How active are your financial services customers? Why are customers or members moving their accounts to your competitors? What drives satisfaction and loyalty within your financial institution?
Whether you are looking for banking market research services or credit union market research services to help answer these critical business questions, Drive Research can help.
Financial Institutions Choose Us for Market Research
Our Financial Market Research Services
Drive Research is a full-service market research company. We specialize in qualitative and quantitative methodologies. Our market research team creates custom studies based on your financial institution's unique goals and objectives.
Here are just a few of the many services our financial market research company offers.
New Account Opening Surveys
A new account opening survey gathers feedback from new customers about their satisfaction with your services and any suggestions they have to improve the overall banking experience.
Additionally, in most cases new members had poor experiences with a competitor, causing them to switch to your bank or credit union.
A new account opening survey can measure these poor experiences allowing your financial institution to understand what improvements this new member is looking for.
Customer or Member Surveys
A customer or member survey for a financial institution can provide a wealth of data, information, and feedback to help drive decision-making.
It can help you understand how satisfied your customers are with your financial services and identify areas where you may need to improve.
By gathering feedback directly from this audience, you can make changes and adjustments that help increase customer loyalty and retention.
Competitive Rate Analysis
By understanding competitor offerings, you can offer more attractive interest rates on savings products and competitive terms on loans. This ensures your FI remains a top choice for customers seeking favorable financial options.
Drive Research simplifies this process, providing regular, detailed market research such as mystery shopping calls and secondary research, so banks can make informed decisions and maintain their competitive edge.
Closed Account Surveys
A closed account survey is a mechanism used to gather feedback from customers who have recently closed their accounts.
The purpose of the survey is to understand why someone closed their account and to identify any potential issues that may have contributed to the customer's decision.
By analyzing this feedback, financial services companies can make changes to their business practices, customer service, or product offerings to reduce the likelihood of future customers closing their accounts.
Online and Mobile Banking User Experience (UX) Research
Studies show the majority of consumers (61%) use digital banking services at least once a week.
UX research can help financial institutions improve the mobile banking experience for their customers, making it more user-friendly, efficient, and enjoyable.
Better yet, a better mobile banking UX can give FIs a competitive advantage over other branches, attracting and retaining customers who value a seamless and easy-to-use mobile banking experience.
Branch Mystery Shopping
Conducting mystery shopping for financial services companies can provide valuable, realistic insights into the customer experience.
By identifying gaps in employee performance and compliance, banks can take corrective measures to improve their services and ensure that they are meeting regulatory standards.
Whether the mystery shops happen in person, online, or over the phone, our financial services market research company can help.
Product Testing
Product testing is valuable when looking to refine your offerings and understand customer preferences.
With our process, financial institutions can identify potential improvements, ensure seamless user experiences, and ultimately enhance customer satisfaction. We accomplish this by gathering feedback directly from customers through surveys and focus groups.
Then, we make actionable recommendations that lead to more effective and competitive banking products and services in the market.
Gain valuable insights into your customers' experiences and stay ahead of your competition by conducting custom financial services market research.
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Financial Services Professionals We Connect With
Targeting the correct audience allows for a more accurate assessment of customer needs, preferences, and pain points, which in turn informs product development, marketing strategies, and service improvements. Here are just a few examples of audiences we’ve conducted research with on behalf of our bank and credit union clients.
Customers and End Users
Financial services customers represent a diverse range of individuals, from students and professionals to families and retirees. Their interactions with banks encompass routine activities like managing accounts, making transactions, seeking loans, and planning for the future. Our FI market research company finds the best way to gather their feedback is through online surveys or phone interviews.
Banking Customer Survey Case Study
Banking Decision Makers
Engaging with banking decision-makers who aren't current customers provides valuable market intelligence. Understanding their preferences and reasons for choosing other institutions allows the bank to refine its offerings and strategies to attract and retain similar profiles. With surveys and one-on-one interviews, their insights can also illuminate potential pain points or areas of improvement, helping the bank tailor its services to meet the diverse needs of this demographic.
