{"id":5459,"date":"2021-04-16T00:00:00","date_gmt":"2021-04-16T00:00:00","guid":{"rendered":"https:\/\/hedgehoglab.com\/using-customer-insights-to-give-financial-services-companies-a-competitive-edge\/"},"modified":"2023-11-06T09:55:16","modified_gmt":"2023-11-06T08:55:16","slug":"using-customer-insights-to-give-financial-services-companies-a-competitive-edge","status":"publish","type":"post","link":"https:\/\/hedgehoglab.com\/using-customer-insights-to-give-financial-services-companies-a-competitive-edge\/","title":{"rendered":"Using customer insights to give financial services companies a competitive edge"},"content":{"rendered":"\n

The financial services industry has experienced a digital revolution in recent years – and it shows no signs of slowing. Financial services includes banking\u201a insurance and wealth management companies which are huge sectors in their own right. <\/p>\n\n\n\n

There are now over 60\u201a000 financial services firms operating in the UK and customers are increasingly demanding digital services from them. In fact\u201a over a quarter of British adults now have an account with a digital-only bank and it\u2019s estimated that 23 million adults will be using a digital bank by 2026<\/u><\/a>. <\/p>\n\n\n\n

According to Deloitte<\/u><\/a>\u201a more financial institutions are turning to digital innovation to transform their business models in order to meet the evolving needs of their customers and to take advantage of opportunities in their markets. <\/p>\n\n\n\n

To compete in this marketplace\u201a financial services companies need to offer their customers exceptional digital products that support high-quality services. <\/p>\n\n\n\n

And the key to delivering those exceptional digital products – and to standing out from competitors – is to understand what customers want and need. <\/p>\n\n\n\n

Projects at hedgehog lab which start with a discovery stage<\/u><\/a> prioritise this information. Our specialist app development teams which include staff from Design\u201a Research\u201a Product and Engineering dive deep into the life of the customer to understand fully what they want and need from web\u201a mobile\u201a Android and iOS apps.<\/u><\/a> <\/p>\n\n\n\n

In our experience of working with global financial services brands<\/u><\/a>\u201a we\u2019ve identified three ways that banks\u201a insurance providers and wealth managers can use customer insight to gain a competitive edge: <\/p>\n\n\n\n

Know when your customers need you<\/h3>\n\n\n\n

Customers are more independent than ever before but they still value human contact so getting the balance right between self-serve and personal service is vital. <\/p>\n\n\n\n

Mapping the customer journey and identifying customer needs gives financial services companies the data they need to deliver the right type of service at the right time. <\/p>\n\n\n\n

We used this approach in the UX\/UI design<\/u><\/a> of Standard Life\u2019s wealth management mobile app\u201a \u2018Choices\u2019 on iOS and Android. Extensive research sessions and user testing by our dedicated app development team identified when customers wanted to manage their savings\u201a investments and pensions independently and when they valued the advice of professionals. The result was a digital product that combined self-service functionality with access to the insights of a team of digital assistants called Choicemakers to empower customers to make decisions about their financial priorities. <\/p>\n\n\n\n

Don\u2019t limit your services<\/h3>\n\n\n\n

Great digital products are designed through iteration and refinement. The end result could be vastly different from the original brief as the product evolves in response to user testing and feedback. <\/p>\n\n\n\n

Customer insight is essential to every stage of the product development process to ensure digital products work for end users. <\/p>\n\n\n\n

We developed a banking app on iOS for Synced to rival challenger brands in the market. It was aimed at students and offered instant credit checks plus overdraft\u201a real-time balance updates\u201a categorised statements and spending notifications. Our experienced mobile app development team\u2019s thorough user research identified a larger market for these services so the product was rolled out to all Synced customers\u201a giving the company a much bigger customer and market share. <\/p>\n\n\n\n

Validate new concepts<\/h3>\n\n\n\n

Financial services are constantly evolving as traditional and challenger brands seek to attract new customers with cutting-edge products and services. <\/p>\n\n\n\n

Brands that want to dominate their markets need to validate their ideas to deliver truly innovative products. Customer insight enables them to do that. <\/p>\n\n\n\n

When Honcho<\/u><\/a> sought to disrupt the insurance industry by placing mobile at the core of the buying process\u201a we carried out extensive research to test their proposition. We delivered deep market analysis of competitor products\u201a created user journeys and user personas\u201a and tested UI\/UX designs to prove the concept would work. This insight informed both product development and product launch strategies. <\/p>\n\n\n\n

Whether you\u2019re an established company or a challenger brand\u201a customer insight is a critical tool in developing digital products that deliver real business results. <\/p>\n\n\n\n

Get in touch<\/u><\/a> to find out how we can help you develop your competitive edge through embedding customer insights into your web\u201a mobile\u201a Android and iOS financial services apps<\/u><\/a>. <\/h4>\n","protected":false},"excerpt":{"rendered":"

The financial services industry has experienced a digital revolution in recent years – and it shows no signs of slowing. Financial services includes banking\u201a insurance and wealth management companies which are huge sectors in their own right.  There are now over 60\u201a000 financial services firms operating in the UK and customers are increasingly demanding digital […]<\/p>\n","protected":false},"author":2,"featured_media":3011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[126],"tags":[183],"acf":[],"yoast_head":"\nUsing customer insights to give financial services companies a competitive edge | hedgehog lab<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hedgehoglab.com\/using-customer-insights-to-give-financial-services-companies-a-competitive-edge\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Using customer insights to give financial services companies a competitive edge | hedgehog lab\" \/>\n<meta property=\"og:description\" content=\"The financial services industry has experienced a digital revolution in recent years – and it shows no signs of slowing. 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