TGM RESEARCH BLOG
Financial Services Research Guide 2026: How to Understand Customers and Grow Market Share
The global financial services industry has surpassed US$30 trillion in 2026, but how much of that market share can your organization realistically win?
Every year, banks, fintechs, insurers, payment providers, and investment platforms launch new products, enter new markets, and compete for the same customers. So, winning even a small share of this enormous market is not easy.
Meanwhile, customer behavior changes, new technologies enter the market, and economic uncertainty influences financial decisions. As a result, knowing where to invest, which opportunities deserve attention, and how customers are likely to respond has become more important for long-term success.
That is where finance market research becomes a strategic advantage.
Every year, banks, fintechs, insurers, payment providers, and investment platforms launch new products, enter new markets, and compete for the same customers. So, winning even a small share of this enormous market is not easy.
Meanwhile, customer behavior changes, new technologies enter the market, and economic uncertainty influences financial decisions. As a result, knowing where to invest, which opportunities deserve attention, and how customers are likely to respond has become more important for long-term success.
That is where finance market research becomes a strategic advantage.
Key Highlights
- Financial service organizations should conduct research when facing customer adoption uncertainty, trust challenges, economic volatility, or increasing competitive pressure. These factors can directly influence retention and long-term growth.
- Banks, fintechs, insurers, lenders, wealth management firms, and digital asset companies use finance research across a wide range of use cases, ultimately helping organizations make decisions with greater confidence.
- Effective finance market research typically follows 7 steps: define the business decision, identify the information needed, define the target audience, select the appropriate methodology, recruit and collect high-quality data, process and validate the data, and analyze findings to support business decisions.
- Defining the target audience is often the most important step in the research process. The audience definition influences recruitment, survey design, data quality, and the reliability of the final insights.
What Is Finance Market Research?
Finance market research is the process of understanding how people and organizations make financial decisions, what influences their behavior, and how those decisions affect demand for financial products or services.
The purpose of finance market research is not simply to collect data. At a deeper level, it helps you reduce uncertainty before making important decisions about product development, pricing, customer acquisition, market expansion, digital transformation, and long-term growth strategy.
In an industry where assumptions age quickly, banks, fintech companies, insurers, lenders, payment providers, wealth management firms, and investment platforms use finance market research to get evidence that supports more informed and confident decision-making.
The purpose of finance market research is not simply to collect data. At a deeper level, it helps you reduce uncertainty before making important decisions about product development, pricing, customer acquisition, market expansion, digital transformation, and long-term growth strategy.
In an industry where assumptions age quickly, banks, fintech companies, insurers, lenders, payment providers, wealth management firms, and investment platforms use finance market research to get evidence that supports more informed and confident decision-making.
Why Financial Services Organizations Need Better Market Intelligence Than Ever
Financial services organizations need better market intelligence because 2026 is bringing multiple sources of disruption at the same time. New technologies, changing customer expectations, economic uncertainty, fraud concerns, and competitive pressure are forcing organizations to adapt faster while continuing to protect growth and profitability.
Innovation pressure and customer readiness gaps
Many financial organizations face difficult decisions when evaluating innovation opportunities.
Technology innovation is accelerating across financial services, forcing organizations to constantly reassess where they invest and which innovations deserve priority. Mobile banking, digital wallets, Buy Now Pay Later (BNPL), embedded finance, AI-powered financial tools, digital assets, and automated investing platforms continue gaining attention across the industry, yet not every innovation will generate meaningful customer adoption or business value.
Technology adoption varies significantly across markets and customer segments. An innovation that gains traction in one region may struggle to gain acceptance elsewhere.
Global payment preferences provide a clear example. TGM's latest cryptocurrency study, based on a representative sample of +19,000 respondents, has identified significant differences across regions. Some LATAM respondents show willingness to use cryptocurrency payments, while MENA people prefer app-based payments and cards stored on mobile devices. Across APAC, payment behavior varies considerably between markets depending on digital maturity and consumer preferences.
In addition, TGM's E-Commerce Insights 2026 research found European consumers actively using a combination of bank transfers, BNPL services, e-wallets, and PayPal when shopping online. Yet even as BNPL adoption continues growing, many shoppers still prefer traditional bank transfers.
