Financial Services
Make better decisions for your financial products with our unique expertise and tools.
Enable strategic decisions
Financial clients presents unique challenges due to their complex and often sensitive nature. We have the experience to understand these challenges and the tools to provide the solutions financial businesses need.
Our executives understand the unique language of the UK regulatory environment and we know that how you treat your customers is high on the regulatory agenda. We provide input to demonstrate compliance with regulation through mystery shopping; broker, IFA and consultant surveys; customer experience and pricing, communications research, contact centre performance and improvement programmes as well as traditional research methodologies.
We have done projects to help our clients develop and understand:
The sectors we work in include:
Case Studies
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Understanding Customer Pricing
The problem:
To benchmark own enquiry and sales performance versus that of key competitors and to better understand competitors pricing structures.
The solution:
Phoenix MRC worked with Prudential to create a basket of 500 household and 500 motor insurance profiles that matched the Prudential client base on key dimensions. Used specially trained financial mystery shopping team to use detailed enquiries questionnaire that enabled analytical breakdown of cost elements.
The outcome:
Enabled Prudential to monitor service delivery and improvement benchmarked against competitors, plus provided detailed analysis of cost structures. -
Understanding Local Business Needs
The problem:
The University needs to sell its expertise to local businesses. To do this, they needed to understand what businesses required.
The solution:
500 CATI interviews with local business decision makers.
The outcome:
Valuable insights into perceptions of the university’s perceived capabilities and areas businesses felt universities could help them. Provided insight into what needs they felt the University could fulfil both currently and over the next five years. The survey was repeated in subsequent years to track progress and keep up-to-date with business needs -
Help Desk Mystery Shopping
The problem:
WCC needed to test responsiveness and solutions provided by Council property services help desk.
The solution:
Telephone and email mystery shopping carried out so as not to cause extra work for Council staff. Scenarios and Phoenix MRC Fieldforce interviewers included a proportion of disabled mystery shoppers to obtain more realistic mystery shopping feedback for those with hearing loss & visual impairment.
The outcome:
Identified current strengths in the service and recommendations for how services could be improved. -
Representative panel building
The problem:
A local Integrated Care System (ICS) wanted to recruit 1,000 adults to a People’s Panel they could use to explore views on local health and social care.
The solution:
Using a mixed methodology approach for recruitment; email, telephone and face-to-face interviews supported by a webpage and leaflet designed by Phoenix, sampling was matched to the 6 NHS locality regions for accurate representation across the whole region.
The outcome:
Well over 1,000 local residents were recruited for the panel in total, with oversampling used to ensure representation across the panel and to allow for some people to change their mind about participating. The panel was handed over for the internal team to manage and survey over the next year. -
Brand Development
The problem:
Following floatation, new business owners required greater understanding of the business dynamics.
The solution:
Conducted focus groups to understand brand positioning, differentiation and customer purchase motivations. Identified product image strengths & weaknesses.
The outcome:
Developed a consumer card purchasing model based on the specific target market. Used hands-on workshop to integrate learning from research throughout board, senior management and corporate buyers, finding a common language bridge that helped break down earlier communications barriers between board and managers. -
Affinities Partner
The problem:
To demonstrate maintenance of high customer service standards and regulatory compliance for front-end sales activities to insurance affinity brand partners.
The solution:
Programme of regular mystery shopping across both in-house white branded affinities partners such as Ford, Volvo, Land Rover and Toyota, benchmarked against competitors. Ensured shopper profiles met individual customer profiles for each brand.
The outcome:
Provided feedback and training tools to demonstrate maintenance of excellent contact centre performance and drive continuous service improvement. -
Audience Development Plan
The problem:
Understanding of customers and competitor market required to develop a 5 year audience development plan for the organisation.
The solution:
Mixed approach utilising online survey & segmentation analysis to profile current customers – UK & international - and depth interviews to reach all target customer and trade groups.
