Illustrative engagement. A representative scenario showing how we approach this kind of work in financial services. It does not describe a specific client; outcomes are described qualitatively.
Industry overview
What is shaping financial services
Banks, NBFCs, fintechs and wealth firms compete on trust, convenience and fair pricing, while reaching new customers in smaller towns and online.
- Digital channels now lead customer acquisition
- Financial inclusion opens new segments
- Trust and complaint handling drive loyalty
Client background
A digital bank, working in India. This is an illustrative engagement: a representative scenario showing how we approach this kind of work, not a named client project.
- Organisation
- A digital bank
- Sector
- Financial services
- Team engaged
- Market Research
- Services
- Quantitative research, Qualitative research, Reporting & insights
Client challenge
Account openings were strong, but many customers did not use the account after the first month.
Research objectives
- Deliver on the brief: customer experience research for a digital bank.
- Understand the views, needs and behaviour of customers.
- Measure how widespread each pattern is, and explain the reasons behind it.
- Give the client evidence it can act on within 6 weeks.
Target audience
The work focused on 2,500 customers.
- customers2,500
Audiences we typically reach in financial services
Retail customersSmall business ownersNew-to-credit customersBranch and agent staffWealth clients
Geographic coverage
Coverage: India. Market: India.
- India
Research methodology
A mixed-method design: structured research measured how widespread each pattern was, and qualitative conversations explained why.
- 1Brief
- 2Customer survey
- 3In-app interviews
- 4Insight
We surveyed new customers about onboarding and usage and interviewed some about what they used other banks for.
Quantitative researchQualitative researchReporting & insights
Sampling strategy
- customers
- 2,500
- Qualitative participants were recruited purposively to cover the full range of experiences that mattered, rather than for statistical representation.
Data collection
- Interviews and discussions were led by experienced moderators using a guide agreed with the client.
Data quality & validation
- Recordings and transcripts for every session
- Re-screening of qualitative recruits
- Logic and range checks on the final data
- Work carried out under our ISO 20252 quality procedures
Data analysis
- Cross-tabulation by key groups and locations
- Significance testing on the differences that mattered
- Thematic coding of interviews and discussions
- Journey and decision mapping
Key findings
- Customers kept salaries in their old banks because switching felt complicated.
Primary banking is won at the salary account.
Recommendations
- Build on the core insight: primary banking is won at the salary account.
- Focus effort where the evidence was strongest: customers kept salaries in their old banks because switching felt complicated.
- Re-measure after the changes to confirm the effect.
Business impact
- The bank introduced guided salary switching.
What changed in the business as a result of the work. Impact is described qualitatively.
Deliverables & next steps
- Insight report and management presentation
- Cleaned data file and data tables
- Interview summaries and key verbatims
- Repeat the measure after changes are in place to track progress.
- A natural follow-on question: how satisfied are customers across channels?