A national bank client had conducted in-house and external in-person qualitative focus groups to identify 31 potential service enhancements to the banking/wealth relationship. Ideas varied in set-up time, resources required for implementation, and cost. The client needed help in identifying the top ideas not only in terms of appeal but also reach into the market and the potential benefit to customers in opening a new account and shifting assets.
Using our National Panel, a blind quantitative survey was executed. In total, 1,500 interviews were conducted among 5 segments of interest: mass market, affluent, emerging affluent, investment relationships, and DIY. In order to cull the ideas an AMD (adaptive maximum difference exercise) was used. Coming out of the AMD, an anchoring intent question was used to project reach into the market and potential revenue impact.
From a list of 31, 8 top ideas were selected to go forward into full concept development and testing.
Research results not only identified winning ideas but also provided areas for market differentiation and insight into the needed communication strategies for each segment across the ideas.