Bank & Financial

The Finance, Banking, and Insurance sector contributes 4.76% to the total GDP of the country. The financial market is regarded as one of the key drivers of the market economy, with the following functions:

• Creating the most favorable environment for harmonizing financial interests among entities.

• Establishing and regulating combined capital sources, attracting, and mobilizing financial resources.

• Determining factors in the economic structure, including interest rates, prices, exchange rates, and capital investment structure.

• Strongly promoting the financial liberalization process and international integration - an inevitable trend of the world.

• Contributing to enhancing the efficiency of economic activities, with the financial market playing a role in boosting and improving the effectiveness of financial utilization.

Source: http://nhipsongkinhte.toquoc.vn/tai-chinh-ngan-hang-bao-hiem-va-bat-dong-san-dong-gop-bao-nhieu-vao-quy-mo-gdp-ca-nuoc-20230301141807073.htm

With increasing average incomes, more and more individuals are becoming interested in banking and financial services to conveniently and diversely manage their personal finances and businesses. Moreover, the advancement of technology has opened up new opportunities in this industry. From online banking services to mobile payment applications and blockchain technology, financial companies are competing to provide modern solutions and conveniences to meet the increasingly diverse needs of customers. 

Market Research Approaches for the Banking & Financial Segment

To gain a deeper understanding of the Banking and Financial Services market and its customers, CI Research offers tailored market research methods. Here are some of the market research methods that we apply:

1. Usage and Attitude (U&A) Research

• Analyze customer behavior and attitudes towards banking and financial services.

• Identify customer needs and expectations regarding products and services.

• Evaluate the level of acceptance and usage of new technologies in the banking and financial industry.

2. Brand Health Check

• Measure the recognition/ awareness and usage of services at banks and financial organizations.

• Evaluate the effectiveness of brand communication efforts.

• Brand positioning within the Banking & Financial sector.

3. Concept test/ Product test 

• Assess the potential and customer interest in new ideas and products in the banking and financial field (e.g., apps, electronic wallets…).

• Analyze the impact of factors such as pricing, convenience, and service quality on customer decisions to use these services.

4. Banking & Financial Service Quality Evaluation

Utilize two methods to measure service quality:

• Mystery Shopper approach

• Customer Feedback Surveys

Detailed content includes:

• Evaluate advisory services provided by staff and the friendliness, professionalism, and dedication of employees towards customers.

• Measure the satisfaction level of current customers with the services provided by the organization.

• Utilize the Net Promoter Score (NPS) to gauge customer loyalty towards the bank or financial organization they are currently using.

5. Campaign evaluation

• Measure awareness, message recall, and customer interaction with advertising campaigns.

• Evaluate the impact of advertising campaigns on customer decisions to use banking and financial services.

Methodology 

🗆 Desk research

☑ Indepth interview – IDI

☑ Focus group discussion – FGD

☑ Mystery Shopper

☑ Quantitative Survey

☑ Central location test – CLT

🗆 Home In use Test – HIV

🗆 Trade Census

🗆 Retail Audit

We are committed to providing high-quality and reliable research projects that align with your business goals. Our team of experts is ready to support your company throughout the research process and provide in-depth insights into the Banking & Financial market in Vietnam. 

Contact us now to learn more about how we can assist your business in research projects!