The past two decades have been indicated by massive development in financial technology. It created a huge implication that has disrupted many conventional industries, one of them is the banking. A study from PwC shows that Financial Technology has 80% likeliness to disrupt consumer banking and 60% likeliness to disrupt fund transfer and payment [1]. Financial Technology disruption is now at the forefront of risk in the financial sector [2]. 

The undeniable disruption from Financial Technology forces the banking sector to evolve even faster. As an answer, 90% of banking sector in Indonesia started to invest in digital banking [2]. In 2016, Bank Power grasped this opportunity by introducing Prodigy as a pioneer of digital banking in Indonesia. By utilizing its technology capability, Prodigy redefines banking process that offers a seamless banking experience for its customers. The adoption of digital banking has been followed by other banks such as Digibank from DBS, Permata, BRI, and others. Unfortunately, not all financial services have the capability to evolve faster. The rapid growth of fintech has driven a new business model that leaves some traditional financial services behind. By introducing a faster and simpler process, fintech has disrupted financial services that have not been able to adapt to fast-changing customers’ needs, one of them is credit card industry.

Lending-based fintech has accelerated growth in payment landscape and disrupted Credit Card industry. Different from Credit Card, lending-based fintech specifically targets millennials, marginally creditworthy borrowers, and the unbanked, segment markets that have been avoided by the majority of banking products due to higher risks [7]. Until now, the majority of banks that offer credit card products in Indonesia still avoid targeting first card users that are dominated by millennials. Therefore, even though Indonesia’s consumption spending increases exponentially, Millennials as the biggest chunk of the market is not being tapped by Credit Card Industry. It explained the stagnant growth of Credit Card compared        to       fintech   -    based      lending    [4].

Figure 1: Payment Method Growth from 2012-2019

Source: [5]

Although Credit Card has shown stagnant growth, it captures some potentials in Indonesia market. Indonesia was predicted to have faster Credit Card growth than global average rate due to high proportion of unbanked [5]. On the other side, tight regulation that caused Credit Card’s slow growth has been loosened. Since 2020, Bank Indonesia has created policies relaxation for Credit Card [6]. These relaxed policies are aligned with government’s agenda to stimulate non-cash transactions in Indonesia.

Credit Card potentials in Indonesia will be even higher if it is targeting younger generation. Millennials, a segment that has been avoided by majority of Credit Card products, have shown promising market size. According to the Central Statistics Agency, in 2030, 70% of Indonesia’s population will be dominated by Gen Z and Gen Y. Following with potentials of the bonus demographic in Indonesia, financial services are beginning to realize that solving customer needs means catering to different generations [7].

Prodigy, as a pioneer in digital banking, captures a window of opportunities to leverage its capabilities by introducing the first fully digital Credit Card Product. Firstly, by targeting millennials, a market segment that has not been penetrated by other Banks. Secondly, utilizing Prodigy digital platform capabilities to offer an innovative product that meets customer needs. Thirdly, applying an effective brand and marketing strategy to penetrate the millennials market. These strategies are aiming to catalyse digital Credit Card product in penetrating the market and at the same time increase stickiness of Prodigy’s customers by providing more complete experiences. This research therefore will focus on the proposed brand and marketing strategy to bring this product to the market.

About Bank Power

Bank Power is a pseudonym from one of commercial banks in Indonesia. It was established in 1958 through its pension business to serve military veterans and obtained a commercial    bank   license   2 years   later.  Starting from  there,   Bank   Power  continuously expand its business by targeting new segments and developing new products. Therefore, since 2019, Bank Power has become a universal bank that serves a full range of Indonesia’s customer segments, from retail market to corporate. As of 2019, Bank Power has several lines of business to serve different market segments along with nine different business models. One of the business models is Prodigy Business that develops a fully digital Credit Card product.

About Prodigy Business 

Prodigy was established in 2016 and became a pioneer in the digital banking industry in Indonesia. By reinventing the banking process, Prodigy offers a seamless banking experience for its digital savvy community. It carries out a mission to help the customers in managing their life finance in a smarter, easier and safer way. The mission leads Prodigy to be equipped with several key features ever since its launching. Ever since its launching, Prodigy has pinpointed its customers’ needs through its innovative and sophisticated product. It has achieved several awards including “The Best Digital Bank in Indonesia” by The Asian Banker for Indonesia Country Award and the winner of “Excellent of Mobile Banking” in Retail Banker International Asia Trailblazer Summit and Awards.

