Harris Bank

How Harris Bank successfully marketed financial products to U.S. Hispanics.

Challenge:
Before deciding to target the U.S. Hispanic market, Harris Bank wanted to know the kind of financial products and services most in-demand by the target market. The bank also needed insight into how it might draw on its existing core competencies to develop the business case, including marketing, pricing, distribution channels and regulatory issues.

Solution:
AMS gathered market intelligence related to Hispanics and financial products and services, analyzed the data and then presented the initial findings to the management team.

In phase two, we worked through a series of hypotheses detailing all the activities necessary for a successful launch. A market segmentation research study followed. Such rigor enabled us to validate and define specific scenarios, then analyze each opportunity.

Taking results from the study, we worked closely with Bank of Montreal/Harris Bank financial analysts. Together, we constructed business models and determined the financial feasibility of the proposed new initiative.

Results:
The business plan was presented to the chairman of the board and steering committee. After some refinements to the financial models as well as operational and marketing plans, the project received funding. Harris implemented dedicated Hispanic services and products in several of their Chicago branches and has since opened more than 30,000 new accounts among Hispanics. Harris is now considered one of the top banks in Chicago among Hispanic consumers.