Credit Union Non-Member Case Study
Senior Loan Officers
Loan officers play a pivotal role in assessing borrower risk, and their feedback can inform credit policies and risk management strategies making them a great audience to survey. Additionally, their observations of customer interactions and loan application trends can help the bank tailor its products and services to meet evolving customer needs and market demands.
Senior Loan Officer Survey Case Study
Business Owners
Our financial institution clients often seek to converse with business owners or decision-makers to comprehend their unique financial needs and challenges. This direct interaction enables the bank to customize offerings, such as loans or specialized services, to better cater to their requirements. Additionally, understanding the financial objectives and pain points of business leaders allows the bank to forge deeper, more mutually beneficial relationships.
B2B Professional IDIs Case Study
Why Work With Drive Research For Financial Services Market Research
Full Customization, No Cookie Cutter Approach
We understand that one-size-fits-all solutions often fall short in the financial industry. Our market research company prides itself on tailoring every project to the unique needs and objectives of banks and credit unions.
By offering a fully customized approach, we ensure that our research is finely tuned to address specific challenges, uncover targeted insights, and deliver actionable recommendations.
80+ Years of Combined Experience
With a collective experience of 80 years in the financial services sector, our team brings a deep understanding of the industry's intricacies and challenges.
This extensive background allows us to navigate the nuances of financial services, enabling us to craft research methodologies and interpret results with unparalleled expertise. Our wealth of knowledge ensures that our research is not only comprehensive but also highly relevant to the unique dynamics of the financial sector.
Consultative Approach, Beyond Charts and Graphs
Unlike many research firms, we don't just provide data in the form of charts and graphs. We offer a full consultative approach, meaning we go beyond the numbers to provide meaningful insights and recommendations.
We understand that our clients need more than just data; they need actionable insights that drive informed decision-making. Our team takes pride in offering in-depth analysis and strategic guidance based on the research findings, ensuring our clients gain a clear path forward.
One-Stop Shop for Financial Services Market Research
We are a comprehensive market research company, offering a wide range of services tailored to the financial services industry. From surveys and focus groups to in-depth interviews and qualitative recruiting, we are equipped to handle all aspects of your research needs.
This streamlines the process for our clients, eliminating the need to coordinate multiple vendors. With us, you have a trusted partner who can deliver end-to-end research solutions, saving you time and ensuring seamless execution from start to finish.
What Clients Are Saying About Our Market Research Company
Companies in financial services employing market research with Drive Research remain a step ahead in a highly competitive industry. It’s why we’ve earned hundreds of 5-star Google ratings. Don’t just take our word for it. Here is why our clients love working with us.
Frequently Asked Questions About Financial Market Research Companies
What is financial services market research?
Financial services market research refers to the process of gathering, analyzing, and interpreting data related to financial services, such as banking, insurance, investment, and wealth management. The aim of financial services market research is to provide insights into consumer behavior, market trends, and competitive landscape, among other factors.
How do you conduct financial services market research?
Financial services market research involves a range of methods, including surveys, focus groups, interviews, and secondary research. Therefore the process of conducting financial services varies.
For instance, online surveys include steps to write, program, and field a questionnaire. Whereas, focus groups include steps to recruit and schedule participants to answer pre-determined questions in a group setting.
Why is market research important to a financial institution?
The insights and recommendations derived from financial services market research can help banks and credit unions develop effective marketing strategies, improve customer satisfaction, and increase profitability.
How much does financial services market research cost?
The cost of financial services market research can vary depending on several factors, such as the scope of the research project, the research methodology used, the sample size, and the geographic location. Generally, the more extensive and complex the research project, the higher the cost.
Typically, $5,000 is the minimum cost financial services companies can expect to pay for custom market research.
How long do financial services market research take?
The duration of financial services market research can vary depending on the scope of the project, the research methodology used, the sample size, and other factors. Generally, research projects can take anywhere from a few weeks to several months to complete.
Real Stories. Real Results.
We are passionate about the achievement and success of our clients. Our research studies provide organizations with actionable, data-driven insights - and this is demonstrated through our case studies.