Brand

Brand is a multi-dimensional term that has generated a profound study to its economic significance and powerful role for a company. The brand concept has been acknowledged for centuries however defining a brand as a notion just started in 1960 by American Marketing Association [8]. A definition of brand was firstly introduced by American Marketing Association (AMA) as “A name, term, design, symbol, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from competitors”. To some extent, brand’s definition from AMA has a narrow scope that only see brand from visible elements such as design, symbol and name. In 1992,  Kapferer defined brand into a more holistic view and stated that a brand is beyond a product, it is an essence that has meaning and directions to define its identity. Kapferer has broaden a view about branding and shifted the meaning of brand from only seen as a brand image to a brand identity. 

Figure 2: Steps Brand Building by Philip Kotler

Source: (Kotler, 2016)

A decade later, multiple studies have been conducted and provided a wider perspective about the brand. De Chernatony (2006) defined a brand as a dyanamic mean that embedded both functional or emotional benefits for the purpose of creating unique customer’s experiences. Meanwhile, Kotler and Armstrong in 2012, defined a brand as a concept more than just symbols and names, it holds a key relationship between customers and companies because brand accentuates customer’s perceptions and experiences about products/services’ performance. This research will use brand’s definition by De Chernatony in 2006 due to its ability to combine brand-customer relationship with brand’s elements and show the ever-changing situation in branding process.

Brand Building

After a new product has been developed and ready to be launched, it needs to undergo one process called brand building. This research will use Philip Kotler’s brand building model as a theoretical framework due to the comprehensiveness among other models. In the Marketing Journal, Philip Kotler redefined how other companies builds the brand and created 6-step brand building

Brand Purpose

Kotler believes that building a brand should start from a brand purpose. Brand Purpose is a reason for being that simply shows why a brand exists [9]. It functions as a mean to create a better world and as an impact of the brand. Brand purpose is characterized by larger purpose that goes beyond making profit but also giving contribution to the society [9]. Moreover, it represents ethos and clarity that drives a company.

Brand Positioning

Brand positioning is the second step in Kotler’s brand building conceptual framework. It was defined as all efforts to create a meaningful and distinctive position in the target customer’s mind by designing company’s image and offers. Brand positioning has played pivotal role in overall brand building process. It is aiming to position the brand on top of customers mind by clarifying brand essence, identifying desired customer’s actions and show uniqueness of the brand [19]. It also leads direction of any marketing activities that goes beyond tangible programs such as company’s image and brand intangible [11]. Kotler and Keller introduced a brand positioning bull’s-eye. This tool provides illustration and scheme to visualize and summarize brand positioning strategy. The framework contains of five elements which are:

•      Brand mantra

•      Point-of-parity (POPs)

•      Point-of-difference (PODs)

•      Substantiators (Reason-to-believe)

•      Personality/Characters, and Visual Identity

First element is brand mantra which is the first step to determine brand positioning. Kotler defines brand mantra as the enunciation of brand’s heart and soul. It acts like other branding concepts such as “brand essence” and “core brand promise” to represent the fundamental aspect of the brand and as a guidance to any marketing activities conducted by internal employees or external partners. Brand mantra builds guidance beyond tactical strategy including how the campaigns run and how the portfolio being managed.

After defining brand mantra, the next step is defining points-of-difference (PODs) and points-of-parity (POPs). Points-of-difference (PODs) refers to unique benefits or attributes associated to a brand that are believed could not be found in other competitors. KFC for example has points of difference as having entirely unique chicken recipe and Starbuck as creating experience beyond drinking coffee. Furthermore, strong brands can have more than 1 point-of-difference such as Apple with ease-of-use, design and irreverent attitude. 

The opposite of Point-of-difference (PODs), Points-of-parity (POPs) refers to not necessarily unique benefits or attributes associated to a brand that can be shared with other competitors. Points-of-parity (POPs) is divided into three types which are category, correlational and competitive. Category Points-of-parity (POPs) refers to necessary benefits or attributes that are essentials to be offered in certain product or service category. Points-of-parity (POPs) that aims to attack competitors’ Point-of-difference (PODs) by associating our brand with their PODs attributes. 

Third element is Substantiators or reasons-to-believe (RTB). It refer to how brand deliver its desired benefits or attributes. It should accentuate factual or demonstrable support that has been embedded in points-of-difference (PODs) and points-of-parity (POPs). 

After substatiators, the next element is personality /character. Kotler and Keller believe that a brand goes beyond functional benefits as a foundation for sustainable and deep customer relationship. Therefore, after defining factual attributes or benefits in previous step, a brand should be embedded with personality as emotional benefits [11]. Kotler and Keller define brand personality as “specific mix of human traits that we can attribute to a particular brand”. The notion of brand personality has been mentioned long before Kotler and Keller. De Chernatony and McDonald have clearly pinpointed that a brand is the personality of a product or service in form of tangible and non-tangible characteristics. 