The outcome:
The results from these three research stages were fed back to the Trust with recommendations and insights being fed into the main audience development plan. The research helped to directly shape future marketing strategy of the Trust by highlighting customer groups and Trust elements to target marketing activities.
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Mixed Media Advertising Analysis
The problem:
Halifax required a detailed analysis of a major advertising campaign across different media.
The solution:
Precise experimental design of the timing, regions and placement of adverts in outdoor media and TV to carry out quantitative surveys of awareness, recall and advertising takeout.
The outcome:
The project provided areas of greatest impact and demonstrated how to best use mixed media for synergistic impact well beyond single media advertising. -
Global Advertising Campaign
The problem:
Parker needed to revitalise global advertising for its top line pen brands.
The solution:
Series of multi-national focus group projects across Far East, Europe and the USA. Covered advertising development and brand positioning using qualitative brand mapping techniques, presentation of advertising in various stages from sound tapes only, story boards to finished ads.
The outcome:
Provided guidance on global advertising campaigns, checking for sensitivities and communication differences internationally. -
Communication: New and existing financial products
The problem:
Ensure new products and their supporting literature meet customer needs, conveys information intended and complies with best practice and regulation for Treating Customers Fairly.
The solution:
Series of communication studies using focus groups and IDIs as appropriate for target groups and subject matter. Sometimes recruiting hard to reach samples; sometimes general population samples.
The outcome:
Provided guidance & recommendations covering content, tone, use of illustrations, graphs, schematics, colour & typefaces, ease of understanding, depth of detail required. Workshops with development team to identify key learning points and ways forward. -
Brand Development & Product Screening
The problem:
Multinational client required screening of new brand concepts. Prime target was Japanese consumers. Hands-on qual identified as most desirable method but budget was limited.
The solution:
Recruited through Japanese expats working in the UK through expat club and ultimately their favoured golf club. Convened groups over meals in accordance with Japanese custom.
The outcome:
Successfully identified viability of new brand concepts, aspects that would contribute positively to brand and aspects requiring revision, further development or deletion from concepts. Completed on time and within tight budget constraints. -
Benchmarking Mystery Shopping
The problem:
The AA needed to monitor and benchmark its ability to respond to enquiries with the provision of tailored solutions.
The solution:
A program of telephone and email mystery shopping designed to reflect both single and multiple enquiries with specific ‘extra’ requests.
The outcome:
Identified critical training needs through monitor, with recordings provided as training tools. Further waves of research tracked improvement on hard and soft measures. -
Prototype Evaluation
The problem:
Arup and TfL wanted to evaluate a prototype of a new wayfinding system in central London.
The solution:
Qualitative accompanied walks were conducted with French and German speaking tourists in the Bond Street area of Central London. Interviews were performed in the respondents’ native languages.
The outcome:
The research highlighted both positive aspects to keep and areas which needed modification before the system was rolled out to other areas in London. The signage is now in place throughout London. -
Marketing consultancy for direct insurance
The problem:
A London based private equity investor, specialised in insurance businesses across Eastern European markets, required marketing, branding and customer experience expertise to support a start-up InsurTech business with a contact centre that they had acquired in Ukraine.
The solution:
An end-to-end engagement in the marketing planning and brand launch; marketing and brand consultancy services for rebranding, proposition development, customer insight and marketing due diligence on acquisitions and brand launch activities.
The outcome:
Phoenix MRC redefined the go-to-marketing strategy for the direct insurance provider, and helped manage the launch of a new product offering with a new brand proposition and marketing campaign. -
International Satisfaction & Development
The problem:
EuroDisney were failing targets for attracting convention customers.
The solution:
20 business to business depths carried out with decision makers in each of 5 European countries. Interviews examined both motivators to use the conference venue and barriers to choice.
The outcome:
A workshop using the project results was carried out at HQ in Paris to lay foundations of a business development plan. Additionally the project helped to identify & overcome communication gaps between American business strategists and European managers and customer groups.
