media marketing 10% through SEO optimization and social engagement, and contribute to the
media referrals by 30% by effective and historic brand of Standard
targeted social media marketing. Chartered.
1.4 Use of Google analytics.
Objective 2: 2.1 build engagement with customers The growth of mobile users and a
Develop a mobile within 2017 and improve Service quality developing M- commerce space in
platform with by 30% the Sri Lankan market shows that
responsive design 2.2 Measure the number of downloads the application will fill a significant
which will run the and ratings on the app store. market gap and build engagement
internet banking with 2.3 Digital KPi’s and metric dashboards and solidify the banking
convenience. set to evaluate customer response and relationship with the existing
The creation of a apply to the NPD database.
proximity marketing
application that will
alert credit card deals
and direct to mobile
purchasing on e-
commerce sites
(Google Wallet, Pay
Pal)
Table3.1 SMART Objectives
3. Segmentation Targeting Positioning (STP)

Marketers need to know the wants and needs of their customers, so that they are able to
provide products and services to satisfy them. (Strydom, 2004) This makes the STP process;
segmentation, targeting and positioning, a vital part of a digital marketing plan.
Segmentation
Segmentation has been carried out based on the who, what and why factors to easily identify
the key customer segment of SCB, accordingly
-Geographical- Strictly Colombo centric and urban customers
-Age – Working Class from 20 to 60 was considered
-Attitudes, opinions, use and the knowledge of the customers were categorized to measure and
to identify the key segment
-Benefits, usage and the loyalty of the client base was also characterized in the identification of
the segmentation.
Targeting
The key customer segment or the target market has been now identified as the “Corperate
working class between age 22yrs to 55yrs who lives in the urban areas earning above LKR
35,000, middle to high income who search for overall financial solutions who are frequent users
of financial systems and has a sufficient knowledge to interact with the bank virtually and
digitally.
Who seeks for Convenience, unique benefits, speedy and ease of transactions. They are
growing in the use of mobile and digital platforms and require remote banking facilities.
Positioning
After segmented and identifying the target market, positioning is the benefit and unique selling
propositions we offer to the key segment over our competitors.
Standard Chartered always position themselves to be above all other banks in terms of value
proposition, service and technology. Catering primerily to the affluent class of Sri Lanka.
Value Proposition
SCB
HSBC
NTB
Market share
Image 3.1 Positioning map

4. Analysis of strategies to achieve key objectives

The below mentioned table no.4 illustrates the objective of the recommended digital marketing
plan with the strategies and tactics to increase the customer engagement with the SCB to
achieve the success in the recommended digital plan.
No Objective Strategy
O1 Maintain a 44% traffic rate on the SCB website Understand the digital size of market and
through social media platforms and a 50% social understand key areas to improve digital
media lead conversion rate during the financial marketing strategy and implement a
year. consolidated digital mix.
02 To introduce a mobile banking platform on IOS & Communicate to existing and new customers
Android that will build engagement with through a marketing communication mix with
customers and improve Service quality by 30% regard to the app launch and it’s usability
through mobile banking within 2017. features.
Run a marketing campaign targeted and specific
market segments
Table3.2 Objectives vs Strategy
5. Key tools used to measure the digital engagement

The table no.3.4 shown below specifies the tools and metrics for measuring the success of the
proposed digital baking for engagement with the target segment. The metrics were cited from
Hemann & Burbary (2013) to evaluate the performance of the new recommended digital
marketing plan of Standard Chartered Bank.
Objective/ No Tactics Metrics Description

Strategy
O1- S1 T1 Improve website marketing Referral rate To encourage social media
frequency on Facebook and conversion from users to make SCB site for
Linkedin. Social Media to information.
site
T2 Use of testimonial based Time bound web To create a referral market
marketing on social platforms traffic from existing customers
T3 Use of SEO and use of google Web and Google Understand customer
analytics to understand customer analytics behaviour and use this
behaviour information to improve
O2-S2 T1 Promote Mobile application with Social media and To convert digital users and
25% wider reach weekly on social web analytics cater to the digital savvy
media platforms market and brand
T2 Promotion of apps through SMS App downloads To understand the reach of

