Business Bank Switching Behaviour

Business objective

Our client was planning to develop and launch a range of new propositions with a view to encouraging business customers to switch banks. Research was required to understand what will be the best offers to entice customers to switch and the likely impact of each of the different attributes.

Our challenge

A complex range of potential new propositions needed to be offered, some options being fairly sensitive, and an understanding of the way business customers would trade off the different aspects was needed. A very large study was required to ensure results were robust, both overall and among different sectors.

Our solution

We recommended large scale quantitative study with a detailed conjoint element. In order to increase response rate and ensure a representative spread of types of customers, we conducted a telephone recruitment exercise followed by an online survey among small business customers (turnover up to £2m). 1600 telephone and 1000 online surveys were conducted.

As well as a standard report, the results were displayed in a simulator model. This was based on an underlying set of complex algorithms but displayed using excel in an easy to use simple way to ensure client buy-in, understanding and usage and to bring the insight to life. The results within the excel model were able to be filtered by different types of business customers.

The result

The client has been able to design the proposition around the likely behaviours of the target customers, ready to be launched in 2018.

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