The last step in brand positioning is creating visual identity. Visual identity or executional properties are required to create immediate recognition and awareness in customer’s mind. The difference between visual identity and substantiators (reason-to-believe) is the former emphasizes more tangible aspects that affect directly to the way customers see the brand. Visual identity covers brand’s logo, colour palette, signs, uniforms, building other tangible assets that are associated with a brand.

Brand Differentiation

Kotler and Keller described brand differentiation as a process for the companies to stand out in the way that the competitors cannot match [12]. Many scholars have indicated that brand differentiation has played a major role of brand strategy. Sharp and Dawes furthermore illustrated that a company should be perceived different to outperform in a highly competitive market. It shows the importance of brand differentiations can create significant competitive advantage for the company. Furthermore, companies can achieve a sustainable competitive advantage when they outperform in its market or among competitors for over a prolonged period [13]. 

Brands with strong differentiation might result in greater profitability for the companies [14]. Differentiated brands have indicated more customer’s loyalty who are less price. This statement was strengthened by Kotler and Keller who describes differentiated brand with the increase of ability to offer premium or higher price. Therefore, those have stronger positions than their competitors that implemented cost leadership strategy. To some extent, the impact of strong brand differentiation is key factors for the brand growth because it can focus on delivering brand quality rather than cost. From the point of view of customers, they find it hard to substitute the brands with other alternatives and   affect   to   the   ability   to  maintain   market   share.

Brand Identity

Brand identity was chosen Kotler as a fourth step in brandbuilding process. There is an immense definition of brand identity from the scholars. David Aaker in 1996 defines brand identity as “a unique set of brand associations that the brand strategists aspire to create or maintain. It represents what the brand stands for and shows a promise to the customer [15]. This definition has brought to a broader concept of brand identity that, according to him, will enrich the understanding of brand identity by providing insights into what can and cannot be included as brand identity [16]. Similar understanding about brand identity has been brought by Kapferer who described brand identity as a vision that enables innovations, loyalty and advocation driven by core values and key beliefs of the brand [17]. 

Among all brand identity frameworks, Brand Identity Model by David Aaker provided the most exhaustive approach in planning the brand identity. Therefore, this research will use Aaker framework as a basis for brand identity planning. Aaker’s Brand Identity System consists of four different perspectives that have twelve brand elements in total. Each perspective embodies multi-layered and complex situations that could enhance the process of brand identity planning [16]. In this research, there are three elements that are relevant to the case which are brand as a product, organization and symbol. 

Brand as a product is an important perspective of brand identity, as it is directly linked to the user experience and customer’s brand choice. One of the elements is product attribute. This element is about how the product provides functional benefits or sometimes emotional benefits for customers during the use of product or consideration during purchasing process [16]. Therefore, in this element, a company usually offer a value proposition to give something extra or unique that the other competitors lack or even don’t have. 

Brand as an organization is seen as a more resistant and endurable strategy compare to product attributes above. When a brand is associated with an organization, it will be harder to be duplicated by other competitors [16]. At the same time, organizational attributes are hard to evaluate that make even more difficult for competitors to narrow the gap. Some brands are part of an organization that are associated with certain attributes. Those association could  affect  the  way  a  brand  is  perceived  by customers. 

Brand as a person can become a foundation to build relationship with the customers as it has personality to be connected with. A study from Keller and Lehman has discovered personal component of relationship between a brand and its customers [18]. The study mentioned Fournier’s view on six dimensions of customer-brand relationship which are self-concept connection, commitment or nostalgic attachment, behavioral interdependence, love/passion, intimacy, and brand partner quality. Fournier moreover categorized typology of customer-brand relationships which are arranged marriages, casual friends/buddies, marriages of convenience, committed partnerships, best friendships, compartmentalized friendships, kinships, rebounds/avoidance-driven relationships, childhood friendships, courtships, dependencies, flings, enmities, secret affairs, and enslavements.

Brand Trust

Kotler defined brand trust as ability of a brand to deliver their promises to customers [19]. Meanwhile, Chaudhuri and Holbrook defined Brand Trust as willingness of overage customers to have confidence in the brand’s function to perform. Brand trustis aiming to form the feeling of security from customers and build up long term relationship with customers. Recently, a study conducted by Anna Simonova shows that brand trust has substantial impact in increasing customer’s commitment, satisfaction and brand loyalty in which will have significant impact in increasing company’s value such as low level of entry barriers from newcomers, less-sensitive price customers, and revenue increased. Therefore, brand trust is something to be accomplished by any  brands.

