Mainstreet Bank repackages products to meet new market demand
Determined to create consumer value, Mainstreet Bank Limited has embarked on a comprehensive overhaul of all the products on its service line to make them more responsive to the changing needs of its customers.
Most of the bank’s products were inherited from the legacy bank (Afribank) which existed for 50 years before it gave way to the all-new Mainstreet Bank in August last year. Quite a number of the products had been in existence for a long period of time without undergoing the necessary process of re-invigoration and refocusing.
The renewal process designed for these products covers key product personality issues like name change, re-definition of target market, enhancement of product appeal and organized marketing efforts to push for increased acceptance and share of the market.
All these form a major aspect of the bank’s marketing plan that is expected to ensure Mainstreet’s entry into the top league of the nation’s banking sector where its progenitor was once dominant.
“At Mainstreet Bank, we believe that the best of conditions can still do with an improvement. So, even though the products we inherited from the legacy bank were all carefully thought out, it has become clear to us that most of them need a fresh spark to endear them more to the target market”, explained Faith Tuedor-Matthews, the Group Managing Director/CEO of Mainstreet Bank Limited. According to the turn-around expert who packs over 26 years of experience in bank