to the target segments of SCB to and signups the SMS campaign of the
create awareness about the product launch awareness
launch and features has reached the target
audience
T3 First 100 visit to the branches to Feedback and Annalise what can be done
login to the mobile app through share of voice more for our customers to
mobile device will receive build brand loyalty
valuable gift
Table 3.5 Metrics & Tactics of Digital Marketing Plan
6. Recommendation to digital marketing mix of Standard Chartered Bank
The below mentioned table no.3.4 identifies tactics for each objective and strategies
mentioned. The below mentioned strategies were categorised in the RACE model to identify
each tactics approach in engaging with the target segment of Standard Chartered Bank. The
RACE model was cited form Chaffey (2014) to understand the effectiveness of tactics in
customer segmentation.
As the keyword and back link rankings are high (see Appendix 1, Marketing mix), the ‘reach’
section of RACE is fairly stable, meaning that the objectives should be focused on Act, Convert
and Engage. (Chaffey, 2014)
Objective/ Marketing No Tactics

Strategies Elements R A C E
O1/S1 Place T1 Improve website marketing frequency on Facebook and X
Linkedin.
People T2 Use of testimonial based marketing on social platforms X
Process T3 Use of SEO and use of google analytics to understand X
customer behaviour
O2/S2 Promotion T1 Promote Mobile application heavily on digital platforms X
Product T2 Promotion of apps through SMS to the target segments X
of SCB to create awareness about the launch and
features
Place T3 First 100 visit to the branches to login to the mobile app X
through mobile device will receive valuable gift
Table 3.4 RACE Model

7. Implications of the marketing Mix
Digital Mix Modification Justification

Product Online banking Proximity marketing is a new experience
Customized advisory service- Proximity which serves a useful purpose to the chosen
marketing and updates using TG.
Near-field communication (NFC) on credit Value added services in a digital presence
card offers always attracts customers to engage with
Mobile apps – Signup agreement for loan SCB in getting a financial consultation
facilities / Registration to open up Use of Mobile and online marketing to
investment plans increase in customer acquisition
Place Introducing a mobile engagement platform A convenient space to make account
to manage banking activities and the use of transfers and utility payments and for lead
Internet Banking. generation for lending facilities.
Global link: A special privilege portal for This link allows customers to make transfers
high end priority customers in between accounts globally.
Promotion Digital Promotion on Social media This will reach out to existing client bases of
Promotion through SMS, and other banking the bank and also to target audiences both
communication processes and convergence offline and online creating Brand recall and
on offline and online Advertising for engagement with customers.
application campaign.
Price Standard Chartered offers all facilities and Standard Chartered does not however
privileges without charge on the basis that compete on interest rates and thus offers
customers have a strong banking higher loan interest rates and lesser savings
relationship with Standard Chartered. rates. Therefore they compete on service
quality and value proposition
Physical Digitalized payment machines for deposits, Reduces long queue in the branches,
Evidence thumb print ATM’s self-operating machines reduces ATM card printing costs, and
to collect information increases more customers to come in to
experience the digital presence in the
company.
Process Referrals to be created through a digital Digital metrics and KPI’s to measure process
platform and approval for lending facilities quality and to manage the overall process
to be approved through company system with human assistance to ensure proper
with an intermediary Relationship manager service is provided.
to facilitate the agreement with strict
policy.
People A special crew must be assigned to handle Mobile and online platforms will help
the digital marketing, research and facilitate lead generation for bank staff and
development, competitor monitoring of the assist staff in collecting relevant customer
business. information. Relationship managers and
Relationship managers and client acquisition frontline will be required to
acquisition staff will be trained in understand digital banking procedures and
introducing digital platforms to Standard assist customers. (Please refer TOWS
Chartered clients. analysis point W-SO2 and SWOT 1.10)
The justification for the recommendation of digital marketing mix was discussed in the table
no.6. The table further analyses the recommended modification with each element of the
digital marketing mix in order to understand the implementation and the features that are to
be updated to the digital marketing mix.
Table 3.5 Justification for recommended digital marketing mix

