Financial & Insurance Services

Limelight Insights keeps financial clients in step with a rapidly changing industry landscape, helping them evaluate options and opportunities to make sound decisions to grow profitably. Over the years, we’ve watched major consolidations and mergers take place. We’ve conducted studies to quantify investor mistrust in the midst of scandal, and provided intelligence to banks as they began offering investment products and services to their customers. We’ve helped our clients successfully move into the era of consumer online banking by evaluating financial websites, monitoring the growth of business and consumer adoption and barriers to acceptance.

A large part of our business is answering critical questions
and providing actionable direction.

Here are some of the questions Limelight Insights by Shugoll
has helped financial clients answer:

Are we meeting the needs and expectations of our current customers?

Limelight Insights recommends a systematic feedback program that invites customers who have recently visited your institution or interacted with an associate to rate and comment on their experience. We custom design evaluation forms using qualitative input to ensure coverage of all the key issues. The evaluations are distributed directly following the interaction and are easy to complete, ensuring accurate recall and high participation levels.

We have structured customer evaluation studies to serve businesses with branch, regional, or national offices providing the capability to delineate variations in satisfaction by location. Trends are identified and comparative analysis is performed. Stellar locations can be used as models and problem locations targeted for improvement.

How can we effectively position our bank to build market share without drastically reducing service fees and charges?

Financial institutions often run sales promotions touting free services to attract new customers, only to raise rates after the introductory period, which results in account closures. Through image studies, Limelight Insights will help your financial institution effectively position itself to retain current customers, while attracting new customers through promotion of non-fee-based differentiators such as trust, convenience, and personal attention.

With a thorough understanding of how your company’s strengths are perceived, and the associated advantages relative to the competition, our financial services clients have been able to implement effective image campaigns that build loyalty among current customers, while attracting prospective customers on attributes beyond price.

Is my online banking system user friendly?

Limelight Insights has conducted many research studies to evaluate the effectiveness and intuitiveness of online banking services. These studies have included conducting website usability testing for financial services software manufacturers, as well as for financial institutions. Our process includes in-depth interviews with key users. These enable us to better understand users’ surfing patterns and behaviors, the sources they use to access sites, and how they navigate the clients’ sites, with a focus on labels, navigation tools, perceived content value, and level of security. Results of studies in this space have helped financial institutions attract online customers and improve their online capabilities.

Will current customers be interested in this new bundled package of banking, insurance, or investment services and will it help to attract new customers?

Limelight Insights is known for its expertise in new product development research. We have conducted numerous studies to assess consumer reactions to proposed bundled packages of banking services. With a thorough understanding of current and prospective customers’ product needs and expectations, our financial services clients have been able to successfully launch bundled packages of banking services that are competitively priced. Through experience and strict application of a proven methodology, our senior consulting team developed a highly accurate process to make projections — the Product Opportunity Forecaster.

Some projective techniques we use include needs laddering, brainstorming exercises and wishful thinking. Quantitative evaluations include conjoint analysis to look at various relationships, including value and synergy. Once a client decides that demand may be worth the investment, we have assisted in the testing of concepts and, finally, after the rollout, we have provided evaluation through in-store testing.

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