Members Equity Bank has ditched aspects of its long-term business strategy to focus on five simple core products and cheap sales channels.Gone is last year's branding change to "me bank". Also out the door is the rhetoric about building a branch network and "taking on the big banks".In fact, the new chief executive of Members Equity Bank, Jamie McPhee, previously of Adelaide Bank, said yesterday that he is a fan of the four major banks."They get a lot of negative press but I think they actually do a pretty good job and they do compete," said McPhee yesterday. "And they got us through the GFC ."We are not going to ever offer the range of banking products and services that a big bank does."Our target market, the members of industry super funds, don't want to move gold bullion through a margin trading account, so we are focussing on developing five basic good value product types and that is it."The five product types identified by McPhee are home loans, personal loans, transaction accounts, credit cards and savings products."So for instance with credit cards we will have three basic good value products  - a low rate card, a rewards card and a debit card, and that is it."Our strategy is simplicity, clarity and execution."McPhee likens his business model for Members Equity to Ikea introducing flat packs to furniture retailing."We are creating a new alternative banking proposition and that is the only way to grow."You simply can't come into this industry and think 'I will build a branch network and take share from the majors.' A few have tried that and all have failed."