In a banking context, each market research project is different. This is due to the specificities of each bank: customer type, products, business model, technological component. Over the years, we have handled requests for private banks, Fintech players, financial products for businesses, all in different countries. Depending on the context, specific techniques must be used. You will find illustrations on this page in the section dedicated to examples of projects we have completed.
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Our market research services for banking and finance
- Covered territories: all European countries + United States and Canada
- Budget: from €7500 excl. VAT
- Study duration: from 6 weeks for quantitative studies on B2C panels
- Quote: within 48h
- References: BNP Paribas, Banque Générale du Luxembourg (BGL), Hedios, RCI Bank, Mobilize Finance Services
Use cases for market research in the banking and financial sectors
Use cases for market research in the financial sector in general, and banking in particular, are numerous. Here are the 4 most common requests we receive:
- gaining market share: this type of analysis is generally carried out using a quantitative approach to compare customer segments. However, in some cases like private banking (see the BGL example below), only a qualitative approach is possible.
- customer retention: as in all mature sectors, customer retention is essential to ensure the profitability of the business model. Banks are therefore attentive to customer satisfaction and loyalty because they want to avoid having to recruit new customers to compensate for those who leave.
- development of new financial products: in a context of inflation on one hand, and falling interest rates on the other, banks seek to offer new products to their best clients. The development of these products is therefore the subject of many market studies.
- adapting practices to technological changes: retail and commercial banks must keep up with technological developments and adapt. Neo-banks and fintechs are indeed a real threat. As you will see in the references further down this page, IntoTheMinds has conducted market research for every type of player: traditional banks as well as FinTech representatives.
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Key considerations for a study in the banking sector
The banking world touches on the very private, the intimate. Therefore, we must consider potential biases that could affect the study results. These biases can be significant when large sums are involved. A study for a private bank is therefore particularly sensitive (see the example below of the study we conducted for BGL).
The methodological approach must therefore be chosen with care, depending on the stakes of the study. We recommend:
- favoring individual semi-structured interviews over focus groups;
- reserving quantitative studies for measuring satisfaction and comparing the results with respondents’ transactional data;
- using panels only for retail banking (B2C);
- choosing a qualitative approach if the project concerns commercial banking (B2B).
Budget
Most quantitative studies in a banking context start at €10,000. Qualitative studies, on the other hand, start at €12,000 and are based on 15 to 20 interviews.
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Examples of market research in the banking and finance sector
- BNP Paribas commissioned us to carry out a study on neobanks in a B2B context. The objective of this market research was to understand how and why SMEs decide to subscribe to the services of neobanks in France and Belgium. This exploratory study was based on 40 semi-structured interviews conducted primarily with financial managers and managing directors. We reconstructed the decision-making process and conducted an in-depth analysis of the competitive landscape, covering the various neobanks operating in both countries.
- Banque Générale du Luxembourg (BGL) is a private bank headquartered in Luxembourg. We conducted a qualitative study among clients of Luxembourg private banks to understand their expectations regarding the Luxembourg banking system. This study highlighted the strengths and weaknesses of the various private banks, providing BGL with valuable insights to support its marketing strategy.
- Chift is a FinTech player offering a solution for interconnecting banking applications. Chift entrusted us with a market research project covering the Spanish, Italian, French, and Dutch markets as part of its geographic expansion. This study was based on a quantitative approach using our B2B panels.
- Hedios is a company that develops structured products for individual investors. Hedios entrusted us with a study aimed at analysing their clients’ expectations and satisfaction. This exploratory study was conducted using a qualitative approach through 60-minute individual interviews.
- RCI is the banking arm of the car manufacturer Renault. IntoTheMinds was commissioned to analyse customer churn among individual clients and determine how to reduce it. To achieve this, we employed predictive modelling techniques. Socio-demographic data was combined with transactional data and enriched with external sources. This approach allowed us to explain 68% of the variance and identify two variables that accounted for the majority of churn behaviour.
- Mobilize Finance Services (MFS) commissioned us to study the potential of private leasing in Belgium. This study was conducted using a qualitative approach and confirmed the expectations of individual customers. The private lease offer was launched in partnership with Arval.