Lighting the way to a better understanding of new digital users in financial services

Fintech Beacon

How Fintech Beacon can be usedWe can work with you to undertake bespoke research studies with the Fintech Beacon community, using a range of methodologies to meet project requirements and budget:

n Online qualitative research – pop-up communities or online focus groups

n Traditional qualitative research – face-to-face or telephone/Skype depth interviews

There is the option to recruit additional members to accommodate specific client needs (e.g. existing / lapsed customers, demographic groups) for a discounted fee.

Whether you are a traditional provider or a fintech company, Fintech Beacon can be used to support product innovation, assess partnership opportunities, test marketing / communications material, explore user experiences or simply build a richer understanding of the needs and motivations of this group.

Traditional providers

Fintech company

Understand how fintech competitors are

rapidly growing their customer base and leverage this within your organisation

Understand your broader target

customer base to help understand competitor offerings and how to grow market share

Recruitment and quality processesMembers are free found using specialist recruiters and carefully screened to ensure they are active users, based on of a pre-defined list of relevant digital-only providers.

Participation is closely monitored while ensuring regular research invitations are issued in order to maintain member engagement.

Fintech Beacon will be regularly refreshed so recruitment will be ongoing.

Existing insightWe have conducted our own research with Fintech Beacon, involving a week long pop-up community and online profiling survey. This has generated existing insight into member experiences with established and digital-only providers, as well as behaviours and preferences with regards to financial services more broadly. We are able to share this with clients to support new research projects.

n Competitor analysis

n Brand evaluation

n New product development

n Identify customers’ needs across different areas:

n products, features and functionality

n values and brand perceptions / positioning

n Customer profiling / segmentation

n Customer experience

What is Fintech Beacon?IFF Research has established a qualitative research community of engaged users of digital-only banks and robo-advice based investment platforms.

This enables cost effective and quick turnaround research with a niche, but growing, consumer segment - a project could cost less than £10k and be completed in days!

Community ‘Personas’Our community members are not a homogenous group, but are motivated by a variety of factors. These include ethical values, interest in new technology and financial platforms, determination to secure themselves the best deal, as well as budgeting, financial education and the impact of brand reputation.

Who are Fintech Beacon members?Fintech Beacon members use a range of new digital-only banks and robo-advice providers. Many use multiple services. There are 66 original members, but the community will continue to grow over time.

A varied membership Members come from a range of different age groups, genders and professions, with varied interests. They include students and young professionals, as well as more experienced / mature savers and investors. Despite all being digital users, different financial behaviours and patterns, as well as motivations for switching to these services, are apparent.

Ella Financial NoviceTypically Gen Z who grew up online and expects to manage everything through an app, but is new to banking and starting to learn how to manage money

Digital Bank Customers

Digital Bank = 60

Robo-advice = 31

Robo-advice Customers

Adam Typical Early AdopterEmbraces everything new and innovative and gets frustrated by inefficiency

Mitchell Expert Money SaverAttracted by the better rates / value offered by digital providers, and is always on the hunt for the best deal so loyalty is not important

Mel Ethical WarriorValues companies which are ethical, compassionate and take a human approach, so is strongly against rigid corporations, such as traditional banks

Suzi Budget Sheet MasterLoves to be organised and in control, and is attracted by the detailed and efficient budgeting functionality of digital providers

“I enjoy having fun and socialising. I enjoy doing new things and challenging myself which I find important. Typically I check

my mobile banking every other day just to help with budgeting.”

Tech savvy and digitally engagedWhile some describe themselves as early adopters, others feel more like amateurs, but most agree they are tech savvy and very engaged with new developments and innovations in financial services. The majority access social media, a wide variety of smartphone apps and their digital financial services on a daily basis.

“I love companies who are experts at what they do, and are professionals, but recognise

that customers are human beings.”

“l Iove tech and gadgets, and spending time with friends. Things that are inefficient and

bad CX really annoy me!”

“I do like a special offer. Most days I look through the daily deals just to see if there is anything good. I like a bargain and will

buy stuff that’s on offer and put it away for Christmas/Birthdays.”

“Budgeting all happens on a spreadsheet that I’ve made. It’s got a few basic formulas that add all my outgoings up to work out my

surplus. I get frustrated when life doesn’t go according to plan.”

6

25

35Monzo

Revolut

Atom

Starling Bank

Plum

Tandem

Nutmeg

Moneybox

Wealthify

IG Smart Portolios

Moneyfarm

Markets.com

Motif Investing

WiseAlpha

27 1513

322111

1513

733

Rate cardFintech Beacon can be used for a range of online and traditional qualitative projects. Below is our indicative rate card for a range of standard research studies. We will work with you to discuss specific insight needs and develop a tailored approach.

Online pop-up community - 20 community members, 8-12 days from £8,500 +VAT

Online pop-up community - 20 community members, 4 days from £6,000 +VAT

Traditional qual - F2F depths with 10 community members from £6,500 +VAT

Traditional qual - tele-depths/Skype with 10 community members from £4,500 +VAT

Alistair Kuechel, Head of Financial Services

Alistair has been with IFF Research for 17 years and leads the financial services team. His research specialisms include banking, pensions, investment and insurance services. Since 2015 he has regularly judged at the Financial Services Customer Experience awards.

Georgina Clarke, Director

Georgina has specialised in financial services throughout her 15+ year research career, working with many of the leading banks, insurers, pension / investment providers and asset managers. Georgina is passionate about establishing close client relationships and helping clients embed research findings to ensure they lead to actions within their business.

Chris O’Brien, Associate Director

Chris joined IFF Research in August 2015 after eight years working at Ipsos MORI. Chris is a specialist in financial services research and has conducted numerous qualitative and quantitative studies across consumer and B2B audiences. He has worked with a range of financial providers across banking, insurance, pensions and investment sectors.

Email: financialservices@iffresearch.comTelephone: 0207 250 3035 Website: www.iffresearch.com

The Financial Services TeamIFF Research’s financial services experts develop swift and effective solutions to the problems faced by those in the financial services industry. Each senior team member has over 10 years experience in financial services research, so we understand the issues impacting your business and ensure all projects deliver insight-driven recommendations.

Contact a member of the Financial Services Team to find out more about Fintech Beacon or other ways we can help you.