The financial services industry facilitates the management of money and includes banks, credit and lending companies and insurance companies, as well as those companies providing services and technology to support them.
In order to maintain a competitive edge, large, multinational brands that dominate the industry leverage financial services market research.
Understanding the penetration and positioning of key brands in the market, and helping clients to craft effective and unique value propositions.
Identifying and profiling key groups within the target audience which have similar needs, behaviors and characteristics; working with clients to target and communications with the priority segments.
Measuring the performance of clients and competitors, and identifying the most critical drivers of satisfaction and loyalty.
Mapping the stages of the customer journey and the various touchpoints at which clients interact with their target audience; understanding the key needs and behaviors with the market by listening to the voice of the customer.
Assessing the size and structure of target markets and the opportunities which exist within them; advising clients on go-to-market strategies which may involve entering a new market or building share within an existing one.
Testing product and ad concepts, obtaining insights which may aid product development, and determining the optimum price or pricing strategy for a product or service.
These are the people who specify and use financial services solutions within their organizations. Their roles vary according to the size of the business and include Finance, Administration, Legal/Compliance, Accounts, and IT/Information Systems. This audience is typically reached online or over the telephone, and occasionally face-to-face with focus groups.
In most organizations, decisions on financial services will involve a senior member of a functional or executive team, e.g. CFO, CTO, CEO, VP Finance, Company Director, etc. These people have insights that are well-suited to qualitative research. The telephone is the primary methodology used to reach and interview them.
Financial services are often sold through channel partners such as brokers. This audience can yield insights about the companies whose services they represent and the companies to whom they sell solutions. We typically reach these channel partners by telephone.
It may be necessary to target financial services providers themselves in order to satisfy the research objectives. These companies may also utilize business services providers, e.g. to outsource processes. We have researched decision makers at banks, credit unions, insurance companies, and tax/accounting firms. Job roles range from analysts to the C-Suite and such efforts typically require a telephone or online methodology.
We’ve carried out projects spanning the financial services industry, from banking, credit/lending and insurance, to the business services and technologies supporting the entire sector. To see the full list of areas we’ve researched in the financial services industry, click the link below to view the graphic.