So, what is the real takeaway from these insights?
If customers are hesitant to adopt a new technology, should you continue investing in market education and adoption campaigns, or redirecting resources toward other opportunities? More importantly, how much time and budget can be committed before those investments begin generating meaningful returns?
Internal performance data can reveal adoption after launch, but it cannot always determine market readiness beforehand. Finance market research then helps evaluate technology opportunities before major investments are made, reducing uncertainty around innovation strategy and long-term growth decisions.
Technology innovation is accelerating across financial services, forcing organizations to constantly reassess where they invest and which innovations deserve priority. Mobile banking, digital wallets, Buy Now Pay Later (BNPL), embedded finance, AI-powered financial tools, digital assets, and automated investing platforms continue gaining attention across the industry, yet not every innovation will generate meaningful customer adoption or business value.
Technology adoption varies significantly across markets and customer segments. An innovation that gains traction in one region may struggle to gain acceptance elsewhere.
Global payment preferences provide a clear example. TGM's latest cryptocurrency study, based on a representative sample of +19,000 respondents, has identified significant differences across regions. Some LATAM respondents show willingness to use cryptocurrency payments, while MENA people prefer app-based payments and cards stored on mobile devices. Across APAC, payment behavior varies considerably between markets depending on digital maturity and consumer preferences.
In addition, TGM's E-Commerce Insights 2026 research found European consumers actively using a combination of bank transfers, BNPL services, e-wallets, and PayPal when shopping online. Yet even as BNPL adoption continues growing, many shoppers still prefer traditional bank transfers.
So, what is the real takeaway from these insights?
If customers are hesitant to adopt a new technology, should you continue investing in market education and adoption campaigns, or redirecting resources toward other opportunities? More importantly, how much time and budget can be committed before those investments begin generating meaningful returns?
Internal performance data can reveal adoption after launch, but it cannot always determine market readiness beforehand. Finance market research then helps evaluate technology opportunities before major investments are made, reducing uncertainty around innovation strategy and long-term growth decisions.
Fear of financial loss influencing customer decisions
Fear of losing money has made many consumers more cautious about where they place their money and whom they trust with it.
So why are consumers becoming more cautious with their money than before?
Recent years have seen a growing number of financial scams, investment fraud schemes, and cyber-enabled crimes across many regions, particularly in Asia. Reports of individuals losing substantial savings to sophisticated scams have increased public awareness of financial risk, creating a broader culture of caution around financial decision-making.
The impact extends far beyond fraud itself.
For banks and payment providers, many customers, particularly older generations remain hesitant to fully adopt digital banking and mobile wallets because they worry about accidentally transferring money to scammers, clicking malicious links, then becoming victims of cybercrime. Even when digital services offer greater convenience, security concerns can slow adoption.
Concerns about financial loss continue affecting decisions across multiple financial sectors.
Insurance providers often face a different challenge. Many consumers hesitate to purchase insurance because they fear paying premiums for years without receiving tangible benefits in return. As a result, insurance decisions are often influenced as much by perceived financial risk as by the actual coverage offered.
Investment and wealth management firms face similar barriers. Market volatility and stories of investment losses can make potential investors reluctant to move money out of traditional savings accounts. In many cases, customers prefer lower returns they perceive as safer rather than opportunities that may involve greater uncertainty.
These challenges cannot be researched superficially. Financial organizations need an intentional market intelligence strategy to understand customer trust drivers, and the factors influencing financial decisions before they affect growth and profitability.
So why are consumers becoming more cautious with their money than before?
Recent years have seen a growing number of financial scams, investment fraud schemes, and cyber-enabled crimes across many regions, particularly in Asia. Reports of individuals losing substantial savings to sophisticated scams have increased public awareness of financial risk, creating a broader culture of caution around financial decision-making.
The impact extends far beyond fraud itself.
For banks and payment providers, many customers, particularly older generations remain hesitant to fully adopt digital banking and mobile wallets because they worry about accidentally transferring money to scammers, clicking malicious links, then becoming victims of cybercrime. Even when digital services offer greater convenience, security concerns can slow adoption.
Concerns about financial loss continue affecting decisions across multiple financial sectors.
