Investing in insights pays the best interests

Investing in insights pays the best interests

Disrupting the status quo

With a changing technological and economical market, banking is experiencing a fast pace of digitization. Moreover, the pandemic gave another dimension to this shift, forcing it on the connection between banks and their customers. Added with the changes in market demands, it is expected that there will be a radical digital transformation in the banking industry for the next three years. (Source: Here)

50% of consumers now interact with their bank through mobile apps or websites at least once a week, compared to 32% two years ago acording In The Financial Brand’s latest Digital Banking Report.

Banks are offering competitive products to new consumer segments, which has led to market saturation in many countries. In this context, understanding customers and competitors has become more important than ever before. Institutions need to quickly get a grasp of how current and potential customers behave in the banking industry.

In a survey performed by Accenture and Oxford Economics in 2018, 43% of bank executives expect their research investments to improve customer loyalty, and a third expect it to boost their market share. (Source: Here)

New issues, new opportunities

While banks can rely on internal market research to understand the consumer behavior of their customers regarding existing products, getting an external perspective can be considered as a critical issue to elaborate a well-integrated strategy. To meet growing expectations for omnichannel experiences, banking and financial services must anticipate customer needs and have a correct assessment of their landscape and their target audience. And to sustain profitable growth, banks must also differentiate their products and services while improving customer connectivity and convenience.

Eight out of every ten millennial customers even prefer to switch to a different bank if it offered a more superior mobile banking service. (Source: Here)

Research into the behavioral economics, marketing, and psychology of banking products has become critical to have a competitive edge.

Successful strategies start with quality insights

Knowing the numbers behind customer needs and behavior can effectively affect services sales, improve customer loyalty, and increase banks' market share.

In this context, The Method Research has developed market research packages dedicated to the Banking Industry.

Discover the research that can guide your marketing and strategic decisions by selecting from a series of packages that meet your requirements:

Package #1: Concept Testing

Create your opportunities with our Concept testing package. Use customer knowledge to inform the entire process of bringing a new offer, a new product, or a potential partnership to the banking market. Test your ideas and back them up with insights to effectively set them up on the market and maximize performances. Evaluate the interest and identify how to trigger your target audience with this dedicated package.

More information here:

Package #2: Market Overview

In such a competitive industry, it is essential to have a clear overview of your position and the ones of your direct competitors. Knowledge coming directly from your target audience can be decisive to know how you want to compete while understanding their perception and interest.

Get a proper analysis of your competitive landscape with our Market overview package. Knowing the penetration of offers, services, and awareness of competitors' brands and yours are equally important for banks to design their strategy and perfect their reach to their target.

More information here:

Package #3: Customer Profiling

Dive into the mind of your customers and/or the ones of your competition with this dedicated package. Knowing your customers deeply as well as knowing the best ways to reach them is becoming critical to stay ahead.

The more you understand your audience, the easier it is to focus on delivering personalized marketing, building loyal relations, and forecasting how new services or offers can perform.

This package can become extremely precious to assist banking institutions in uncovering greater details about consumer lifestyle and spending patterns.

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What else? We have also other dedicated ready-to-deploy research in-store including packages to measure Campaign Performance, analyze Consumer trends, or study an audience in a specific location.

Plan ahead with certainty

As the banking industry is impacted by a consequent transformation in many aspects, it becomes essential to be informed with the latest information on your market and your audience. The customer experience is becoming the new battlefield in this industry along the brand performance, which necessarily impacts the design of service, offers and marketing decisions.

Each of our packages has been designed to be a perfect fit for a dedicated banking scenario to assist you in your decision-making. Ready to invest in insights?

Interested in knowing what our banking packages can do for you?

Get in touch now or visit our product page here.