Case Study - Financial Market Research
(New account development) Our Task – To provide research that would help to launch a new bank account for young workers.
- What was the wider context of finances for the target market?
- How successful would it be in its current design, who would take it out and how could it be improved?
Our Approach – convenient research
Stage 1 – Our target market (16-24 year old workers) are too busy for research. We wanted to make it easy for them. We did 2 face to face focus groups and 4 online focus groups to explore their attitudes to finances and their opinions of the new product.
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Stage 2 – We sent out online surveys to 500 of the target market to measure the size of the market for the product and to help the product team choose between a number of product features.
Our Result – a successful new product and a first for this target market!
The results highlighted a potential market for the product but a number of aspects needed to be altered prior to launch including the need for a balance of convenience and remote account servicing along with the need for one to one help and support for this target with understanding their finances.
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