Financial & Insurance Services

Shugoll Research has helped financial clients stay in step with a rapidly changing industry landscape, helping them evaluate options and opportunities to make sound decisions to grow profitably. Over the past decade we’ve watched major consolidations and mergers take place. We’ve conducted studies to quantify investor mistrust in the midst of scandal, and provided intelligence to banks as they began offering investment products and services to their customers. We’ve helped our clients successfully move into the era of consumer online banking by evaluating financial websites, monitoring the growth of business and consumer adoption and obstacles to acceptance.

A large part of our business is answering critical questions and providing actionable direction. Here are some of the questions Shugoll Research has helped Financial clients answer over the years:

Financial & Insurance Services

FAQs

  • Q
    Are we meeting the needs and expectations of our current customers?
  • A

    Shugoll Research recommends a systematic feedback program that invites customers who have recently visited your institution or interacted with an associate to rate and comment on their experience. We custom design evaluation forms using qualitative input to ensure coverage of all the key issues. The evaluations are distributed directly following the interface and are easy to complete ensuring accurate recall and high participation levels.

    We have structured customer evaluation studies to serve businesses with branch, regional or national offices providing the capability to delineate variations in satisfaction by location. Trends are identified and comparative analysis is performed. Stellar locations can be used as models and problem locations targeted for improvement.

  • Q
    How can we effectively position our bank to build market share without drastically reducing service fees and charges?
  • A

    Financial institutions often run sales promotions touting free services to attract new customers, only to raise rates after the introductory period, which results in account closures. Through image studies, Shugoll Research helps financial institutions effectively position themselves to retain current customers, while attracting new customers through promotion of non-fee based differentiators such as trust, convenience and personal attention.

    With a thorough understanding of how your company’s strengths are perceived, and the associated advantages relative to the competition, our financial services clients have been able to implement effective image campaigns that build loyalty among current customers, while attracting prospective customers on attributes other than price.
     

  • Q
    Is my online banking system user-friendly?
  • A

    Shugoll Research has conducted numerous research studies to evaluate the effectiveness and intuitiveness of online banking services This includes conducting website usability studies for financial services software manufacturers, as well as for financial institutions. Our process includes in-depth personal interviews with key users to better understand their surfing patterns and behaviors, what sources they use to access sites, and how they navigate the client’s site with a focus on labels, navigation tools, perceived content value and level of security. Results of studies have helped financial institutions attract online customers and improve online capabilities.

  • Q
    Will current customers be interested in this new bundled package of banking, insurance or investment services and will it help to attract new customers?
  • A

    Shugoll Research is known for its expertise in new product development research. We have conducted numerous studies to assess consumer reactions to proposed bundled packages of banking services. With a thorough understanding of current and prospective customers’ product needs and expectations, our financial services clients have been able to successfully launch bundled packages of banking services that are competitively priced. Shugoll Research has been evaluating new product concepts and their projected return on investment across industries for many years. Through experience and strict application of a proven methodology, we developed a highly accurate process to make projections named Product Opportunity Forecaster.

    Some projective techniques we use include needs laddering, brainstorming exercises and wishful thinking. Quantitative evaluations include conjoint analysis to look at various relationships, including value and synergy. Once a client decides that demand may be worth the investment, we have assisted in the testing of concepts and, finally, after the rollout, we have provided evaluation through in-store testing.

Have additional questions you need answers to? Click here to contact us.

Selected Financial & Insurance Services Clients

  • American Express Company
  • Citibank
  • Federal Deposit Insurance Company (FDIC)
  • Federal Reserve System
  • PNC Bank
  • M&T Bank
  • Prudential
  • Travelers Insurance/Travelers Property Casualty Company
  • Bank of America
  • GEICO
  • American International Group (AIG)
  • MCT Federal Credit Union
  • New York Life
  • United Educators
  • Wells Fargo