8. Gann chart and budget allocation

The table 8 given below shows the allocated time to complete the project with the budget set. The table carries the responsible
person for each work given in the format of Gann chart.
Responsible Budget 2016 2017

“000” J F M A M J J A S O N D J F M A M J
 Product
$
New product IT head & SBU 2000
development (IOS)
Testing run within the IT Executive 50

organisation
Launch IT head & SBU head 1000
 Price
Special offer on launch SBU Executive 500
day
Special discount on Marcom 200
products through
digital platform
Premium pricing Corporate 100

strategy
finance
 Engagement
Engagement through Digital 500
social media platform
executives
Engagement through Digital executive 200
virtual
ATM
branch Outsource 500
Online banking & IT executives & 750

Mobile app
SBU executives
Web portal to collect IT assistants 200
data
information
Communication
Designing of social Outsource 500

media ads
Promotions on web and IT executives 100
social media
Designing of digital Outsource 500
billboards
E-flyers design and IT executive 200
posting
Designing of display IT executives 350

ads in mobile apps
 Layout
Installation of digital Outsource 1000

payment
Digital
machinebranding in Marcom team 750
branches
Installation Self-service Out source 600
touch
system
Talent search
Identifying the right HR Manager 100

talent
New recruitments HR Executive 600
Training and HR Executive 200

development
Performance analysis HR Manager 75
Selection of outsource HR Head 500

company
 Controls
Creation of procedures Operations Head 100

in line
Evaluation
with digitalof process
banking Operation 50
development Executive
Analysing the success SBU unit head 50
Control and monitoring IT & SBU unit 250

of
Total
digital banking process 11475
Table 8 Gann chart & Budget

Conclusion
There are certain changes and trends identified in the environment that are driven by digital banking and channels. SCB should come
up with strategies in order to utilize these trends for the benefit of the organization. The digital banking plan for SCB identifies the
trends in the environment and proposes strategies on how to respond to these changes. It can be concluded that it is of necessity to
implement a digital marketing plan.
References
Ceylon today (2014) Sri Lanka authorities in talks over PayPal freedoms, 15 January (Online),
http://ceylontoday.lk/22-52903-news-detail-sri-lanka-authorities-in-talks-over-paypal-freedoms.html
(Assessed on 20.07.2015)
Daily Mirror 2015, “Google” support for Wi-Fi, 07 July (Online), the-island-by-2016 (Assessed on
20.08.2015).
News.lk 2015, More livelihood and employment opportunities through Budget 2015, 07 August (Online),
http://news.lk/new (Assessed on 20.09.2015).
Daily Mirror 2015, Interim Budget-2015, 29 January (Online), http://www.dailymirror.lk/budget

(Assessed on 05.10.2015).
Internet live stats (2015) internet users. http://www.internetlivestats.com/internet-users/ (Assessed on

15 September 2015).
Subari (2014) Expanding financial service frontier and mobile banking in Srilanka, Subari.
Ceylon today (2014) Internet connections top 2 million mark in Sri Lanka, 29 April (Online),
www.ceylontoday.lk/16-62747-news-detail-internet-connections-top-2-million-mark-in-sri-lanka.html
(Assessed on 21.07.2015)
Ceylon today (2015) Relevance to our economic policy decisions - The Impossible Trinity, 17 September
(Online), http://www.ceylontoday.lk/22-104000-news-detail-relevance-to-our-economic-policy-
decisions-the-impossible-trinity.html (Assessed on 21.07.2015)
Redefining Trends in Digital Banking with Syntel (2015) YouTube video, added by Syntel (online),
https://www.youtube.com/watch?v=lM3Tj_jzxaA (Assessed on 15 October 2015).
Smart Insight (2015) Plan, Manage and Optimize your Marketing. Smart Insight,
http://www.smartinsights.com/ (Assessed on 12.10.2015)
Sara Jablon. M. (2014) Refreshing “The Customer Journey to Online Purchase” - New Insights into
Marketing Channels 11 December (Online),
http://analytics.blogspot.com/2014/12/refreshing-customer-journey-to-online.html (Assessed on
22.10.2015)
Chaffey, D and Ellis-Chadwick, F (2014) Digital Marketing: Strategy, Implementation and Practice. 5th
edition. London, Pearson.
22
Smith, P. (2015) Guide to Your Perfect Digital Marketing Plan: Save Time Save Money with a Crystal Clear
Plan. UK, Prentice Hall.
Henmann, C. & Burbary, K. (2013) Digital Marketing Analytics: Making Sense of Consumer Data in a
Digital World. First edition. United States of America, Pearson.
23
Appendix 1
Ansoff Matrix
Stakeholder Analysis (Mandelow Matrix)
Key Players Keep Satisfied
Customers, Shareholders, Investors, Board Government Authorities,
of Directors, CBSL, Securities & Exchange Commission,
High
Senior Management Inland revenue department