Insurance providers often face a different challenge. Many consumers hesitate to purchase insurance because they fear paying premiums for years without receiving tangible benefits in return. As a result, insurance decisions are often influenced as much by perceived financial risk as by the actual coverage offered.
Investment and wealth management firms face similar barriers. Market volatility and stories of investment losses can make potential investors reluctant to move money out of traditional savings accounts. In many cases, customers prefer lower returns they perceive as safer rather than opportunities that may involve greater uncertainty.
These challenges cannot be researched superficially. Financial organizations need an intentional market intelligence strategy to understand customer trust drivers, and the factors influencing financial decisions before they affect growth and profitability.
Trust and financial security challenges
Trust and financial security remain among the most important factors influencing financial decision-making. Unlike many industries, financial organizations are responsible for protecting not only customer information but also customer money, making trust a fundamental requirement for long-term relationships.
Despite improvements in recent years, trust remains uneven across customer groups.
According to Edelman's 2024 Trust Barometer, only around six in ten consumers say they trust financial services firms to "do the right thing." Older consumers remain among the least trusting segments, reflecting how difficult trust can be to build and maintain in an industry where customers often remember past financial crises and security breaches.
The challenge becomes even greater as financial services continue moving toward digital channels.
Customers are increasingly asked to open accounts online, verify identities remotely, make mobile payments, manage investments digitally, and interact with AI-powered financial tools. While these innovations create convenience, they also introduce new concerns around privacy, cybersecurity, identity theft, and financial fraud.
Fraud remains a significant concern across financial services.
In 2024, 269 million card records were posted on dark and clear web platforms, and infection rates of Magecart e‑skimmers roughly tripled, reaching nearly 11,000 unique e‑commerce domains, reflecting growing sophistication among fraud actors.
These incidents affect more than direct victims. They influence how consumers evaluate financial providers and new technologies.
So, understanding trust drivers and security concerns has become essential. Your current internal data can measure account openings, transactions, and product usage, yet it cannot always explain what builds trust or what concerns prevent customers from adopting products/ services. Market research offers these insights to help you strengthen customer trust and reduce adoption barriers.
Despite improvements in recent years, trust remains uneven across customer groups.
According to Edelman's 2024 Trust Barometer, only around six in ten consumers say they trust financial services firms to "do the right thing." Older consumers remain among the least trusting segments, reflecting how difficult trust can be to build and maintain in an industry where customers often remember past financial crises and security breaches.
The challenge becomes even greater as financial services continue moving toward digital channels.
Customers are increasingly asked to open accounts online, verify identities remotely, make mobile payments, manage investments digitally, and interact with AI-powered financial tools. While these innovations create convenience, they also introduce new concerns around privacy, cybersecurity, identity theft, and financial fraud.
Fraud remains a significant concern across financial services.
In 2024, 269 million card records were posted on dark and clear web platforms, and infection rates of Magecart e‑skimmers roughly tripled, reaching nearly 11,000 unique e‑commerce domains, reflecting growing sophistication among fraud actors.
These incidents affect more than direct victims. They influence how consumers evaluate financial providers and new technologies.
So, understanding trust drivers and security concerns has become essential. Your current internal data can measure account openings, transactions, and product usage, yet it cannot always explain what builds trust or what concerns prevent customers from adopting products/ services. Market research offers these insights to help you strengthen customer trust and reduce adoption barriers.
Global Economic Uncertainty Is Increasing Decision Risk Across Financial Services
Global economic uncertainty is making it more difficult for financial services organizations to forecast demand and assess customer needs.
Several macroeconomic factors are contributing to this uncertainty.
In the April 2026 outlook, the IMF warns that ongoing conflict in the Middle East and broader geopolitical tensions are already weighing on global growth while keeping inflation risks elevated. The IMF also projects global growth of approximately 3.1% in 2026, with downside risks linked to geopolitical fragmentation and conflict.
Trade policy uncertainty is creating additional challenges.
The second Trump administration has sharply increased U.S. tariffs, with average effective rates on Chinese exports now at 47.5% and broad reciprocal tariffs (starting at 10%, reaching 20% for the EU) affecting most major trading partners. Many economists and policy analysts view these measures as a source of uncertainty for global trade and business planning.
