Helping to launch a Challenger Bank

The Need

To provide a business case and evidence to the FCA that the business proposition was viable to help them secure a banking licence, as well as to inform the client’s marketing and product proposition strategy.

Our Approach

Qualitative focus groups and a U&A to identify consumers savings needs, current and future behaviour, using driver analysis to identify the drivers of satisfaction amongst savings providers.

Gabor Granger to identify optimal demand curves for various levels of savings interest rates. Concept testing to identify appeal and messaging of the proposed product propositions. Chaid analysis to identify key target segments and drivers of purchase.

The Outcome

We identified key segments of customers who would be receptive to a new savings bank.
Loyalty bonus schemes and high interest rates were a key opportunity for a new savings entrant given the current climate. The concepts tested received mixed reviews and our research was used by their marketing teams to further shape their final offering.