Credit card usage & attitude research
Sector- Banking & Finance
Business Practice- Market & Consumer Understanding, Usage & Attitude Research
- Understand usage and attitude towards credit cards in terms of awareness, consideration, usage, triggers & barriers, choice drivers, etc.
- Understand customer lifestyle in terms of travel habits (destination, flight & accommodation), dining habits, shopping habits, etc.
- Understand customer needs and gaps in the market offerings.
- Understand inclination towards promotions, offers and loyalty rewards.
A hybrid approach was defined to meet the research objective. Exploratory qualitative module was conducted to understand triggers, barriers and choice drivers for the category and brand. Exploratory and in-depth probing also required to understand needs, lifestyle habits (travel, dining & shopping) Qualitative research also shed light on loyalty drivers and impact of rewards / discount programs on loyalty.
Quantitative module was conducted to measure brand saliency & disposition, understand lifestyle habits and preferences, credit card usage and behaviour, etc.
Post this research, the client decided to have a regular competitive benchmark tracking exercise to keep track of fees and offers from competition. The findings from our research showed that the client should improve its offering towards the mass segment as majority of the customer base is skewed towards them.
The research equipped the client with the insight to partner up with service-based Apps and offer special offers and rewards to make their cards attractive.