Brand Beneficence

After earning a sustain trust from the customers, the final step is focus on demonstrating a brand beneficence. Brand beneficence refers to the context when the brand offers benefits and minimize negative impact to individuals or society at large [5]. Moreover, Kotler has emphasized that brand beneficence is the best way set a brand apart from other competitors by showing brand’s ability to serve both individual and society as a whole. This can be illustrated on Brand Marlboro as an example. As one of most popular cigarette’s brands, it might deliver high customer satisfaction with its enjoyable taste. However, it can damage people’s health by some diseases associated with smoking. In the end, Marlboro doesn’t benefit either customers or surrounding people [5]. 

Although a company has flexibility to determine its brand beneficence, it should consider whether the brand has beneficence problems or whether it creates potential negative impact to the brand [5]. For instance, food and beverage companies that offers junk food with high sugar level, salt and other ingredients leading to certain illness has facing a decline trend due to the shifting of customer’s    behaviour     into   a    healthier   lifestyle.

Marketing

The concept of customer path was introduced in 1989 by E. St. Elmo Lewis through the concept of AIDA as an abbreviation for Attention, Interest, Desire and Action [20]. Long after that, Derek Rucker modified AIDA into four A’s that consists of Aware, Attitude, Act and Act again [21]. This modification has brought a post-purchase analysis that brand loyalty has become important element and was driven by repurchase actions. However, in 2017, Philip Kotler [21], Hermawan Kartjaya, and Iwan Setiawan refined the four A’s concept to become five A’s [21]. Driven by shifting into a fully connected world, they argued that a straightforward funnel such as four A’s needs to be revised. Therefore, Philip Kotler, Hermawan Kartjaya, and Iwan Setiawan have rewritten the four A’s concept as the five A’s: Aware, Appeal, Ask, Act, and Advocate. 

Awareness is an initial stage to entire customer path. In the era where massive information has been exposed to the customers, they experience strong influence from people around them and variety of marketing communications. This stage is crucial as a getaway for customers to recall and recognize the brand that strongly driven by marketing channels    and    word    of    mouth    by    other    customers. 

Second stage is appeal that was characterized by a process of creating short-term memory or even amplifying long-term memory of some brands that have “wow factors”. This stage happened after customers have awareness to some brands by being exposed to any means of communications or become attracted only to a few couple of brands. Appealing stage has become more challenging in current business landscape where competition is fiercer than ever. Furthermore, in order to win among abundant of products and services, companies should presence a strong brand appeal. This stage is specifically more crucial for younger segment due their potentials to be early adopters of new product and services. However, the ultimate objective of this stage is to trigger customer’s curiosity and “force” them to move to the next stage. 

The ask stage is prompted by customers curiosity that happened in previous stage to actively researching for more information about the brands they are attracted to. In the connected world, there are numberless channels ranging from media, people around them to the brand itself. Customers can directly ask for advice from some friends or family, they might call contact centers or search the online product reviews. In the era where everything is fully connected, building only digital presence is not enough. There should be an integration between offline and online channels in order to create a seamless experience for customers. In this stage, customer’s path shifts from individual to social in which customer’s outer world makes strong influence to their decisions. Therefore, in this stage, it is crucial to build a presence in the most popular channels. 

After being convinced in the ask stage, customers will conduct some actions in act stage. The time customers spend to buying process can be various depends on the perceive importance of the products or services. The customers actions in this stage are not limit to only buying process, but further into post-buying actions. Therefore, the brands should create customers engagement and shaping a whole positive experience. The engaged customers will not only reinforce purchasing actions but also stickiness and total ownership to the brand. These elements are essentials to bring customers to the next stage. 

The last stage is advocate that was triggered by customer’s strong brand loyalty that makes them to recommend the brands without being asked to. In the era where tons of information are inevitable, recommendations from surrounding people has played vital role in customer’s decisions. Unfortunately, not all loyal customers are actively advocating the brands to others. Therefore, companies should encounter some catalysts that could enforce a situation when customers feel obliged to recommend the brands.

This research is using qualitative method as primary data collection besides academic journals, books and other online resources as secondary data. The chosen topic of proposed brand and marketing strategy for ProdigyDigital Credit Card product requires a deep understanding about customers behaviour. The use of qualitative research can help this research in discovering the underlying motives, desires, how customers feel and think towards Credit Card products that significantly help this project to achieve its objectives [22]. Furthermore, this research is not designed to quantify customers behaviour, instead aimed to gain the knowledge in understanding Prodigy customers behaviour for its Credit Card product to further formulate the brand and marketing strategy.