Level of Power
Keep Informed Minimal Effort

Employees, Suppliers, General public, Contact base workers, Interns
Pressure Groups
Low
High Level of Interest Low
ECRM
Image 1.1 CRM for Banks
24
Appendix 2
NPD for Mobile Application
• INTRODUCTION OF A MOBILE
IDEA APPLICATION
• SCREENING THE IDEA TO MARKET

ANALYSIS CONTEXT
• TO CREATE MOBILE I BANKING

Development NETWORK
• TESTIING PHASE WITHIN MARKET /

TESTING PROMO
• PERFORMANCE IMPROVEMENTS
ANALYSIS
25
Development of digital marketing mix

 Product – “Breeze Banking”
The below mentioned figure 3 & 4 show the implementation of new product design to the digital banking
platform of SCB, This has been categorized in three steps of product category. (Source - Redefining Trends in
Digital Banking with Syntel, (2015)
Core product – Emergence of digital product
The basic core product of a financial institute is wealth management and loan portfolio management,
therefore the emergence of digital product was designed has follows,
Figure 5 Anywhere banking Figure 6 Transaction
The product was designed to use it from anywhere customer can log on to the digital banking system
through digital platforms shown in figure 3 to understand the financial position and to do transaction
through one swipe as shown in figure 4.
26
Extended Product – Additional product
The figure 5 & 6 given below illustrates the additional product and service provided through digital banking of
SCB,
Figure 7 Customized Advisory Service Figure 8 Quick signup for loan
The above mentioned figure 4 displays the specialized digital tool to provide customized financial advice to the
customer segment along with the figure 5 shows the quick sign up’s for the business loans through mobile app
without presenting physically to the branches
27
 Place
In digital marketing place refers to online banking, social media platforms, and etc. Below mentioned figure
(7) shows the engagement points of SCB.
The platforms recommended to

use to engage with the target
audience were shown in figure 6.
One platform increased in to the
engagement that is YouTube and
the others are upgraded with the
latest features and facilities
according to the market trend to
satisfy the target audience
and achieve the objective.
Figure 9 Places of visits of online segment
 Promotion
The figure (8) shows the recommended promotion strategies of SCB in terms of engaging with the target
segment. The below mentioned table no 6 defines the uses of the promotional mix to achieve set KPI’s of SCB.
Promotion mix Product KPI’s Reason for the tools selected for the campaigns
Facebook Leasing & 1000 likes in 10days Increase awareness about the product and service
Finance where the target segment spends their most of their
time
Mobile apps Mobile banking 100 registration in The 40% of target segment uses IPhone as their
30days smart
phone
YouTube All products Demo and ads will be displayed through YouTube
1000 views for a month links to
the customers as user manual
Twitter All product Increase the engagement of the target segment
100 followers by 30days
Table 17 KPI’s for new promotional mix
28
External digital mix
The recommended external digital marketing mix will be discussed in the table no.6 in order to
understand the overall strategies that will be implemented in the digital plan and the justifications.
External Recommended methods

