Financial services market research
Data-driven decisions
The past few years have been challenging to financial services. Brexit, the banking crisis, changing regulation in the life and pensions industry and Covid-19 have all required focus. Yet digital technologies, including Fintech and Insuretech, have the potential to be just as disrupting.
Our financial services clients benefit from our innovative customer research and data analysis tools to drive successful business decisions in business strategy, marketing, sales, customer service and HR functions, including:
- Understanding customer behaviours to develop Fintech and Insuretech innovations
- Developing digital channel strategies to improve sales and service CX
- Operationalising customer insight to improve CX across all channels
Financial services market research
Brands that prosper through the turmoil have one thing in common: they understand their customers better than their competitors. This doesn’t happen without access to the right data needed to build the right new propositions that meet consumers’ changing needs.
“Great data and perspectives, this has really helped us think through our channel strategy.”
Digital Director, Insurance Company
“Davies Hickman’s data is good, its always worth listening to and considering.”
Channel Director, Retail Bank
See some financial services market research stories below:
Improving digital service delivery in UK general and life insurance
Client: Global technology company
Project process: Published sources, quantitative research with 2,000 UK consumers to assess individual brands
Outcomes: B2B thought leadership and content marketing – key recommendations through infographics, reports and workshops with 8 UK insurance companies
Investigating opportunities for digital technology in retail banking, GCC countries
Client: Global telecommunications company
Project process: Research across six markets in the Gulf states using analyst reports and expert executive interviews
Outcomes: Customer insight – GCC report and strategic recommendations
Developing the digitalisation of European banking and tracking study
Client: Global telecommunications company
Project process: Testing consumers uptake of digital technologies in banking across France, Germany, Spain, and the UK using quantitative research with biennial updates
Outcomes: B2B thought leadership and content marketing – series of e-reports enabling the client to generate PR and engage with prospects and clients
Exploring opportunities for new loan-based products
Client: Major high-street bank
Project process: Qualitative research, shadowing consumers journey and product selection
Outcomes: Customer insight, Digital customer experience – gained a stronger understanding of customer loyalty and when they require assistance and support
Digital customer journey design for new UK bank
Client: UK fintech
Project process: Accessing the our knowledge base, mystery shopping with other banks acquisition process and customer interviews to support the design of digital on-boarding
Outcomes: Digital customer experience – enabling the client to build a customer journey which improved the on-boarding process meaning few drop-out and a reduction in customer queries
Driving improved customer service performance using behavioural science
Client: UK bank
Project process: A/B test of cognitive biases on customers using large contact centres
Outcomes: Customer insight, Digital customer experience – improved sales performance and better customer experiences from the trial
Pinpointing HNWI’s needs for financial service products
Client: Private bank
Project process: Qualitative research, using innovative research techniques to identify and recruit HNW individuals to participate in research
Outcomes: Digital customer experience – feedback on competitor offers and new strategies for improving digital technology in private banking
Spotting opportunities for digital communications
Client: Leading UK financial service provider
Project process: Workshops with customers
Outcomes: Customer insight, Consumer, employee and technology trends – creation of new digital strategy including self-service opportunities
Driving customer satisfaction for a pension provider
Client: Major UK pension provider
Project process: Expert interviews with over 30 trustees, actuaries and advisors
Outcomes: Customer insight – enabling client to communicate customer satisfaction performance and identify areas for change
Managing a new proposition development process
Client: UK insurance company
Project process: Board interventions, international streetscapes, consumer research and workshops
Outcomes: Proposition development – evolving new products for consideration by board
Analysing the complaints of a major UK bank
Client: Major UK bank
Project process: Analysis of thousands of complaints made to the bank; classification, causal and clustering analysis
Outcomes: Customer insight – developed a new framework for complaint handling and made recommendations for reducing complaint volumes
Improving the performance of an outsourced contact centre portfolio
Client: CMA-9 bank
Project process: Analysis of internal data including key metrics, complaints and executive feedback. Call and e-mail observation, calibration and expert interviews with team leaders and advisors
Outcomes: Digital customer experience – full report to UK head office on performance of outsources contact centres, recommendations for service improvement
Marketing targeting for UK debt consolidation service
Client: Insolvency practitioner
Project process: Expert interviews, customer interviews, analysis of customer and geodemographic database to identify key segments and the opportunity to focus marketing resources in these areas
Outcomes: Customer insight – marketing segmentation, linked to postcodes across the UK enabling targeted marketing strategy for our client
Assessing the best business ownership models for customer experience
Client: Membership organisation
Project process: Use of publications, 25 expert interviews with senior executives, business and consumer quantitative research
Outcomes: B2B thought leadership and content marketing – thought out leadership report, infographics, presentations and PR