Besides Bank Power’s internal data, this research will use in-depth-interview as primary data collection method. In-depth-interview is characterized with open-ended questions and semi-structured format interview that enable researcher to elicit depth of information even from a few people. Researcher has identified two kinds of respondent which are internal Prodigy and external Prodigy. The former will emphasize into respondents with experts in certain area. Due to research’s objectives that will propose brand and marketing strategy for Prodigy Digital Credit Card, this research tries to capture respondent in Prodigy that has experts, knowledge and experiences related to those fields. The later is Prodigy customers in order to get deep understanding about their behavior towards Credit Card.

After conducting in-depth-interview and transcribing the information, researcher uses coding to analyze the data. Coding in this context refers to data labelling and systematization process [23]. Coding is the first step for researcher to conceptualize data by organizing and sorting a group of data [24]. These codes are continuously being reviewed as new meanings [19]. This process includes identifying the emerging patterns and themes from participants’ answers [19].

Due to Covid-19, the research procedure should be adjusted accordingly compared to normal situation. The pandemic that emerges since early of 2020 requires every single person to conduct social distancing and avoid face-to-face interaction. Therefore, in-depth interview will be done through online video medium. However, to get a better understanding to any form of responses, the participants will require to turn on their camera. This procedure can help the researcher to capture the non-verbal communication including participant’s expression, body language as well as validate their presence.

Proposed Brand Strategy

Brand Purpose: The brand purpose of Prodigy digital credit card is “to become one-stop-solution for customers life finance”. Every aspect of customers life, from they wake up until they go to sleep, always has financial consequences. Prodigy digital credit card offers solution for customers to have simpler, smarter and safer way to conduct their financial management. By utilizing Prodigy digital bank application, customers can manage their financial aspect at their fingertips, anywhere and whenever they need. Therefore, customers don’t need to worry about their financial aspect as it has been taken care by this product.

Brand Positioning

Prodigy credit card brand mantra is “Credit Card Reinvented”. Through this brand mantra, Prodigy is positioning its product beyond conventional credit card. It redefines the essence of credit card that is currently seen as promotion generators and loan/debt—something to be avoided to become a personal cashflow management a solution for customer’s financial aspect. Prodigy credit card is aiming to change credit card’s essence to become a solution for customers managing their cashflow better.

Points-of-differences (PODs) of Prodigy credit card are all-in-one personalized cashflow solution and hassle-free credit card experience. The former attribute emphasizes a comprehensive cashflow solution offered by Prodigy credit card. It has a complete feature that enables customers to conduct transactions in various channels, variety payment methods, and financial tracking that was tailored based on customers financial conditions. The last attribute emphasizes on a seamless experience of using Prodigy credit card by offering a fully digital solution.

Points-of-parities (POPs) of Prodigy credit card are promotional programs, instalment 0% and average interest rate. As explained in section 2.3.3. Existing credit cards were known for its promotions. This has shown low innovation level because those products make promotional programs as their Point-of-difference. In consequences, the market is competing by offering the higher promotional packages. Similar case with instalment 0%, this feature is used as Point-of-difference (PODs) by existing credit card players while most of them still require manual project to convert their transaction to instalment. The last attribute is fairly interest rate that is way lower compared to online-based financial technology.

The next step is finding substantiators or reasons-to-believe (RTB). Firstly, fully digital experience that covers a whole customers journey from application process, transaction activity, billing payment, contact services to card management. Secondly, self-service management such as credit limit management, supplementary card, temporary block card, permanent block card, card replacement, and transaction conversion to instalment can be done via Prodigy app. thirdly, customized rewards and loyalty, a feature that enables customers to select relevant reward categories to get double points. Lastly, expense tracking and monitoring that help customers to become aware of their cashflow status, spending habit and manage their cashflow. 

Figure 3: Brand Positioning of Prodigy Credit Card

Figure 4: Proposed Prodigy Credit Card Design

There are three personalities of Prodigy credit card. Each personality was embedded human characteristics as a guideline for any marketing activities. 

•      Fun and Excitement (energetic, spirited and daring)

•      Competence (intelligent, reliable and successful)

•      A casual friend/buddy (caring, relatable, convenient)

One of the most important visual is credit card design. Prodigy credit card design should carry out its value propositions which are simple, smart and safe. Simple aspect represents by one mascot in every card that can be chosen by customers. Smart aspect represents by customized avatar design that customers can obtain. The safe aspect represents by the absence of CVV number in physical card. Instead, customers can see CVV numbers in    prodigy App.