Digital
Mix
Physical Payment counters with digital cash machines where customer can do transaction themselves
without waiting in
Evidence
the queue
Each branch carriers a digital self-operating touch machine together information about the
product and service
People The staffs were motivated and actively engaging in their work through digital platform
without waiting for customer assistant
The customer service will be done through SMS, Skype call, Viber calls, WhatsApp
Process Branch branding
All operation fullywill
works digitalized
be donewith the brand
through onlinelogo andpaper
where product andhas
work service
been reduced and legal
Well trained staff
agreements and in handling the all-digital tools and supporting the customers in the time of a
ATM machines
financial needs fully updated digitalized where customer can login to the account with the thumb
other procedures
impression will be uploaded in the online banking system where customer accept the
Table 18 External
term digital marketing mix
and condition
the system to enroll with LOFC.
Appendix 3
Social Media Marketing Radar
1
Customer Persona
2
SWOT ANALYSIS
Strength
• Highly market/customer oriented: tailor made offerings for different industry
requirements.
• Strong brand presences across the banking industry: Having 158 years + expert knowledge
and being a dominant brand having 20% market in a fragmented industry and having
positive customer review (8.4 out of 10) on Facebook.
• Award winning Internet Banking platform: A simple and reputed internet platform that
focusses on the remote banking convenience.
• Prestigious customer portfolio: Corporate clients such as Ceylon tobacco, John Keels
Holdings, MAS holdings etc.
• Streamlined cost management practices: Standard Chartered uses a Matrix management
structure and quality improved processed systems.
• Managing & Navigating local market: Think global recruit local process giving expertise
knowledge of the complex markets (laws, cultures and customs)
• High Social Media Presence: Standard Chartered uses FB, LinkedIn as well as other digital
media tools to actively make brand awareness and brand recall.
• High technology driven: global intranet, own website for each country, sophisticated use
of software for customer relationship management, (SEO, Social media)
• CSR and planet oriented work: The bank has engages in several CSR project and
sponsorships as well sustainability practices that contribute to the triple bottom line.
• Learning & Development: Standard Chartered believes in investing in its people for
personal development to drive the company forward.
• Strong legal & compliance framework: SCB combats all financial risk through the use of a
strict compliance framework that is central and prominent in all its markets.
Weaknesses
• Employee turnover: With attractive packages from local banks and convenient practices in
local banks there is a high employee turnover at Standard Chartered Bank
• Lack of employee digital usage: Employees have not been trained to pass on and encourage
the use of Standard Chartered digital platforms and therefore a lag of digital banking
adoption from clients.
• Lack of technological flexibility: As it has set systems the bank needs to go through a
hierarchy of approval that will have an impact on the cost of technological change
• Demographics disadvantage: An age group above 40 is less inclined to digital usage & Those
in non-urban areas may not be inclined to the use of digital as a platform for banking
• Company Restrictions: In order to implement new business practices there is a difficulty as
the company as opposed to local banks needs group approval, which is seems to be a red
tape in the flexibility of digital marketing.
• Negative mindset: People may feel more accustomed to branch banking and feel negative
toward Digital Banking.
• Lack of macro-statistics: There is no proper institute carrying out research and surveys on
internet usage. No ComScore reports for Sri Lanka, and no eMarketer reports, no
BuzzMonitor or anything reliable as an information source.
• Customer service quality: Failure to meet good quality service quality as internet banking is
product centered and no customer centric, failure to understand customer needs.
3
Opportunities
• Growing digital usage: In 2015 the internet penetration in Sri Lanka has grown by 25.8% and
over 5.5 million internet users in Sri Lanka.
• Positive Outlook: Increasing awareness about the benefits and convenience of digital banking.
• Better digital infrastructure: There has been a new ministry of digital been created with a
keen interest to digital and technological development and free Wifi zones.
• Fast growth of Mobile smart phone users: Most of society are beginning to begin to depend
on mobile phones which is a key way for digital communication.
• Branch Banking is out: People find Branch banking to be too exhausting and time consuming
• Customer Behavior forecasting: It is easier to measure customer buyer behavior and also
there is a tendency for customers to give more open feedback on social media.
• Increased Targeted Marketing: Through digital marketing the particular target market of one
can be achieved and the proper message can be targeted at the correct people.
• Technology: The current generation is increasingly adopting technology and the increase of
secure and user friendly technology that will create a simple digital platform
• Loyalty: By creating a digital platform and getting customers to adopt early, customers will
not want to switch and thereby create customer loyalty
• E-commerce & m- commerce: Through the use of mobile purchasing (Google Wallet, Pay
Pal) E commerce and m commerce has grown significantly.
Threats
• Rapid technological changes: Standard Chartered Bank has set systems that have been used
and the change of which will imply high cost.
• Global recession: Less trust in international banking institutions since the downfall and
economic recession after 2009
• Unstable local economy: Causing a risk when making large market decisions, the government
is in debt and inflation is high, creating major implications on the banking industry
• Financial crime risk and terrorism: With the increase of international fraud, tax evasion and
financial crime, International banks face a great risk toward crime compliance and
reputational risk. ( eg: terrorism, Panama papers)
• Increasing cybercrime: Information risk is very critical to Standard Chartered Bank and
customer confidentiality
• Reputational risk: If there is a short coming or short fall or fault reporting, this will be made
on digital platforms that will have a viral impact on the banks reputation
• Technology Glitches: For an industry such as banking dependency on a digital platform will be
high and technology glitches will create a large reputational and security risk.
• Digital Competition: Banks have already begun to adopt digital banking activities such as I
banking, mobile apps and marketing communications
• Taxation: Impose of 25% taxes in telecommunication will increase the prices of mobile
gadgets and services.
• Regulator Instability: Continuous changes in policies and procedures of CBSL will have an
effect on designing the product and services of finance industry to cater to the target
segment.
• Negative digital perception: Peoples acceptance of using online banking and digital mode for
e-commerce is not favourable
4

