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.
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.
Gain valuable insights into your customers' experiences and stay ahead of your competition by conducting custom financial services market research.
Request a Quote
What Clients Are Saying About Our Financial Services 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 a near-perfect 5-star Google rating. 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.