Economic uncertainty does not remain confined to headlines. It changes how people allocate their money and evaluate financial decisions. Many investors have shifted capital toward gold, pushing prices above US$3,000 per ounce. Meanwhile, property markets in several countries have slowed as buyers delay major purchases, and declining deposit rates in some markets are encouraging consumers to move money into alternative assets in search of better returns.
Several macroeconomic factors are contributing to this uncertainty.
In the April 2026 outlook, the IMF warns that ongoing conflict in the Middle East and broader geopolitical tensions are already weighing on global growth while keeping inflation risks elevated. The IMF also projects global growth of approximately 3.1% in 2026, with downside risks linked to geopolitical fragmentation and conflict.
Trade policy uncertainty is creating additional challenges.
The second Trump administration has sharply increased U.S. tariffs, with average effective rates on Chinese exports now at 47.5% and broad reciprocal tariffs (starting at 10%, reaching 20% for the EU) affecting most major trading partners. Many economists and policy analysts view these measures as a source of uncertainty for global trade and business planning.
Economic uncertainty does not remain confined to headlines. It changes how people allocate their money and evaluate financial decisions. Many investors have shifted capital toward gold, pushing prices above US$3,000 per ounce. Meanwhile, property markets in several countries have slowed as buyers delay major purchases, and declining deposit rates in some markets are encouraging consumers to move money into alternative assets in search of better returns.
These behavioral changes can have significant implications across financial services. Banks may see changes in borrowing demand, investment firms may experience shifts in portfolio preferences, and insurers may encounter different risk priorities among customers.
When economic conditions remain uncertain, tracking how customers respond becomes just as important as understanding the economic events themselves. Market intelligence helps financial organizations identify changing customer behaviors before they materially affect product demand, customer acquisition, retention, or growth performance.
When economic conditions remain uncertain, tracking how customers respond becomes just as important as understanding the economic events themselves. Market intelligence helps financial organizations identify changing customer behaviors before they materially affect product demand, customer acquisition, retention, or growth performance.
When Financial Organizations Need Market Research to Navigate Industry Challenges
Financial organizations need market research whenever customer behavior, market demand, competitive dynamics, and economic conditions become uncertain enough to increase decision risk. Especially when major business decisions are being driven more by assumptions than evidence.
The following situations are among the most common triggers for finance market research:
The following situations are among the most common triggers for finance market research:
| Business Situation | Why Market Research Becomes Important |
|---|---|
| Launching a new financial product | Validate customer demand, identify unmet needs, assess pricing expectations, and reduce product launch risk before significant investment. |
| Entering a new market or customer segment | Understand local financial behavior, competitive conditions, regulatory considerations, and customer expectations. |
| Rebranding or repositioning | Measure customer perception, trust levels, and brand differentiation opportunities. |
| Digital transformation initiatives | Identify customer expectations around digital experiences, self-service capabilities, technology adoption, and more. |
| Rising customer churn or declining retention | Understand why customers leave, identify satisfaction gaps, uncover loyalty drivers. |
| Responding to regulatory or policy changes | Evaluate how new regulations affect customer behavior, product demand, communication requirements, and compliance expectations. |
| Economic uncertainty or changing market conditions | Assess how inflation, interest rates, employment conditions, or investment sentiment are influencing financial decisions. |
| Slower growth or changing demand patterns | Identify barriers to adoption, changing customer needs, growth opportunities, and competitive threats. |
| Expanding AI, fintech, or digital offerings | Understand trust drivers, adoption barriers, perceived risks, and willingness to adopt new technologies. |
How Finance Market Research Supports Financial Services Organizations (Use Cases)
Finance market research supports financial services organizations by helping them understand customer behavior, evaluate market opportunities, reduce decision risk, and make more informed decisions across product development, customer experience, pricing, growth strategy and more.
Banks
Banks are balancing 2 priorities at the same time: attracting and retaining deposits while accelerating digital banking adoption. Finance market research can help identify what influences customer trust, why customers choose one bank over another, what encourages long-term account usage, and how digital experiences affect customer loyalty.