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Digital Marketing- Jeremy DeZilwa- 15409797

Aim of the Digital Marketing Plan

NPD for Mobile Application ................................................................................................................ 25

Image 1.1 Usage of online platforms in Sri Lanka 2015(http://www.digitalmarketer.lk)

Internal Environment Strengths Weaknesses

1. Having 158 years + of industry 1.Unfavourable employee turnover

Threats S-T Strategies= Leverage strengths to W-T Strategies= Counter weaknesses

Table 1.1 TOWS analysis

4. Analysis of current position of Standard Chartered Bank

Findings Impact KPI’s set Achieved source

Level of capacity in Internal and external 20% increase 15% CRM-Report

Four ways of traffic Improvement in revenue 12% increase 5% Financial report –

Table 1.2 Findings of digital KPI’s against objectives.

Segments Product & Revenue Promotion Communication Cross Churn

Key Success Factor HSBC NTB Standard Chartered Bank

Segments Criteria Demographics Company

• Priority Banking • 5Mil • 23 to 55 Years of • SME

Political & Legal Implication Impact

Social, Cultural & Environmental

7. Digital marketing plan

1. Analysis of the key Objectives

Specific Measurable Realistic

Table3.1 SMART Objectives

3. Segmentation Targeting Positioning (STP)

Image 3.1 Positioning map

4. Analysis of strategies to achieve key objectives

5. Key tools used to measure the digital engagement

Objective/ No Tactics Metrics Description

T2 Promotion of apps through SMS App downloads To understand the reach of

Table 3.5 Metrics & Tactics of Digital Marketing Plan

6. Recommendation to digital marketing mix of Standard Chartered Bank

Objective/ Marketing No Tactics

Table 3.4 RACE Model

7. Implications of the marketing Mix

Digital Mix Modification Justification

Table 3.5 Justification for recommended digital marketing mix

8. Gann chart and budget allocation

Responsible Budget 2016 2017

Testing run within the IT Executive 50

Launch IT head & SBU head 1000

Premium pricing Corporate 100

Online banking & IT executives & 750

Designing of social Outsource 500

Designing of display IT executives 350

Installation of digital Outsource 1000

Identifying the right HR Manager 100

Training and HR Executive 200

Selection of outsource HR Head 500

Creation of procedures Operations Head 100

Control and monitoring IT & SBU unit 250

Table 8 Gann chart & Budget

Daily Mirror 2015, Interim Budget-2015, 29 January (Online), http://www.dailymirror.lk/budget

Internet live stats (2015) internet users. http://www.internetlivestats.com/internet-users/ (Assessed on

Senior Management Inland revenue department

Keep Informed Minimal Effort

High Level of Interest Low

Image 1.1 CRM for Banks

NPD for Mobile Application