MDRG Disruption Series: Market Research in the Financial Industry

MDRG Disruption Series: Finance – Market Research Can Light the Path Forward

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.

1. Risk Into Reward

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.

    Fintech Exploratory Research

  • Uncover which fintech is poised to make the largest disruption and why
  • Find out what the perceived benefits are to consumers
  • Identify what exactly consumers expect of their banking experiences
  • Identify fintech that has truly answered an unmet need for consumers

2. Harnessing Big Data

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.

    Big Data Dashboards

  • Identify the metrics that truly matter to your organization – those that are leading indicators of future success
  • Easily communicate across departments how your brand is performing from both short-term and long-term views
  • Visualize performance from primary data sources as well as secondary data sources

3. Customer Centricity

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.

    Customer Experience

  • Uncover customer expectations of experience, existing pain points, and potential ways to overcome barriers
  • Dive into your customers’ utilization of your digital platforms, from your website to mobile banking, and uncover opportunities for optimization
  • What do customers want to do on mobile vs. desktop vs. onsite?

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.

Download Financial Literacy White Paper