Brand Differentiation

Prodigy digital credit card has a product distinction that makes its features stand out among credit card players. The distinctive product elements to be focused are new and personalized features as it aims to reinvented conventional credit card started from its application process to transaction management. Existing credit card players only offers basic features such as promotions, 0% instalment, reward and mileage, affordable/free annual fee, tempting limit and broad acceptance. However, Prodigy is trying to elevate the features by integrating transactions channels such as contactless, NFC, QR in easier UI/UX, creating instant digital card that can be used right after the application is approved as well as secure feature through tokenization. 

Existing credit card products has low innovation level that always keep selling the same thing—promotional content. Therefore, such image was formed on customers top of mind. The consequence is customers value a credit card product by the amount and number of promotions it offers. Furthermore, the pinpointing on promotional content increases the association of credit card with customers impulsiveness that somehow affects to the way customers think about credit card. So that, the ownership of credit card is heavily associated with loan/debt which is something to be avoided in customers life. Prodigy credit card is aiming to break the negative image of credit card while  still    maintaining    its     prestigious      image. 

Prodigy digital credit card exists to change the image in existing credit card players. Instead of perceived as a loan/debt—something to be avoided, it creates a differentiation as a financial management tool. Prodigy digital credit card is aiming to create an image as a product that helps customer to manage their cashflow better. Utilizing its moneytory feature, Prodigy is aiming to create a seamless customer experience by providing spending tracker, transaction history in details and personalized financial management. Prodigy digital credit card also positions itself as a simpler, safer and smarter transactional tool for customers financial transactions. Therefore, instead being seen as a loan that was embedded a negative image, it differentiates its image as a solution for customers to integrate their financial life within a whole frictionless tool.

Brand Identity

After defining brand differentiation, the fourth step is determining brand identity. There are three elements that are relevant to this research which are brand as a product: element product attribute. 

Brand as a product with element product attribute emphasizes on how Prodigy Digital Credit Card provides functional benefits or sometimes emotional benefits for customers during the use of product or consideration during purchasing phase. Furthermore, this element consists of value proposition to give something extra or unique of Prodigy digital credit card that the other competitors lack or even don’t have.

Credit Card is a financing product which charges are made in form of a credit line. By integrating the top-notch technology and sophisticated features in Prodigy, Prodigy’s vision is to be the pioneer in digital Credit Card Product in Indonesia. Aiming to reinvent conventional Credit Card Product, Prodigy introduces a non-human touch Credit Card by leveraging Prodigy technology. The product was embedded with key features to create a simpler, smarter, and safer Credit Card. Therefore, unique value proposition of Prodigy Digital Credit Card is “Credit Card Reinvented: The simpler, smarter, safer way to live your life”

Brand as an organization with element organization attributes has shown relationship between Credit Card Prodigy, Prodigy business and Bank Power. Prodigy digital credit card is a sub-product of Prodigy and Prodigy is Bank Power’s line of business. Therefore, the existence of Prodigy digital credit card can be associated with Prodigy and Bank Power brand. This association could affect the way Prodigy digital credit card is perceived by customers. Starting from Bank Power as an organization, its brand was known for its transformative strategy and as the forefront in digital banking. Initially, Bank Power was heavily associated with pension business and old image. However, the existence of Prodigy as the first digital banking in Indonesia has changed the image of Bank Power to a younger and digitally powered image. The Prodigy brand in one hand, was known as pioneer in digital banking in Indonesia that reinvented conventional banking process. Therefore, Prodigy brand is heavily associated with financial management solutions, digital features, simplicity and millennials. The strong image of Prodigy has affected to all products created within its application. Credit card as one of the products gain advantages by the association of simplicity, financial solutions and digitally powered of Prodigy. At the same time, it has a strong association from Bank Power for its transformative brand. 

Brand as a person with element customer relationship has shown casual friends/buddies typology as Prodigy credit card’s customer-brand relationships. Prodigy has two brand promise that can be realized by the application of this strategy. The promises are “Bank breath social media” and “Advice not a sales pitch”. Those are embedded human characteristics as a casual friend/buddy that in the end aims to build connection between customers and the brand.

Bank breath social media indicates Prodigy credit card brand’s effort to speak the same language with the customers—millennials. One of millennials perceptions about credit card is a formal and one-way communication by conventional credit card that creates a distance with customers. When a brand breathes like social media—building a conversation and supporting two-way communications, millennials as a target market can find it easier to associate the brand with their personality. At the same time, this promise emphasizes on simplicity and likeability of social media with its features to provide interesting information and builds social networks. These characteristics are related with other       promise—Advice        not      a     sales    pitch.