Common use cases include:
Common use cases include:
- Mobile banking adoption and engagement studies
- Digital onboarding and account activation optimization
- Borrowing behavior and credit demand research
- Customer satisfaction and relationship loyalty tracking
- Digital trust and fraud awareness research
Fintechs
Fintech companies face a different challenge than traditional financial institutions. Success depends on convincing customers to change existing financial habits. Finance market research then can assess market readiness, identify adoption barriers, understand switching behavior, and evaluate whether customers perceive enough value to move away from existing solutions.
Common use cases include:
Common use cases include:
- Fintech product and concept testing
- Customer adoption readiness research
- App experience and usability research
- User journey and onboarding analysis
- Competitive intelligence research
- Feature demand and value proposition validation
Insurance companies
Insurance demand is influenced by life events and risk perceptions rather than immediate purchase intent. Understanding who is most likely to purchase coverage, what motivates policy adoption, and how protection needs change throughout different stages of life can provide valuable guidance for customer acquisition and portfolio growth.
Common use cases include:
Common use cases include:
- Policyholder segmentation and target market profiling
- Policyholder satisfaction research
- Coverage demand and protection gap analysis
- Premium sensitivity and product pricing research
- Customer retention and policy renewal driver studies
Lending & credit providers
Consumers and businesses borrow for different reasons, from managing short-term cash flow to funding major purchases and business growth. Additionally, borrowing demand can change quickly as economic conditions affect financial confidence and spending decisions.
Common use cases include:
Common use cases include:
- Borrowing behavior and credit demand research
- Credit accessibility studies
- Loan product and lending concept testing
- Financial stress and affordability analysis
- SME financing needs assessment
Wealth management & investment firms
Investment decisions are highly sensitive to market conditions and economic uncertainty. Changes in risk appetite can influence how investors allocate assets across savings products, equities, gold, real estate, cryptocurrencies, and other investment vehicles.
Common use cases include:
Common use cases include:
- Investor sentiment research
- Portfolio allocation and asset preference analysis
- Investment product concept testing
- Digital investment platform experience research
- Cryptocurrency perception studies
- ESG investment studies
Cryptocurrency & digital asset companies
Cryptocurrency and digital asset companies operate across a wide range of services, including cryptocurrency exchanges, digital wallets, tokenized assets, stablecoins, blockchain-based payment solutions, digital custody services, and decentralized finance (DeFi) platforms.
Adoption is often influenced by regulation and perceptions of financial risk. While some consumers view digital assets as investment opportunities, others increasingly use them for payments or cross-border value transfer.
Common use cases include:
Adoption is often influenced by regulation and perceptions of financial risk. While some consumers view digital assets as investment opportunities, others increasingly use them for payments or cross-border value transfer.
Common use cases include:
- Cryptocurrency adoption research
- Digital asset perception studies
- Investor sentiment analysis
- Trust and security perception research
- Regulatory impact assessment
Financial inclusion & financial development organizations
Expanding access to financial services remains a priority in many markets, particularly among underserved and low-income populations. Understanding barriers to financial access, digital adoption, and formal banking participation can help organizations design more effective financial inclusion initiatives and improve access to financial services.
Common financial inclusion research use cases include:
Common financial inclusion research use cases include:
- Financial accessibility studies
- Unbanked and underbanked population research
- Digital financial inclusion studies
- Mobile money adoption research
- Financial literacy assessment
The Cross-Industry Value of Finance Market Research
Financial behavior influences far more than financial services. Changes in spending behavior and risk perception can affect how consumers purchase products, adopt digital services, and respond to pricing across many industries.
As a result, finance market research can generate valuable insights for organizations operating well beyond banks, fintechs, insurers, and investment firms.
As a result, finance market research can generate valuable insights for organizations operating well beyond banks, fintechs, insurers, and investment firms.
Ride-Hailing and Mobility
Ride-hailing platforms depend on digital payments, subscription models, and consumer spending behavior. Finance market research helps mobility providers understand payment preferences, digital wallet adoption, price sensitivity, and how economic conditions influence transportation spending.
For example, 2026 geopolitical tensions and supply chain disruptions have contributed to higher fuel prices, increasing transportation costs across many markets. As household budgets come under pressure, consumers may become more price-sensitive, adjust discretionary spending, delay non-essential purchases, or seek lower-cost payment and transportation options. Tracking these financial behaviors can help mobility providers adapt more effectively to changing consumer demand.
