Proposition development for personal finance & home finance

A core banking product in a fiercely competitive market has become largely generic and undifferentiated – driven mainly by price.

The client wanted to cut through the clutter, enable the initiation of fresh conversations with the consumer.

A  two-phased approach starting with an exploratory qualitative research phase that identified barriers, pain points, customer needs and a thorough evaluation of current alternatives. The insights thus generated fed into a rigorous quantitative research phase that was tasked with identifying the variables needed to generate a strong suite of products.

An experimental design based upon Choice-Based Conjoint Analysis (CBC), and consisting of key variables and different levels were used to determine the product attributes that drove consumer choice. The analysis formed input into our easy-to-use custom-built simulator that allowed the client to examine multiple product propositions and configure a suite of products that would maximize consumer preference. Finally, Chi-Square Automatic Interaction Detection (CHAID) was used to identify the customer segments with the highest propensity to purchase the products

The research helped the client develop a compelling and differentiated offer driven by value added benefits – an extremely customer centric proposition. The research also helped the bank, launch a more responsive and competitive Personal Loan and Mortgage propositions allowing them to gather a significant number of new customer acquisitions.

The conjoint simulator helped the team, craft the most optimum personal finance proposition that helped them balance the cost and resources, maximizing the RoI.

“The insights from the research were a direct input into the product development. The 4SIGHT team brings with them a business-oriented thinking and methodological expertise that is unmatched.”

Sr Regional Manager – Insights