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Banks, brokerages, insurance companies, and many other types of companies operate in a constantly changing industry. Financial-services companies will need to continue to evolve as well as decide how and where they will sell their products and services, what relationships they should have, and what customers they should chase. How well an organization anticipates and leverages the coming changes will in large part determine its opportunities, options, and results. For more than 20 years in the industry, SRIC-BI has helped clients develop the needed data, capabilities, and strategy to be decisive in the face of uncertainty.
Case Study
Consumer Perspective on the U.S. Mortgage Market
A client serving the mortgage industry wanted to improve its market-research capabilities significantly. Traditionally, the majority of the client's mortgage business had been generated by various intermediaries, and the client excelled in developing and maintaining its business-to-business relationships. However, because the client did not have direct contact with consumers, the client's new-product–development and product-and-service strategies were overly dependent on market information from noncaptive agents. The client wanted to develop a more borrower-oriented view toward the business and required a better understanding of consumers' needs, behaviors, and attitudes. The client hired SRIC-BI to develop a consumer-marketing research plan and capability and to build a better understanding of the consumer side of the U.S. mortgage market.
Relying on its Consumer Financial Decisions syndicated research program MacroMonitor, SRIC-BI, working closely with the client's staff, defined and created appropriate borrower-related populations for profiling and analysis. The resulting profiles and comparisons formed the basis for pursuing a deeper understanding of specific consumer segments—providing an in-depth picture of their mortgage behavior and the full range of their other financial activities and relationships as well. The analysis of consumer attitudes toward financial institutions, credit, and consumer loans provided an important added dimension to the client's understanding of the market. |
Recent Projects
- Understanding 401(k) Consumers. SRIC-BI assisted a leading 401(k) provider in profiling and understanding its plan participants and financial-services consumers in general by applying SRIC-BI's MacroMonitor and VALS™ programs.
- Conventional Wisdom of Financial Customers. Segmenting an institution's customers, SRIC-BI worked with a U.S. financial institution to administer a custom survey and develop new segment profiles.
- Development of Environmental Principles for a Leading International Bank. SRIC-BI recently worked closely with the chief executive officer and vice chairman of a major bank to develop environmental principles and a strategy.
- Assessment of U.S. Financial Markets. As part of a strategic-assessment project for a major Japanese bank, SRIC-BI used scenarios to study the likely future business environment of the U.S. financial industry.
- Test-Market Response to New Concept. SRIC-BI assisted a large West Coast bank to explore the introduction of a new retail paradigm and test the product and service concept.
- New Advertising Strategy. Working through an advertising agency, SRIC-BI assisted an institution to develop a new corporate campaign and set of messages.
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