The total number of channels that costumers can be acquired through has proliferated and very few financial institutions have leveraged this as an advantage. Meanwhile, FinTech solutions have swept up a sizeable share of the market, with the industry analysts reporting that 20% of financial service businesses are at risk.
The technological revolution is increasingly making waves in the Finance Industry. Financial institutions are now competing with FinTech startups that are taking a sizeable share of the market. At the same time, customers now expect a seamless digital experience through every stage of the customer journey. From usability testing to live-chats, financial institutions need a holistic way to conduct and scale their research while maintaining a consistent stream of customer feedback to turn into an actionable decision-making process.
The rapid-pace of innovation has fundamentally changed the finance industry, and there is no clear solution. Overcoming these challenges demands a multifaceted market research strategy where a steady stream of customer knowledge is continuously flowing to inform products, digital channels, and customer acquisition and retention.
Disruptive models brought on by new technologies
Peer-to-peer sharing increasingly cutting out the middle man
Maintaining high customer-data security white adopting new technologies
Narrowing profit margins
Stagnancy in asset management growth
Millennials increased buying importance means restructuring product profiles.
Increased use of block chain will disrupt all reas of business
Smaller FinTech solutions are capturing an appealing consumer niche in the market
New and proliferated channels of customer acquisition
With the Fuel Cycle Research Cloud, financial institutions and professionals can access and fuse the best technologies and solutions to help navigate a market of unprecedent change. Fuel Cycle’s mission is to retire the one-off episodic research projects and replace them with in-the-moment and precise customer insights. By way of online communities, panels, and boutique research technologies catered to fit the individual needs of businesses, the Finance Industry can leverage an all-in-one research solution that can compete in the era of volatile markets.
Leverage our network of FCX partners to enable usability testing, prototyping and biometrics capabilities to optimize your digital presence.
Define more targeted segments by leveraging a multitude of data sources, such as your CRM, and engage customers in studies specific to their demographic.
Enable discussions that offer an opportunity for members to freely provide their thoughts and opinions that effect the financial consumer landscape.
Conduct research with non-customer sample that is informed by the insights you capture from existing customers in your community.
By creating separate communities comprised of employees, customers, and brokers to holistically inform all areas of business.
Through the Fuel Cycle Research Solution, Financial institutions can create the perfect research studies to fit the goals and needs of their organization. Detailed below are some tried and tested methodologies that work best for Fuel Cycle’s finance industry clients—each study can be launched in a matter of minutes, and clients can receive same-day results to instantly inform critical business decisions.
Brand loyalty is the biggest determining factor of a company’s long-term success. Brands need a reliable way to measure and understand changes in brand affinity over time.
Brands need to reliably measure the potential viability of products and concepts, as well as test their market potential before investing in development efforts.
Brands need a reliable way to measure price sensitivity in the market before making important business decisions.
Brands need a reliable way to measure and understand changes in brand perception over time, as well as how they compare to competitors.
Brands need access to the most sophisticated tools to gauge and enhance the user experience.
Brands need a high degree confidence that the marketing content they are creating will resonate with their customers.
Fuel Cycle has a roster of clients in the finance industry who have gained a competitive advantage from using the Fuel Cycle platform for their research needs. This case study showcases a facet of their research capabilities and highlights how financial institutions use their customer intelligence to dominate the market.
A finance client wants to re-imagine their future annual reports as an online experience to take advantage of the web’s customer accessibility. They also want to considerably expand on traditional annual report content, employ more client-centric information, and convince consumers that they can trust their brand with their financial planning and security.
A survey with community members was launched. 475 consumers were polled to share their thoughts on the Annual Report that they had recently received.
Afterwards, 9 consumers were chosen—who expressed interest in participating in a live chat. They shared deeper feedback on their Annual Report and provided nuanced detail into much need improvements to the user experience.
The client found the feedback from the consumers to be extremely impactful. More specifically, they used the feedback to directly inform much of the changes that were implemented in the following year’s Annual Report and successfully raised their customer satisfaction score.
Here are a few of our partners who provide richer insights catered specifically to your business needs:
User Zoom
Employ the leading UX insights software to fine-tune the user experience precisely to the customers’ desire.
Meta4insight
Receive insight into customers’ unconscious behaviors by using a solution designed to capture system 1 thoughts.
voxpopme
Use the power of automated video analysis to gather nuanced and rich detail on your product and brand.
Remesh
Gather rich customer feedback by using technology that analyzes and segments qualitative data on a large scale.
Fuel Cycle empowers the entire organization with a deep, on-demand market understanding to solve the hardest research problems businesses face. Don’t settle for disconnected products, trackers, and tools — take control of continuous research, fully integrated, in one solution.
Your customers are providing feedback 24/7. The world’s most successful brands use Fuel Cycle’s market research platform to capture, analyze, and act upon reliable data – with greater speed and relevance than their competitors. Fuel Cycle guides you through the research lifecycle to find the answers to questions you didn’t even think to ask.
NYC
205 E. 42nd St,, 15th Floor
New York, NY 10017
info@fuelcycle.com
Your customers are providing feedback 24/7. The world’s most successful brands use Fuel Cycle’s market research platform to capture, analyze, and act upon reliable data – with greater speed and relevance than their competitors. Fuel Cycle guides you through the research lifecycle to find the answers to questions you didn’t even think to ask.
Headquarters | 11859 Wilshire Blvd, Suite 400, Los Angeles, CA 90025
NYC | 205 E. 42nd St,, 15th Floor, New York, NY 10017
info@fuelcycle.com