Millennials, who encountered a lot of information every second, found it annoying to get a hard-selling pitch. Instead of conducting hard selling to the customers, Prodigy should create use cases as its communication method. They started from customer’s daily problems, tricks and tips then aligning with Prodigy’s features. This communication method is trying to create a relevancy of Prodigy’s credit card to customer’s life. At the same time, this method enables prodigy to educate customers on managing a better cashflow with Prodigy credit card features. 

Brand Trust

There are four trust drivers of Prodigy as follow:

Innovation

Prodigy is a brand that was known as innovative banking. Based on customer analysis that is stated in section 2.3.3, Prodigy’s brand is perceived as a ground-breaking innovation as the first digital banking in Indonesia. The existence of Prodigy itself is to reinvent the banking process that has been perceived as a complex and tiresome. In the case of credit card product, Prodigy is equipped with latest innovation within its features. It doesn’t limit credit card usage as promotion generators, but also as a vehicle to manage customer’s financial conditions. Let alone the customized and personalized financial solution, it also combines the speed and simple process of online fintech with the prestigious image and credibility of credit card. The combination has built a strong foundation for customer brand trust. 

Functionality

As stated in section 3.2.4, what makes Prodigy digital credit card different is its ability to accommodate a comprehensive financial management. Apart from offering more convenient way to conduct a transaction, Prodigy digital credit card has features for customer to be able to manage all financial aspect from managing various transactions, tracking and monitoring their financial habit, to helping with their financial planning. This functionality was embedded within the Prodigy app and the overall Prodigy brand that creates even strong brand trust for customers.

Credibility

Credibility of Prodigy digital credit card is because it was guaranteed by BI (Bank Indonesia), OJK (Otoritas Jasa Keuangan) and LPS (Lembaga Penjamin Simpanan) as a listed bank. This aspect becomes even more substantial to build a brand trust due to the massive growth of illegal online-based lending platforms [25]. The branding of a “bank” at the same time gives a sense of security for customers compared to other fintech companies. Moreover, Prodigy digital credit card’s credibility can be built by ensuring the security of customer’s personal data. Currently, the customer’s pain from existing credit card brands is their leaked personal data from one sales man to another one. By building a fully digital credit card, customer’s personal data can be protected and     become    a    key    driver    for    brand    trust.

Brand Heritage

Brand heritage gives insight on what identity and associations to be included in the proposed brand strategy [15]. Furthermore, it can track the brand to go back on course if it was straying from the heritage. Prodigy was originated from a strong standpoint to goes beyond a bank. It exists to become a life finance solution that cannot be offered by conventional banking. Therefore, Prodigy pinpointed customers need to be able to live their live without worry about their financial management. This brand heritage has been embedded in customers mind and creates an advantage for brand association of Prodigy digital credit card.

Figure 5:

Brand Beneficence

The final step of building a brand strategy is demonstrating a brand beneficence. As Prodigy digital credit card aimed for breaking mindset about credit card as “debt”—something to be avoided, it would like to position the product as a tool that help customer to manage their financial aspect. By utilizing Prodigy digital credit card, customers can maintain their cashflow while grasping the opportunities to get the desired products or services. Brand beneficence is the best way set a brand apart from other competitors by showing brand’s ability to serve both individual and society as a whole. Whilst credit card players are competing the market share by focusing on promotional messages, Prodigy deliver the product with focus on educational purpose. 

Brand beneficence of Prodigy digital credit card can be done by pursuing a right balance between customers, society and company’s aspect within this brand. It is started by building relationship between company and society at large. In order to fulfil the comprehensive benefits of Prodigy digital credit card, Prodigy started by involving it’s co-create community.

It is a Prodigy platform where the community members can share their ideas, aspirations and creativity towards a realization of better financial solutions. This step is important to ensure that Prodigy’s product is based on problems and needs in society. Those inputs will be used as a part of Prodigy’s product development. 

After developing products based on the needs and aspirations of the society—represented by community members, the next step is delivering the product by communicating the solutions of customer’s problems and needs. One of the communication pillars is education. This pillar will use the angle of customers use case such as how to manage their financial on their pay-day, how to manage their financial transactions, how to manage and monitor their spending, and other cases based on customer’s financial problems and needs. Therefore, the last step is part of building relationship between company and customers. Furthermore, this communication pillar can be accessible as it was published in Prodigy’s public channels such as Prodigy web and social media. Topic about educational communication pillar will be explained further in section 3.3.1 Five A’s.

After building a brand, the next thing to do is creating marketing strategy. Branding is a marketing strategy tool   to     enhance   and     promote    products/services   sales and maintain customer relationship [26]. Unlike the branding that is strategical, marketing is more tactical because it is not aiming to shape customer’s mind, but   it’s about what comes after that. The proposed marketing strategy will be done within framework 5 A’s. 