Food Delivery Platforms
Food delivery services are heavily influenced by payment behavior and household spending decisions. During periods of economic uncertainty, consumers may reduce order frequency, become more price-conscious, delay discretionary spending, or shift toward lower-cost alternatives.
Finance market research can help food delivery platforms evaluate how financial pressures influence consumer spending and purchasing decisions. These insights can support more effective pricing and growth strategies.
Cryptocurrency and Digital Assets
Cryptocurrency adoption is influenced by trust, risk tolerance, investment confidence, and perceptions of financial security. In some markets, cryptocurrency is increasingly viewed as a payment method rather than purely an investment asset, particularly where consumers seek alternative payment options or faster cross-border transactions.
Customer readiness, payment preferences, regulatory perceptions, and investor sentiment often vary significantly across markets. Identifying these differences can provide a clearer view of where adoption opportunities exist, which barriers remain, and how digital asset products should be positioned for different audiences.
E-Commerce and Retail
Many e-commerce decisions are directly connected to financial behavior. Consumers delay purchases, reduce spending, switch brands, or abandon carts when economic uncertainty affects household budgets.
Consumer spending confidence often has a direct impact on purchasing activity. During periods of financial pressure, even small changes in household finances can influence demand across product categories and retail channels.
Across these industries, the common theme remains the same: financial behavior can shape broader consumer behavior. Organizations that understand how people spend, save, evaluate risk, and make financial decisions are often better positioned to anticipate demand changes and identify new growth opportunities.
Ride-hailing platforms depend on digital payments, subscription models, and consumer spending behavior. Finance market research helps mobility providers understand payment preferences, digital wallet adoption, price sensitivity, and how economic conditions influence transportation spending.
For example, 2026 geopolitical tensions and supply chain disruptions have contributed to higher fuel prices, increasing transportation costs across many markets. As household budgets come under pressure, consumers may become more price-sensitive, adjust discretionary spending, delay non-essential purchases, or seek lower-cost payment and transportation options. Tracking these financial behaviors can help mobility providers adapt more effectively to changing consumer demand.
Food Delivery Platforms
Food delivery services are heavily influenced by payment behavior and household spending decisions. During periods of economic uncertainty, consumers may reduce order frequency, become more price-conscious, delay discretionary spending, or shift toward lower-cost alternatives.
Finance market research can help food delivery platforms evaluate how financial pressures influence consumer spending and purchasing decisions. These insights can support more effective pricing and growth strategies.
Cryptocurrency and Digital Assets
Cryptocurrency adoption is influenced by trust, risk tolerance, investment confidence, and perceptions of financial security. In some markets, cryptocurrency is increasingly viewed as a payment method rather than purely an investment asset, particularly where consumers seek alternative payment options or faster cross-border transactions.
Customer readiness, payment preferences, regulatory perceptions, and investor sentiment often vary significantly across markets. Identifying these differences can provide a clearer view of where adoption opportunities exist, which barriers remain, and how digital asset products should be positioned for different audiences.
E-Commerce and Retail
Many e-commerce decisions are directly connected to financial behavior. Consumers delay purchases, reduce spending, switch brands, or abandon carts when economic uncertainty affects household budgets.
Consumer spending confidence often has a direct impact on purchasing activity. During periods of financial pressure, even small changes in household finances can influence demand across product categories and retail channels.
Across these industries, the common theme remains the same: financial behavior can shape broader consumer behavior. Organizations that understand how people spend, save, evaluate risk, and make financial decisions are often better positioned to anticipate demand changes and identify new growth opportunities.
How to Conduct Finance Market Research
Effective finance market research begins with a business decision. The process typically includes 7 steps: define the business decision, identify the information needed, define the target audience, select the appropriate method, recruit and collect data, process and validate the data, and analyze findings to guide decision-making.
Step 1: Define the Business Decision
The first step is identifying the decision the research will support. A clearly defined decision makes sure the research remains focused on actionable outcomes rather than collecting information that may never be used.
For example:
Once the decision is clear, the next step is to identify the specific insights required to make a more informed decision.
