The financial services sector is responsible for the management of money and consists of banks, credit and lending companies, insurance companies as well as those providing support services and technology. The sector is dominated by large, international brands that carry out b2b market research to build and maintain competitive advantage.
Commercial banking, retail banking and investment banking.
Credit risk services, business loans, leasing and financing (for business fleets and office equipment) and credit management services.
Commercial insurance solutions (property, liability, engineering, Financial Lines, business continuity, marine cargo insurance, intellectual property insurance, etc.), reinsurance, add-on services (legal support, emergency support, supply chain, etc.), underwriting and broker relations.
Accounting, tax and audit services, management accounting, tax information/publishing, qualifications and certifications.
ATMs, interbank payments, credit cards, fraud management, business payment methods, payment technology, POS solutions, mobile transactions, cash-flow forecasting and accounting software.
Factoring, Business Process Outsourcing (BPO) for F&A (Finance & Accounting) processes, payroll processing, business recovery services and bankruptcy administration.
Determining the penetration and positioning of major brands in the marketplace, and helping companies to develop effective and unique value propositions.
Recognizing groups within the target audience with similar needs, behaviors and characteristics and working with companies to effectively target and communicate with the key segments.
Assessing the performance of both clients and competitors and determining the most critical drivers of satisfaction and loyalty.
Mapping the stages of the customer journey and the different touchpoints at which companies interact with their target audience; determining the key needs and behaviors of the market by listening to the voice of the customer.
Evaluating the size and structure of target markets and the opportunities within them; advising companies on go-to-market strategies which may involve building share within an existing market or entering a new one.
Testing advertising and product ideas, uncovering insights to help product development, and establishing the optimum price or pricing strategy for a product or service.
This audience consists of people who specify and use financial services solutions within their companies. Their roles vary according to the size of the company and include numerous departments such as Accounts, Administration, Finance, IT/Information Systems and Legal/Compliance. These people are usually reached online or via telephone, and sometimes via face-to-face with focus groups.
In most businesses, decisions concerning financial services will involve a senior member of a functional or executive team, e.g. CEO, CFO, CTO, Company Director, VP Finance, etc. The insights from this audience are more suited to qualitative research. Telephone is the most common way of reaching and interviewing them.
Financial services are commonly sold through channel partners such as brokers. These people can provide insights about the organizations whose services they represent and the organizations to whom they sell services. This audience is usually reached via telephone.
It may be necessary to target providers of financial services themselves in order to meet the research objectives. These organizations may also use business services providers, e.g. to outsource processes. We have spoken to decision makers at insurance companies, credit unions, banks and tax/accounting firms. The job roles we have researched range from analysts to the C-Suite and are usually reached via telephone or online.
