The financial industry is changing fast, which means banks and credit union decision-makers need to introduce new products and service offerings even faster.
For instance, digital banking usage is at an all-time high. It is estimated that 65% of people use online banking features, with digital transaction volume also growing by 10% in 2022.
As the transition of people managing their finances online continues to grow, many institutions are looking to introduce new banking product concepts.
And the best way to measure the appeal of a new product concept is with market research.
The post dives into a recently completed project conducted on behalf of a financial institution. The primary objective of the market research was to understand the feasibility of a new online banking service.
A financial institution partnered with Drive Research to conduct a survey in the U.S. to understand the appeal of a new digital banking concept.
Ultimately, the goal of the research was to understand the level of interest in the product within the client’s specific target audience.
Additional secondary objectives were also defined and explored through the bank and credit union market research.
💡 The Key Takeaway: Understanding the goals and objectives of the research is imperative to the success of the study. With this insight, our team can find the best market research option for banks and credit unions.
The Solution: Online Surveys & Secondary Research
To meet the goals and objectives of the study, our market research company used an online survey and secondary research.
Our team recommended these approaches because it is a good mix of providing the client with custom, exclusive findings while also not duplicating consumer feedback that already exists online.
About the online survey:
- The core objective was to understand how the audience perceives the offering.
- Defined the target audience.
- Obtained n1000 responses offering a +/- 3% margin of error.
- Included up to 30 questions for the survey.
- The questionnaire included custom questions and recommended questions.
- Drive Research managed programming, fieldwork, invites, reminders, and survey incentives are included.
- Drive Research provided online data reports are exportable into Excel, PDF, PowerPoint, or Word. This included options to break the data down by key categories (i.e., age, region, HHI).
About the secondary research:
- Our team searched for studies, data, statistics, and other information.
- A list of approximately 5 core competitors was created and approved.
- Our analysts will also visit competitor websites to collect insights.
- The secondary research gathered insights for specific objectives.
- Findings were categorized and themed into a written summary report.
The digital banking survey and secondary research took approximately 2 weeks to complete.
💡 The Key Takeaway: The solution for each market research project we conduct is unique. That’s the beauty of working with Drive Research. Our team creates custom solutions to meet the unique goals and objectives for each study we conduct.
Approach to Measuring Interest in New Banking Product
This particular study needed to be conducted fast. The entire process took approximately 2 weeks from start to finish.
Below is an overview of the process when conducting market research for new product development.
- Kickoff: The kickoff meeting connects the client and research teams. During this meeting, it’s important to be clear on the goals and objectives of the study. As a reminder, the survey and report are ultimately defined by the goals and objectives stated by the client.
- Survey drafting and secondary research begin: After the kickoff meeting is complete, the research team designs the new product demand survey. This process typically takes a few business days. While the survey is being drafted and finalized, the secondary research begins.
- Fieldwork: After the survey is signed off on, fieldwork begins. The length of time needed to complete fieldwork can vary from a few days up to 3 weeks. Ultimately, this depends on how easy or difficult the audience is to reach.
- Analysis and reporting: Once fieldwork is closed, the analysis and reporting process begins. Depending on the deliverables, this process can vary from 24 hours up to 2 weeks.
💡 The Key Takeaway: Think of market research products like snow, no two projects are alike! Each of our studies are custom-made to assure all findings are unique to the client’s objectives and goals.
While the results remain confidential with the client, below is an overview of the topics covered in the market research.
Key findings from the survey included:
- Awareness levels of key competitors were identified.
- Usage levels of key competitors were identified.
- A summary of the most prevalent pain points was identified.
- An overview of what factors were most important to the target audience.
- The level of interest in the new banking product among the target audience.
Key findings from the secondary research included:
- The percentage of U.S. adults that use a specific type of banking as their primary financial institution.
- The percentage of U.S. adults that use a specific type of banking product.
- Insight into the competition and how it compares to the client.
💡 The Key Takeaway: Remember the key findings from a market research study are unique. Different reporting options include raw data files, summary reports, and comprehensive reports. There are also add-on options such as presentations, infographics, and video infographics.
Drive Research is a market research company located in Syracuse, NY that specializes in conducting market research with banks and credit unions. Our team has the knowledge and tools to design a robust market research study, should it be the right fit for your financial institution.
Interested in learning more about our market research services? Reach out through any of the four ways below.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
As a Senior Research Analyst, Emily is approaching a decade of experience in the market research industry and loves to challenge the status quo. She is a certified VoC professional with a passion for storytelling.
Learn more about Emily, here.