Financial services market research

The USA is the largest financial centre in the world, valued at USD 1.5 trillion in 2018, followed by the UK, China, and Japan. It is estimated that financial services make up between 12.0% and 19.5% of the global economy. The industry continues to grow globally, but faces increased scrutiny regarding financial security and increased government regulation.

Financial services is one of the UK’s most successful industries and is crucial to its economy, employing over one million people (about half of which are in London and the South East). Financial services contributed GBP132 billion to the UK economy in 2018, or about 7% of total economic output, compared to 4-5% in the other big European countries.

Six percent of all market research conducted in 2018 was commissioned by financial services customers.

FieldworkHub’s credentials in this sector include recruiting customers for in-depth interviews on behalf two large UK banks, recruiting Moroccan expats in the UK for a focus group in London, and UK expats in other countries for video interviews, recruiting a variety of different French consumers for depth interviews and ethnographic research relating to financial services, recruiting Berlin-based freelancers and self-employed people for research by a German challenger bank, and a quantitative study on the use of tax and accounting advisors by self-employed people in the UK.

RELATED CASE STUDIES

Young bearded male freelancer drinking coffee in Berlin cafe while chatting to colleague

Depth interviews with freelancers and self-employed people in Germany

A German challenger bank asked us to help them recruit freelancers and self-employed people in Germany for face-to-face depth interviews at the client’s offices in Berlin  to help them refine their proposition and marketing, Over the course of four months we successfully  recruited three waves of English and German speaking respondents to take part in interviews lasting 30 to 60 minutes.

Young woman using smartphone standing in front of the food market in France

Ethnographic interviews on financial products and services

A leading management consultancy wanted to talk to a range of French adults about their use of financial products and services and their interest in a new digital concept that they were developing for a client based in France. We arranged over 50 90-minute interviews in respondents’ homes in Paris and Lille in two phases lasting two weeks. We were asked to recruit a mix of young professionals and parents in non-nuclear families (single-parent families, blended families etc) with a further split into respondents with a stable professional situation (people in permanent full-time employment, small business owners, established self-employed etc) and those with an unstable professional situation (unemployed, short-term contractors, casual workers etc).

International money transfers: glass globe standing on banknotes from different countries

Online community with people in the UK who send remittances to Africa and South Asia

A South African payment platform wanted to talk to consumers in the UK who regularly send remittances to Africa and South Asia about the features that they expect and need from cash remittance platforms, as well as any frustrations they might face while using existing platforms. We used our extensive panel to recruit over 50 well-suited candidates with connections to ten different African and Asian countries and screened in a final 12 participants using an online questionnaire created in house. As an extra quality check, we made follow-up phone calls to the respondents to establish their fluency in English and discuss their use of online remittance platforms. We then encouraged the 12 participants to participate actively in the online community which was held over a number of days via WhatsApp.