industries financial services market research

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