Financial

Two major challenges facing financial clients are consumers’ lack of trust and lack of engagement with the products. And while many consumers feel comforted that their money is not at risk (not least because of the FSCS), fewer trust financial services companies to have their best interests at heart.

The digital channel, as well as being practically useful for customers, can offer financial providers the opportunity to address these challenges; they provide more flexibility and more control to consumers, and may have the potential to raise the relationship to another level.

It’s an interesting time for financial services – and one which challenges us to go beyond superficial and rational responses to reveal the hidden drivers of people’s financial decisions.

To find out more, contact Andy Lack or Ali Pugh

Case Study

A practical application of Behavioural Economics in Financial Services research

RBS wanted to really understand the customer buying journey – working from a blank piece of paper; without any assumptions clouding their thinking.  The application of Behavioural Economics enabled us to do this for them.

With a focus on behaviour, not attitude, we conducted 150 longitudinal studies using online diaries with consumers over a 6 month period.

As expected, analysis revealed multiple biases impacting decisions, from mental accounting to status quo bias.  Our analysis also highlighted strategies to seize the opportunities offered by system 1 tendencies by bypassing, leveraging or tackling the key biases we identified to drive desired behavioural outcomes.

To find out more, contact Andy Lack or Ali Pugh

Case Study

Repositioning Northern Rock

Northern Rock (now owned by Virgin Money) was hit hard by the 2008 financial crisis.  As part of its fight back it needed to reposition its brand.

The challenge for us was to conduct research that wasn’t soured by cynicism and mistrust.  We did this using collaborative workshops and a simple ‘blind testing’ approach to concept evaluation.

Northern Rock were able to develop a successful campaign using the results – reflecting the values that the company had adopted.

To find out more, contact Andy Lack or Ali Pugh