Competitor journey evaluation for bank launch
A bank was launching a new personal loans offering, and wanted to understand the experience customers had when applying for loans through traditional bank providers currently available in the market, in order identify where the current pain-points might be, to ensure their application process would be easy for the customer, and to compare and hopefully evidence it was simpler and more customer-friendly than those offered by competitors.
We found that there were common themes in customer journeys which were seen to be a hassle or create work for the customers when engaging with competitive providers, which the bank we were carrying out the research for was able to emphasise as being a differentiator for them if a customer were to use their new service in materials supporting the new offer launch. It also meant that due diligence had been done in ensuring that hypotheses around what made a good or bad experience from the stance of being customer-first in its offering was evidenced by consumer research and incorporated into the proposition.
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