In the current fast-changing banking environment, it is necessary for banks to understand their customers' behaviours. Our client, one of India's prominent private sector banks, decided that the time had come to understand how their customers engage with the various digital payment methods. To understand this aspect from a data perspective, the bank XXXX collaborated with MarketGenics, to perform an in-depth consumer research study on online payments.
Research background
XXXX has several financial products to suit their diverse customer needs. With digital transactions growing, it wanted to understand how customers feel about the different modalities of online payments and to understand what issues they have going through their payment processes. This study was aimed to assist the bank with improving customer satisfaction while enjoying the digital payment experience.
Research objectives
This study aimed to understand what customers think about and feel comfortable using the various modalities online payment methods when purchasing.
- Why certain customers will use a payment gateway
- Why certain customers will not use a payment gateway
- What influences the points of view of those choices
Target Audience
To accomplish this, the study focused on two key customer segments of the Bank:
- Heavy users of Payment Gateway
- Heavy users of Payment Gateway and UPI, Debit Card, Credit Card
Method: Telephone Interviews
MarketGenics.co utilized structured telephone interviews to obtain real, authentic feedback and action plans for the customer audience.
A total of 60 interviews were completed for each of the two categories, which allowed for balanced and solid evidence.
A 14-Day Success Story
The entire research assignment, from planning to executing and delivering, was fulfilled in 2-weeks time. The MarketGenics.co team handled the coordination, outreach, and quality data collection process, along with full and final analysis.
Process Overview
- After each bank branches shared customer names and contact numbers, MarketGenics.co developed a strategy based on individual customer availability.
- Professional Interviewing, Over The Phone: The interviewing was accomplished by professional MarketGenics researchers over the phone using an adaptive structure to the questionnaire developed for the specific research study.
- Recording & Data Reliability: All interviews were recorded for keeping accuracy and reliable results in subsequent analysis.
- Trends Assessment: The researchers closely analyzed the customer responses denoting data with evidence of trends, pain points and recent preferences of the customers.
- Report: The summary report was provided to our client in a timely manner and included action plans for improving customer satisfaction.
Conclusion
Through this collaboration with MarketGenics.co., our client generated wonderful data regarding consumer payment behaviors and preferences. Based on the study project results, the Bank will be able to make strategic choices to enhance their offerings and services to achieve increased customer satisfaction.
If you would like to undertake consumer research studies to gain actionable insights for your company, get in touch with MarketGenics.co.- the best market research company in India.