Why it matters

Banking faces a research challenge in that people are reluctant to openly discuss money. The ability to be proactive in this area and understand how people really think about money means a bank can better deliver the products and services its customers actually want.

Takeaways

  • Allowing people to talk about money in their own way at their own convenience produces better results than traditional research methods.
  • Oblique lines of questioning can be very revealing: ask about food shopping habits, for example.
  • Asking creative questions produces creative responses and can mean people are more open than they would otherwise be.

People have got three different personalities, according to Anurag Sharma, senior product owner at Lloyds Banking Group:

  • One is the everyday that embraces cultural, social and religious matters,
  • Second, a professional personality that puts on a work face,
  • Finally, there’s a money personality.