Customers journey toward their credit card experiences do not always define as a straight process. The researcher found various of customer jouney in regards of credit card product. This result is supported by Philip Kotler, Hermawan Kartajaya and Iwan Setiawan’s theory of customer path 5 A’s. Their experiences are heavily shapped by the advent of technology, specifically social media, that influences on how customers take decision. Marketing startegy of Prodigy digital credit card is proposed in a form of customer path 5 A’s from aware, appeal, ask, act and advocate. Each stage consists of customers activities, experiences, satisfaction level, expectation and main communication pillar (see picture below) [27-30].

In aware stage, customers are bombarded with a lot of information. Therefore, they often feel overwhelmed and confused with available alternatives. It is not rare that they experience annoying marketing message that disturbs their daily activities. In this stage, what customers expect is relevant information with what their needs and wants. The propose communication pillar in this stage is education. Prodigy can start by communicating relevant use cases for customers. In addition, customers don’t buy a product, they buy emotion. This can be applied to many communication materials. For instance, when customers are about pay in gas station, many of them to go out from the car and pay, whilst contactless feature of Prodigy can make customers conduct effortless transaction. In the end, this message will lead into how customers can manage their cashflow without hassle with Prodigy Credit Card [31-32]. 

The next stage is stage when customers select relevant and interesting brands. This stage is crucial to become distinctive on order to capture customers attention. In addition,  it   is    the  stage   among  all due to availability of promotions by existing credit       card players.

When existing players only emphasize on their promotional message, Prodigy Credit Card communicates differently. In promotion pillars, the benefits or opportunities of Prodigy is not positioned to make customers buy unnecessary products/services, instead by using Credit Card customers can utilize any opportunities to maximize their benefits. For instance, there are travel fairs accompanied by a bunch of promotions, customers can grasp the opportunity—travel or hotel promotions by using Credit Card. Similar case with harbolnas (Hari Belanja Online Nasional) or world online shopping day [33-34]. 

The ask stage is where customers try to find reference to get convinced before buy a product. Customers expectation is to get trusted recommendation, therefore in this stage they usually ask their close people or people they trust. It is not rare in this stage customers look for product review to know the product well. The main communication pillar is informational that emphasizes on features. Before applying credit card, customers’ top of mind is complex and long application process while they have anxiety about their data protection. Therefore, one of communication samples is fully digitalized onboarding and the guarantee of personal data protection. 

In act stage, customers start to apply Credit Card, conduct transaction, and pay the billing statement. Their journey mainly was unsatisfied due to complex and manual process in each activity. In this stage the main communication pillar is mixed of informational, promotional and educational. Informational pillar emphasizes on unique features of Prodigy Credit Card such as temporary or permanent block via Prodigy app. Educational pillar emphasizes on how customer can manage their financial conditions using Credit Card Moneytory. While promotional pillar will emphasize on opportunities—tactical strategy that can be maximized by the use of Prodigy Digital Credit Card.

In advocate stage, customers are expected to receive relevant rewards and loyalty program. The relevancy becomes problem on existing credit card players. In addition, in order to encourage customers to refer their experience to people around them, this reward play a role. This stage is not only encouraged by rewards, stickiness and loyalty of customers can become a drive force. Below are the sample of communication   designs   in    advocate   stage   [35-40].

The low of innovation in existing credit card brands has caused some pains for customers which are complex and manual application, personal data leakage, inconvenient customer service, irrelevant promotions and annoying marketing activities. Therefore, customers aspire to get financial management solutions, integrated and digitalized process, transparency and credit card brand that resonates with customers. Prodigy digital credit card aims to realize customers gains and eliminate their pains. Therefore, this research proposed brand purpose of Prodigy digital credit card “to become one-stop-solution for customers life finance”. By utilizing Prodigy digital bank application, customers can manage their financial aspect at their fingertips, anywhere and whenever they need [40-44]. 

After proposing brand strategy, this research proposed marketing strategy to incorporate three communication pillars in order to create relevancy for customers. The pillars are educational, informational and promotional. Educational pillar is aiming to change customers mindset of Credit Card from being perceived as a loan to a financial management solution. Informational pillar is aiming to explain all innovative credit card features of Prodigy that has never been existed before in current credit card players. Promotional pillar is not only informing available promotions but educate customers that those promotions are not solely to encourage customers to be consumptive but instead it enables customers to manage their cashflow better when there are a bunch of opportunities, discounts and promotions. 

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