Key questions may include:
Clearly defining the audience is essential for generating relevant and reliable insights. The target audience should be determined by the business decision being evaluated rather than broad demographic characteristics alone.
When defining the audience, you should also consider:
The first step is identifying the decision the research will support. A clearly defined decision makes sure the research remains focused on actionable outcomes rather than collecting information that may never be used.
For example:
- Launching a new financial product
- Entering a new market
- Improving customer retention
- Expanding digital banking capabilities
- Evaluating a new payment solution
- Understanding investor sentiment
- Assessing demand for lending or insurance products
Once the decision is clear, the next step is to identify the specific insights required to make a more informed decision.
Key questions may include:
- What factors influence your financial decision-making?
- How do customers evaluate financial risk and trust?
- What drives adoption of new financial products or services?
- How sensitive are customers to pricing, fees, or interest rates?
- How are economic conditions affecting spending, borrowing, or investment behavior?
- What barriers prevent customers from switching providers or adopting new solutions?
Clearly defining the audience is essential for generating relevant and reliable insights. The target audience should be determined by the business decision being evaluated rather than broad demographic characteristics alone.
When defining the audience, you should also consider:
- Geographic scope: based on where the product or service is available, such as a specific country, region, urban vs rural
- Age groups and life stages: based on the population most relevant to the business decision, such as young professionals, parents, or retirees.
- Income level or financial status: based on the affordability or investment capacity required for the product or service being studied.
- Financial product ownership or usage: based on whether respondents currently use, own, or have experience with the product category being evaluated.
- Recent financial behaviors or purchase history: based on actions completed within a defined timeframe, such as applying for a loan, purchasing insurance, or making an investment.
| Target Audience | Typical Qualification Criteria | Common Research Objectives |
|---|---|---|
| Retail Banking Customers | Individuals aged 18+ who hold an active bank account and have used banking services within the past 6 months. | Customer satisfaction, digital banking adoption, deposit behavior, customer retention |
| SME Owners | Owners or financial decision-makers at small and medium-sized businesses responsible for banking or financing decisions. | Business financing needs, lending demand, banking product usage, cash flow management |
| Borrowers | Individuals who have applied for or used a loan, mortgage, BNPL service, or credit card within a defined period (e.g., last 12 months) | Credit demand, borrowing behavior, repayment concerns, loan product evaluation |
| Insurance Policyholders | Individuals who currently hold an active insurance policy or have purchased insurance within the past 12 months. | Coverage demand, protection gaps, premium sensitivity, policy renewal drivers |
| Investors | Individuals who actively manage investments or hold investment products such as stocks, mutual funds, ETFs, bonds, or digital assets | Investor sentiment, risk appetite, portfolio allocation, investment behavior |
| Digital Wallet Users | Consumers who actively use a digital wallet or payment application within the last 30–90 days | Payment behavior, fintech adoption, wallet usage, switching behavior |
| High-Net-Worth Individuals (HNWIs) | Individuals with investable assets above a predefined threshold (for example, US$100,000+, US$500,000+, or US$1 million+, depending on the research objective). | Wealth management needs, investment priorities, premium financial service expectations |
| Underbanked Populations | Individuals with limited access to formal banking products or who rely primarily on alternative financial services | Financial access barriers, digital inclusion, financial literacy, unmet financial needs |
Step 4: Select the Appropriate Research Method
Different business questions require different research approaches. Selecting the right method guarantees that the research produces insights relevant to the business decision.
Different business questions require different research approaches. Selecting the right method guarantees that the research produces insights relevant to the business decision.
| Research Method | Best Used For |
|---|---|
| Online Surveys | Collecting quantitative data from a defined financial audience at scale, such as banking customers, borrowers, investors, policyholders, or digital wallet users. Useful for measuring behavior, attitudes, demand, and preferences across markets. |
| In-Depth Interviews | Exploring complex financial decisions, trust concerns, risk perceptions, and motivations behind customer behavior. |
| Focus Groups | Discussing financial concepts, product ideas, communication messages, or customer reactions in a moderated group setting. |
Step 5: Recruit and Collect High-Quality Data
Once the target audience has been defined, the next step is recruiting qualified respondents and collecting data.
Recruitment methods vary depending on the audience being studied. Broad consumer audiences, such as retail banking customers or digital wallet users, can be recruited through online research panels.
