Today the banking and finance sector is at a boom due to the increased awareness of people in saving and investing for wealth creation. However, this is the same reason for the companies functional in this domain to naturally look for the cues and desires of common folk, like their idea of wealth, reason(s) to build it and the degree of risk-aversion or tolerance. Such insights help them to design their financial products and services like insurance, loans, investments, etc. in a manner to best serve their customers and allow them a great business and brand loyalty.
We as a market research company help you achieve that through our stellar panel, described below for this unique sector:
- Product Type: The panel consists of people making decisions based on the different types of financial products and services such as savings and checking accounts, credit cards, loans, investments, and insurance. Examples could be, small and medium businesses, high net-worth individuals, credit card users, common banking services consumers, merchant services users, and retail and bulk investors.
- Brand Loyalty:Those having strong brand preference (for specific financial institution) against those who do not (and buy what matches their immediate need, making their portfolio truly diversified with multiple financial institutions) consists of this particular panel.
- Purchase Stage: The purchase stage in which the buyers are is the focus of this panel, beginning with the recent buyers and researchers to those who either already own one (or more) or do not want any at a given point of time.
- Demographics: Factors such as age, income, education, and geographic location play a vital role in how people will make a purchase for a particular financial product or service. We have a panel segmented on this basis as well.
- Price Point:Price point is often the tipping point while making a purchase decision, so businesses are more than curious to uncover how many people are looking for budget-friendly financial products and services and who are the ones willing to shell out more for premium or high-end products and services even in the wealth creation industry.
- Technology: Since technology is highly decisive for most cases, this panel segment includes priorities or preferences like online banking, mobile banking, and digital financial services over the traditional methods.
- Financial literacy: Since financial literacy is at the core of the sector, knowing that would require a panel segmented on this basis. So we have financially aware panellists alongside those who are not.
- The bankers, investment managers, fund managers, etc are the professionals that work in various financial institutions like banks, microfinance, credit card companies, banking cooperatives etc that fall in this category. These are the people who are in direct contact with the buyers and have key insights on consumer behaviour from a second person perspective.
- The regulating authorities that control the functioning of the financial institutions are a part of this segment. They are the force working behind the implementation of all the rules and regulations that are prescribed and made mandatory by law keeping an eye on the health of the economy as a whole. They also play a crucial role in auditing financial institutions when the circumstance necessitates.
- Fintech experts, regulatory pundits, investing wizards, financial market gurus are the kinds that are differentiated by the area of their specialised interest. Their opinion and view points would be extremely concentrated, maybe meant for the understanding of only a few. The insights received from them are highly customised to meet their unique needs. They have a power of prediction based on their hawk-eyed analysis of data they keep a tab on.
The people are sometimes a professional strapped with sales employed by some financial agency or the kind that prefer being self-employed and being their own boss. They often are the people that over the years hone their skills and end up in the panel for experts. For the time being they are the trustworthy lot that shoulder the responsibility of creating a financial portfolio according to a wealth management plan for the “lesser” beings focussing more on earning than investing.
These segments can be used to gather data on specific subgroups within the banking and finance market, allowing for a more detailed understanding of consumer preferences and behaviour within the industry. And Crystel Research is the assistant in all things a financial institution could benefit from for business decisions like rebranding, repositioning and new product/service launch.
The exact panel break-up for the segments in a banking and finance industry panel for market research will depend on the explicit goals and thus the queries focusing on the target market of the research, along with participants available at the time of the research.
It's important to note that these percentages are just an example and the actual percentages will vary depending on the target market and the research goals.