Financial Institutions’ sales and product focused mindset of the past is gone, replaced by a renewed rigor in focusing on the customer or “Customer Centricity.” As the industry transforms in reaction to digital disruptions from fintech and consumers’ “on demand” experiences in retail, banks are at risk of losing control over their customer experience for the first time. We’ve taken a close look at industry trends and identified ways to mitigate that risk through market research.
Rather than threaten your business, the growing fintech ecosystem should serve to inspire your business and offer opportunities for emulation and collaboration. Market research can help financial institutions understand how to best capitalize on marketplace disruption.
The finance industry is well positioned to leverage consumer data to their advantage, but having access to the data doesn’t always mean knowing how to turn that into valuable insights for business. These days, research partners can assist in uncovering the metrics that mean something and display them in easy–to–understand dashboards that offer short-term and long-term insights into the health of your brand.
Consumer demands are changing. Experiences influenced by the Amazons and Ubers of the world are changing expectations for service. Market research can not only provide insight into how customers experience your brand, but also what their expectations are now and down the road.
These are just a few trends that indicate how the finance industry is changing. One huge change that hasn’t been touched on is the changing audience. Millennials approach financial goals in a whole new way and it’s critical that financial institutions meet them where they are to develop relationships that last. MDRG performed an Online Anthropolgy study recently to understand just how millennials approach financial literacy. Fill out the form below to check it out.