The challenge​

Nedbank, one of South Africa’s top five banks, wanted to deepen its understanding of its middle-market segment. As part of this ambition, the bank needed a new needs-based segmentation model that would guide future product, service and solution development.

The solution

During the first phase of the research programme, we invited 100 Nedbank customers to participate in a one-week online consumer community. Through this qualitative exploratory study, we immersed the Nedbank team in customers’ everyday lives, values and aspirations, helping shape the new segmentation model. This digital approach provided richer consumer understanding while enabling the team to gather insights quickly and at scale.

After identifying the key consumer needs and motivations, we conducted a quantitative study to validate and prioritise the findings. This allowed us to rank and group consumers based not only on their needs, but also on their distinct profiles. The result was three validated middle-market segments: The Herders, The Caregivers and The Hunters.

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The impact​

Moving to a needs-based segmentation gave Nedbank a far richer understanding of its customers than traditional demographic segmentation alone.

The combined qualitative and quantitative research helped the bank uncover the values, motivations and needs shaping customer behaviour. These insights informed the development of a bespoke suite of products tailored to the newly identified segments.

Today, this segmentation model remains the foundation for how Nedbank categorises new customers. It continues to inform product innovation, service design, prototyping, go-to-market activities and marketing communications.

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