Beyond the Data: Why Face-to-Face Research Matters for Banks

Are you truly connecting with your local customers? In today's digital age, banks and credit unions rely heavily on data analytics to understand their markets. But while data provides a valuable snapshot, it often misses the nuances of human interaction and local sentiment. That's where the power of face-to-face research comes in.

Rivel Banking Research bridges this gap, providing invaluable data and the framework for deeper qualitative insights, enabling financial institutions to truly understand their customers and tailor strategies effectively.

Unlocking Local Insights with Rivel

Rivel's comprehensive research, including extensive consumer and business interviews, paints a clear picture of how your institution is perceived locally. This data, encompassing key metrics like customer satisfaction, trust and service effectiveness, pinpoints specific areas for improvement in the customer journey. For example, if the data reveals low satisfaction with digital banking options, banks can prioritize upgrades and user experience enhancements. Perhaps the data shows a disconnect between the bank's messaging and the community's values—this allows for targeted adjustments in marketing and community outreach.

The Human Touch: The Power of Focus Groups

Survey data is only half of the story. In-person focus groups provide invaluable qualitative insights that complement the quantitative data, allowing banks to delve deeper into customer needs and uncover hidden pain points. These sessions offer a platform for genuine dialogue, revealing the "why" behind the numbers.

These sessions allow financial institutions to engage directly with their customers, gaining a deeper understanding of their needs, preferences and pain points. Focus groups can reveal nuanced feedback that might not be captured through surveys alone, providing a more comprehensive view of the customer experience. Importantly, bank leaders can be “on the other side” of the glass and hear first-hand what consumer are thinking about their banking journey.

Here are some crucial themes to explore in focus groups:

• Product Understanding: Do customers truly understand the range of products and services offered? Gaps in understanding reveal opportunities for targeted education and communication, potentially leading to increased product adoption.
• Branch Hours Optimization: Are current branch hours truly meeting customer needs? Gathering feedback on preferred times allows banks to optimize their service offerings for maximum convenience and customer satisfaction.
• Effective Communication: How do customers prefer to communicate with their bank? Exploring preferred channels and assessing current communication strategies ensures that customers feel informed, valued and connected.
• Non-Customer Perceptions: How do non-customers perceive the bank, and where do they get their information? This crucial insight informs targeted marketing strategies and outreach efforts to attract new customers.

The Impact: From Insight to Action

Banks can utilize focus group data to confirm assumptions or challenge their perceptions about customer needs and preferences. By combining big-picture survey and interview data, even at the national level, with the rich insights gleaned from focus groups, banks can:

• Develop targeted marketing campaigns that resonate with local needs and values.
• Improve customer service and build stronger, more loyal relationships.
• Optimize product offerings to meet evolving demands and exceed expectations.
• Increase customer retention and attract new customers, driving sustainable growth and profitability.

Setting a baseline for understanding local perception and customer experience is essential for any financial institution aiming to thrive in today's market. By leveraging Rivel Banking Research's data and incorporating insights from in-person focus groups, banks and credit unions can develop strategies that truly resonate with their customers, driving satisfaction and loyalty.