| Competition for consumers’ wallets is gathering pace, as markets open up and liberalise, financial institutions merge, and new players enter the financial market sector. What was once a unique point of difference is now the norm of the industry. Technology advancement has introduced new options and new competition.
At the same time, consumers have become increasingly demanding - for greater convenience, flexibility, better services and lower prices. They’ve also become less discriminate, ready to switch providers the minute a better offer comes along.
Finance Sector Specialists
Nielsen in New Zealand and throughout the Asia Pacific region has extensive experience in financial sector research.
In New Zealand, our financial services team is dedicated to this sector. The team is staffed by experienced professionals, all of whom have worked with financial services providers and have an extensive understanding of the sector. The team's total experience within the financial services area sums more than 40 years of experience. This team provides services to all major banks as well as major insurance companies.
Meet the team!
Our team consists of specialists with consumer and business-to-business experience that has a deep understanding and knowledge about the financial area and experience in both quantitative and qualitative methodologies.
We're proud of our dedicated team of research-based consultants. Each has a unique blend of skills, but we share a few common traits - in-depth knowledge of the research industry and financial services and a commitment to making a difference to our clients (partner) businesses.
Our know-how, coupled with Nielsen's world-renowed services and systems, means we know exactly how to offer the best available solution for any business issues. Our number one status as the leader in financial services research has been achieved through the skill and attention of our team - the very people you will deal with right from the start.
We have in-house experience covering the whole area of financial services:
- Government bodies
- Retail banking studies
- Business banking studies
- Rural banking research
- Mortgage providers
- Financial intermediaries
- Insurance
- Superannuation
- Investment studies
- Credit card studies.
Research in the Financial Services Sector/Financial Services
Being the world's leading market research organisation enables us to acquire knowledge about the local, trans-tasman and global markets. Through us, our clients can access knowledge, not only about the New Zealand market, but also about trans-tasman opportunities and threats or current trends in the global market. The team works closely with the team in Australia and other teams around the globe to offer best solutions.
The financial services team offers a wide range of services:
Syndicated Financial Services
Nielsen's Syndicated Financial Services Unit provides a range of syndicated services to the financial sector. These are services run by Nielsen and subscribed to by a number of financial services marketers. These services include:
Consumer Finance Monitor
Financial services providers tend to know the products and services their customers have with them, but it's harder to know what they have with competitors. The Consumer Finance Monitor tells you what share you have of the customer's wallet and what their total value is.
It is a comprehensive and robust (10,000 respondents annually) continuous measure of consumer financial behaviour, covering all key financial products, services and relationships. It provides insights such as:
- A 360 degree view of consumers covering multiple products and relationships to identify what your 'share of wallet' is and identify cross-selling opportunities
- The overall market framework, including market and relationship share to benchmark how well you are doing
- Trends in financial behaviour to identify opportunities, for example to identify how important mortgage brokers are as a channel or how fast internet banking is growing
- Identify target audiences for your brand, products and services using segmentation.
The monitor is divided into modules as follows and individual modules can be subscribed to:
- Awareness (banks, life insurance providers, fire and general insurance providers, investment providers)
- Bank advertising awareness
- Financial products held and value
- Products opened in the last 12 months
- Main account for everyday banking
- Main financial provider
- Satisfaction with main financial provider
- Investments held
- Credit card behaviour
- Cash cards held
- Eftpos usage
- Telephone banking behaviour and satisfaction
- Branch banking behaviour and satisfaction
- Internet banking usage and satisfaction
- Relationship management
- ATM behaviour
- Home ownership and mortgage, mortgage channels and mortgage provider brand measures
- Favourite, recommended and considered financial providers
- Brand image associations
- Life and health insurance held, where it's held, who pays the premium, brand consideration and preference
- Fire and general insurance held, where it's held, how it was arranged (channel), brand switching and reasons, brand consideration and preference
- Investment provider brand consideration and preference
- Advertising expenditure.
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Small Business Banking Monitor
This is an annual survey of 1,500 businesses with an annual turnover of less than $5 million, capturing key financial products and services used, and relationships. Provides insights such as:
- A 360 degree view of small business banking behaviour covering multiple products and relationships to identify what your share of wallet is and identify cross-selling opportunities
- The overall market framework, including market and relationship share to benchmark how well you are doing
- Trends in financial behaviour to identify changes, for example in satisfaction, so corrective action can be taken
- Identify target audiences for your brand, products and services using segmentation
- Understand trends in channels used including relationship management, internet and telephone banking to develop appropriate channel strategies.
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Rural Banking Monitor
Similar to the Small Business Banking Monitor, this is an annual survey of 1,500 agribusinesses capturing key financial products and services used, and relationships. It provides insights such as:
- A 360 degree view of agribusiness banking behaviour covering multiple products and relationships to identify what your share of wallet is and identify cross-selling opportunities
- The overall market framework, including market and relationship share to benchmark how well you are doing
- Trends in financial behaviour to identify issues such as how often your customers are being contacted by competitors
- Identify target audiences for your brand, products and services using segmentation
- Understand trends in channels used including relationship management, internet and telephone banking to develop appropriate channel strategies
- Opinions on the outlook for the rural sector that may impact on your business such as intention to acquire additional property.
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Customised Financial Services Studies
As market competition continues to accelerate, clients need customised research-based market intelligence for a clear understanding of customers' behaviour, emerging opportunities and threats and the likely market response to change.
Nielsen can provide these quantitative and qualitative studies by customising solutions to meet specific information needs, including:
- Products & Services - Internal Focus
- Product, service & modelling
- Pricing strategies & modelling
- Distribution - Strategy and usage studies
- Communication & Branding (Brand equity measurement and tracking, Positioning, Advertising Awareness)
- Stakeholders - Internal & External Focus
- Clients: End users - Behaviour and attitudinal studies, Market segmentation, Customer value and relationship management
- Clients/Partners along the value chain: Value creation
- Competitors - Competitive benchmarking
- Employee loyalty & switching measurement
- Shareholders satisfaction and loyalty measurement
- Community - perceptions about the company, corporate citizenship
All of these studies are adjusted to take into consideration the economic climate of the overall market. Only one organisation can provide this level of understanding and in-depth market knowledge with technology and resources of a premier market research company: Nielsen, the world's leading market research organisation. |
