Product proposition development for personal banking
Business Practice- Innovation & Product Development (IPD), Conjoint Methodology
The Need To develop a competitive offering for the Personal Banking portfolio that will entice prospective customers and retain existing customers
A holistic research involving Qualitative insight generation phase followed by Conjoint model to help the product team design a new proposition by developing an understanding of the features that are important and drive customer choice.
Design: An experimental design was created to include 8 variables with 5 levels each. The research was conducted among customers belonging to different income segments (mass, mid-segment and affluent). The model was developed for each proposition to help develop the offerings.
The research helped the client develop a compelling and differentiated offer driven by value added benefits – an extremely customer centric proposition.
The research was also used to develop a DIY benefits/rewards calculator for the customer to aid in decision making (an experiential tool). This proved to be an extremely cutting edge to bring alive the benefits in real terms.
The insights were also used to build a complete suite of benefits for the tiered program.
“The insights from the research were a direct input into the product development. Very insightful findings that helped the product and business get inspired to develop an innovative DIY tool. The 4SIGHT team brings with them a business-oriented thinking and methodological expertise that is unmatched.”
Director – Insights