By Leigh Admirand, Reach3 Insights
In a sector built on trust, the slightest misstep can make or break customer relationships. Yet many financial services firms still rely on outdated research methods to shape their messaging, products and services. These tools often fail to capture the speed, context, and complexity of today’s customer behaviors. In fact, a recent study showed that only 39% believe that financial service company communications are relevant, and only 41% are satisfied with the messaging they receive.
From traditional banks to digital-first fintechs, there’s growing recognition that to compete effectively, you need more than good instincts. You need better insight.
Research approaches that gather rapid, contextual feedback from real customers can be powerful. These methods are giving financial institutions a smarter way to make decisions. Whether it’s evaluating mobile apps, tailoring outreach strategies, best ways to use AI, or bridging urban-rural divides, real-time research helps companies not only understand what people want but also why they respond the way they do.
Customer insights done right in the financial services sector
One of the most effective methods gaining traction in financial services message and experience testing is conversational research. Unlike traditional surveys, which can feel impersonal or fatiguing, conversational research engages people in dynamic, familiar formats that mimic how they already communicate on their phones. This approach combines the scalability of quantitative research with the depth of qualitative insight, enabling teams to gather authentic, emotion-rich responses in real time, including with real-time video feedback. It is particularly powerful for capturing input from younger, mobile-native consumers and for testing nuanced topics like tone, trust, and comprehension. Just a few examples of how this approach has been used successfully include:
- National bank engaging with local communities. Rather than rely solely on brand perception scores, the bank partnered with influential community figures such as educators, nonprofit leaders, and small business owners to test messaging tied to its outreach programs. This revealed subtle differences in how messages landed with different groups. As a result, the bank could distinguish between gestures that felt meaningful and those that risked being perceived as performative.
- Real-time feedback to test an app prototype. Another financial institution tested a new app concept with real customers across age brackets, income levels, and geographies. By observing how users navigated the interface in context, the team uncovered design flaws that would not have surfaced in a lab setting. The result was a more intuitive app that better served both digital natives and less tech-savvy users.
- Reconsidering the role of physical branches. In a world that’s overcome with digitization, the role of in-person banking has shifted. In this situation, understanding geographic differences is key. For example, rural consumers may place a premium on personal relationships and in-branch support, while urban customers often prioritize speed and self-service. Testing these assumptions through conversational research helped one firm tailor its hybrid service model. This ensured that digital upgrades did not alienate core customers in less densely populated areas.
- Effective segmentation – more than demographic profiling. In a study exploring how young, new-to-credit consumers learn about financial products, one firm used mobile-first qualitative feedback to uncover emotional and educational drivers that traditional surveys had missed. These insights shaped messaging that felt relevant, respectful, and trustworthy. Those qualities are essential for building long-term relationships with a new generation of customers.
- Testing customer comfort with AI-powered services. As financial institutions introduce more AI-driven tools, like chatbots, robo-advisors, and fraud detection systems, it’s crucial to understand how these changes are perceived by consumers. Using conversational research to gauge reactions to AI-enabled experiences, including trust in automated decision-making and comfort with reduced human interaction, uncovers generational and emotional nuances. For example, while younger users were generally more open to AI support, others expressed concern about transparency and control.
In all these examples, the value of conversational research lies in its ability to deliver speed, context, and human insight. It enables financial services firms to test assumptions, learn quickly, and adapt communication strategies in real time. Most importantly, it brings the voice of the customer to the center of decision-making, not just in marketing but across product, service, and brand.
About the author: Leigh Admirand is executive vice president and founding partner at Reach3 Insights, pioneers of mobile-first conversational research methods and technology. With extensive experience in global quantitative and qualitative research, she brings a creative, strategic approach to business development and leadership.