The financial services world moves fast and carries real risk. Fintech challengers keep raising the bar while customers expect smooth, reliable digital experiences.
In this environment, listening to customers early can be the difference between a product that wins adoption and one that fades away. In our work with banks, credit unions, and fintechs, we see how banking market research helps teams understand real needs, test ideas quickly, and launch with confidence.
Developing any new financial product takes real time and money. Research protects that investment by reducing guesswork before code is written, pricing is finalized, or a campaign goes live.
Money and data are sensitive. A misstep can damage reputation as well as budgets.
New product development research validates the offer at each step, from early concepts to naming and launch, so you avoid avoidable surprises.
Customers increasingly expect consistent, reliable digital experiences from their banks, which raises the stakes for getting it right the first time.
Without conducting consumer research and exploring the competitive landscape, an organization is ultimately just making assumptions.
Pricing studies and message tests reveal the optimal fees or rates, the features that matter most, and the language that actually moves people to switch.
This matters because willingness to switch is real.
In our survey of 1,000 banking customers, most Millennials at 58 percent and Gen Z at 57 percent said they would change financial institutions if they found a better fit.
New product development research turns that intent into a plan by identifying demand, acceptable price points, and the segments most likely to adopt.
Explore the data, trends, and takeaways shaping the future of finance.
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A common barrier we see to conducting product development research for the banking industry is the time involved and the concern that it might delay a product launch.
However, by conducting research early on, financial institutions can catch critical issues that would have otherwise required costly and time-consuming re-dos down the line.
For ideas that might lead to failed launches: Research allows organizations to “fail fast” during the ideation phase, rather than slowly and at great expense later on.
For ideas that might be successful: Research insights support each step of the process, reducing uncertainty and ultimately accelerating the path to a successful launch.
By not conducting new product development research, the odds are stacked against you. Operating on assumptions, rather than data, can lead to a variety of costly consequences.
Price too high and you throttle adoption. Price too low and you leave money on the table.
Pricing research combines competitor intelligence and customer price sensitivity to set fees and rates with confidence.
For example…
Building the right feature set cannot be guesswork. When teams skip research, they either follow competitors or prioritize internal wish lists.
We see successful organizations use interviews and surveys to uncover unmet needs, then design features that solve specific problems.
Also keep in mind that different customers want different things, which is why we recommend segment testing.
For a great example, look at AI tools. Our State of Banking Report revealed:
Millennials (64%) and Gen Z (56%) are far more likely than Gen X (38%) or Boomers (12%) to use AI for assistants, money management, or financial advice.
Research like this can help identify clear recommendations for what features are most important to bankers overall, plus how it differs among different customer types.
The financial services industry is one of the most heavily regulated in the world. Not accounting for the countless regulations can result in hefty fines, legal action, and irreparable damage to your brand.
When new product development research is conducted alongside legal and compliance partners, you can surface potential concerns early.
This allows you to design compliant products from the start, and to present sensitive topics in language customers actually understand.
In crowded categories, a new banking product needs to stand out. Qualitative research such as focus groups with your target audience reveals what feels different, believable, and valuable.
It also gives you the language to communicate that difference. In our experience, these customer-sourced phrases make their way into landing pages, branch scripts, and outbound campaigns, and they consistently perform better than internal jargon.
Recommended Reading: Have a New Banking Product Concept? Here’s How to Measure Demand
New product development research is often conducted using a variety of methodologies, each designed to support different stages of the development process.
Here are a few examples:
In-depth interviews and focus groups uncover pain points and generate ideas.
With consumer banking, we might explore frustrations with account opening, alerts, or card controls.
With small-business banking, we might dig into cash-flow management, invoicing, or employee permissions.
The goal is to define jobs to be done and identify the moments that matter in the financial journey.
Quantitative surveys test product concepts and measure likelihood to use at scale.
We can rank…
In consumer testing, that might include comparing “no-fee overdraft cushion” against “real-time balance alerts” to see which benefit moves the needle more for your priority audience.
Task-based usability sessions and prototype testing focus on clarity, confidence, and speed.
When conducting these studies, financial services market research firm watch customers move through account opening, funding, and first-use. We listen for confusion, hesitation, or risk signals.
Early fixes are cheaper than post-launch patches, and they reduce call center load and abandonment that would otherwise show up on day one.
Desk research and expert interviews map the competitive set, pricing, and positioning.
In card products, we may assess rewards structures, introductory offers, and ongoing APRs. In wealth, we may examine fee models, digital advice features, and onboarding steps.
The output highlights gaps and opportunities for differentiation rather than a copy-and-match roadmap.
Van Westendorp, Gabor-Granger, or discrete choice approaches measure willingness to pay and the tradeoffs people will make between price and benefits.
For example, we often test whether customers will accept a lower APY in exchange for automatic savings features, or whether they prefer a monthly fee with premium benefits over pay-per-use.
A short ad concept testing survey can put two or three headline options head-to-head with your target audience.
We evaluate clarity, believability, and appeal, then capture the words customers use to explain why. Those phrases become your hero lines, email subjects, and branch posters.
Check out the video below to learn more about the benefits of ad concept testing.
Once live, short pulse surveys and intercepts confirm whether expectations match reality. We look at activation, first-30-days behavior, and referral intent to guide improvements.
This is where you find small changes that pay off quickly, like simplifying a verification step or moving an educational tip into the right moment.
The Challenge
A large regional bank was developing a unique online investment platform and needed to conduct research to ensure its success.
They hired Drive Research to explore consumer expectations, gauge interest in the product, determine willingness to pay, and gather tactical insights for naming and branding.
The Solution
To address these objectives, Drive Research conducted comprehensive survey research.
The research focused on:
It also provided crucial insights into desired product features, potential barriers to usage, and the platform’s unique selling proposition.
The Results
The client used the research to guide each step of the development process for their new online investment platform.
The insights proved invaluable, directly informing product features, brand positioning, and the go-to-market strategy.
By using data, they were able to build a platform that filled a real gap in the market, making the product launch more successful.
Conducting new product development research is ultimately a critical step for organizations in the financial services industry.
Research insights prove invaluable, again and again, by helping you reduce risk, increase profits, and get your product to market faster.
Ready to turn your next great idea into a successful product?
Contact our team at Drive Research to learn about how we can help you build, price, and launch a new financial product with confidence.
