Finance Trust Drivers
Timeline: June 2023 - 2 Weeks
My Role: Lead Researcher, Data Analyst, Stakeholder Liason
Methods: Quantitative Survey, Correspondence Analysis, Max Diff
Tools: Alchemer, Lucid, DisplayR, Keynote, Mintel, Forrester
Frameworks: Forrester Seven Levers of Trust Framework, Hurley Trust Model
*Due to NDA, this description includes adapted content. Process description reflects the original work but client details and branded terms have been altered.
Objectives
Process
Banks are low on trust, have fragmented customer base and underserved populations. We need to find actionable steps that banks can take to boost trust and improve customer experience.
1. Discovery: Literature Review and Generate Hypotheses
2. Design: Select Methodology and Design Research
3. Field and program survey
4. Analyze Data
5. Interpret Results and Present Findings
6. Workshop with Strategy and PR to produce final report
NDA Correspondence Graph Modified
Methodology
Quantitative digital survey using correspondence and max-diff analysis:
N=400, Census distribution of regions (quota), ethnicity and Income quotas, attitudinal quota: feels underserved.
23 key values customers have when it comes to selecting financial services as input for max diff and correspondence.
Correspondence Analysis: reveals the relationship between groups of variables, based on data given in a table. This method was used to uncover brand perceptions, aligning top max-diff values with each brand.
Max Diff (Best-Worst Analysis) involves indicating their most important and least important values out of a given set. We obtained a relative ranking for each value option listed.
Max Diff Q Example from Alchemer
Missing Information
Where is the strategic whitespace for top six brands?
What digital experiences create trust in financial institutions?
What actions can be taken by FI’s to positively impact customers?
Communications that resonate with customers in a time of mistrust and economic distrust.
What experience need to happen in-person vs digital in order to drive trust?
Impact
Published 10 page report on Critical Mass channels.
Uncovered key trust drivers for customers.
Spotlight ethics and inclusion in research to put the underserved consumer voice at the forefront for clients.
