Understanding how customers choose financial products and services
In recognition of its commitment to fair banking principles, our client – one of the ‘big four’ UK banking groups – asked Quadrangle to help understand the cognitive processes at play in decision-making.
The goal was to help customers make better, more informed, decisions about the financial products and services they choose and build perceptions of fairness.
We designed a programme of work to help see the idea of ‘fair banking’ through customers’ eyes, including:
- Consumer psychology-driven depth interviews
- Large-scale online surveys
- Review of published academic research and literature
- Psychographic segmentation of decision-making styles
In collaboration with behavioural science specialist, Irrational Agency, we blended the latest thinking on decision making with our own analytics to unpack different approaches to decision making and perceptions of banking services.
Our research has been used to develop and market products and services that are easier to understand, are fair, and work for customers, financially and emotionally.
We helped our client
- Understand customer decision making
- Develop and market products and services
- Tailor brand communications
What was involved
- Understanding heuristics and associations involved in financial decision making
- Psychographic segmentation
- Review of academic literature
- Behavioural pairwise and conjoint analysis
Specialisms that helped
- Synthesising existing data and insights
- Collaborating with other specialist agencies
- Applying behavioural science to real world problems