More specialized audiences, such as active investors, recent borrowers, SME owners, or high-net-worth individuals, require stricter qualification criteria and targeted recruitment approaches. For these niche audiences, you can work with panel providers to recruit the most appropriate respondents for your study.
Recruiting and collecting high-quality data requires more than reaching respondents. Screening questions should be used to confirm that participants meet the required qualification criteria before entering the survey. During fieldwork, response quality should be continuously monitored to identify respondents who fail to quality standards or provide unreliable answers.
Once the target audience has been defined, the next step is recruiting qualified respondents and collecting data.
Recruitment methods vary depending on the audience being studied. Broad consumer audiences, such as retail banking customers or digital wallet users, can be recruited through online research panels.
More specialized audiences, such as active investors, recent borrowers, SME owners, or high-net-worth individuals, require stricter qualification criteria and targeted recruitment approaches. For these niche audiences, you can work with panel providers to recruit the most appropriate respondents for your study.
Recruiting and collecting high-quality data requires more than reaching respondents. Screening questions should be used to confirm that participants meet the required qualification criteria before entering the survey. During fieldwork, response quality should be continuously monitored to identify respondents who fail to quality standards or provide unreliable answers.
Step 6: Process and Validate the Data
Data processing focuses on improving data quality and preparing dataset for analysis. Responses that fail quality standards are removed, while AI-powered coding helps classify and organize open-ended feedback into meaningful categories at scale. Expert validation is then applied to guarantee accuracy and consistency. The dataset is subsequently structured into tables and analysis-ready formats.
The objective is to transform raw survey responses into reliable information that supports business decisions. Strong data processing improves accuracy, reduces reporting errors, and increases confidence in the results.
Step 7: Analyze Findings and Make Decisions
The strongest reports tell a clear story. Rather than showing all available data, they identify the insights that matter most, explain why they matter, and connect them to potential actions.
When presenting findings:
For example, if research shows that trust concerns are preventing adoption of a new digital banking feature, the finding can support product redesign or customer communication strategies. If investors demonstrate strong interest in a specific asset class, the result can inform product development or portfolio offerings.
Data processing focuses on improving data quality and preparing dataset for analysis. Responses that fail quality standards are removed, while AI-powered coding helps classify and organize open-ended feedback into meaningful categories at scale. Expert validation is then applied to guarantee accuracy and consistency. The dataset is subsequently structured into tables and analysis-ready formats.
The objective is to transform raw survey responses into reliable information that supports business decisions. Strong data processing improves accuracy, reduces reporting errors, and increases confidence in the results.
Step 7: Analyze Findings and Make Decisions
The strongest reports tell a clear story. Rather than showing all available data, they identify the insights that matter most, explain why they matter, and connect them to potential actions.
When presenting findings:
- Prioritize the metrics that directly influence business decisions.
- Use charts and visualizations that make patterns easy to understand.
- Compare results across relevant customer segments when meaningful.
- Translate findings into practical business implications.
- Assess findings in the context of market and economic conditions.
For example, if research shows that trust concerns are preventing adoption of a new digital banking feature, the finding can support product redesign or customer communication strategies. If investors demonstrate strong interest in a specific asset class, the result can inform product development or portfolio offerings.
Note: The framework above represents a general finance market research process. The right execution model often depends on internal research capabilities, decision importance, investment risk, and available resources.
Organizations with experienced in-house research teams may only require access to high-quality respondents or niche financial audiences. In these situations, a Sample-Only approach is often sufficient.
For larger strategic decisions involving significant investment, market expansion, product launches, and digital transformation initiatives, the cost of making the wrong decision can be substantial. Organizations that lack internal research resources often benefit from a Full-Service approach that supports research design, fieldwork, analysis, and reporting from start to finish.
Organizations with experienced in-house research teams may only require access to high-quality respondents or niche financial audiences. In these situations, a Sample-Only approach is often sufficient.
For larger strategic decisions involving significant investment, market expansion, product launches, and digital transformation initiatives, the cost of making the wrong decision can be substantial. Organizations that lack internal research resources often benefit from a Full-Service approach that supports research design, fieldwork, analysis, and reporting from start to finish.