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Product Development using Ethnography
The problem:
Looking solely at electric shower sales, Mira wanted to understand customers' needs better and improve their product design.
The solution:
PMRC proposed qualitative research with consumers and professional shower fitters. These were carried out using focus groups plus in-depth ethnographical interviews, along with filmed observations of both shopping and the fitting process.
The outcome:
Our work brought up a number of new aspects of the decision-making process as well as practical fitting issues which helped with future design. -
Public Consultation - Waste
The problem:
Understand stakeholder priorities for multi-million pound council facilities project.
The solution:
Mixed methodology with online quantitative survey plus 22 focus groups covering consumers, hard-to-reach groups, disabled individuals and organisations, ethnic consumers, environmental organisations, industry organisations & council members. PMRC developed info video to convey complex information prior to trade-off questionnaire for all stakeholders. Used trade-off process to stimulate discussion and before and after measures to assess effects of information on attitudes.
The outcome:
Conjoint analysis revealed differing stakeholder priorities and qualitative elements explained motivations for these differences. Provided input for the Council to use in weighting contract evaluation factors. -
Visitor Survey
The problem:
One of England’s largest and most diverse community museums of the life and history of its county required insight into the awareness, perception and use of the museum by residents of the County in preparation for refurbishment and development plans.
The solution:
In excess of 125 quantitative street interviews were carried out across different days of the week and different times of day in specified locations throughout the county.
The outcome:
The results helped improve the accessibility, displays and visitor facilities at the museum. The museum now offers a wide range of services including exhibitions in its community gallery, an interactive gallery about the county’s armed forces regiment, group quiz sessions and an education programme linked to the National Curriculum with ’loans boxes’ that can be hired by community organisations or schools and offer the chance to discover and handle objects from the past. -
Staff Surveys
The problem:
Response rates had become too low when annual staff survey was conducted internally.
The solution:
Reassure staff of confidentiality, recognise their issues about time and timing and offer flexible interview, sensitive interviewing with Phoenix MRC field force CATI interviews. Carried out over successive years.
The outcome:
Improved representation for night and part-time staff and increased response rate to over 70%. Identified areas of achievement and areas to address by departments and corporate structure as well as cross-organisation – results used as springboard for annual staff event. -
Developing marketing materials for new products
The problem:
Understanding of product usage and competitor offerings required to develop marketing for new products.
The solution:
Quantitative data was required but PMRC recommended the addition of some qualitative work in order to best meet objectives. A telephone survey with a range of trade and DIY consumers was carried out with follow up depth interviews to further probe on key issues.
The outcome:
Insights gained from the project were presented by the client at their annual sales and marketing conference. The product has since been successfully launched by the company. -
Strategic Brand Development
The problem:
It was time to re-assess what the Superdrug brand stood for and what areas were ripe for new product development.
The solution:
A mixed methodology approach involved qualitative brand positioning focus groups, in-store ethnography, and quantification through a series of hall tests, packaging and pricing surveys.
The outcome:
Superdrug relaunched itself with dynamic new product lines and clearer high-street positioning. -
Multi-national Usage & Attitude Survey
The problem:
What were consumers’ views about cooking and eating almonds and had this changed over time?
The solution:
1000 detailed face-to-face interviews in each of UK, France, Germany, Japan and China. Segmentation of almond users obtained with comparisons both within and between countries.
The outcome:
Established customer awareness and attitude towards uses for almonds for eating/ cooking and their health connotations. Results presented at ABC Annual Conference. -
Broker Relationship Survey
The problem:
Unum needed a robust metric of its performance for brokers in the form of key indices as well as analytic depth to inform how it could improve on these measures.
The solution:
Research methods needed to show due respect to brokers, as each one for this specialized B2B insurance market represents a significant investment from the company. Specially trained Phoenix MRC financial interviewers carried out quantitative surveys, followed up for some with executive depth interviews for added richness.
The outcome:
Strengths and weaknesses of Unum and of competitors were identified, as well as upcoming threats to the business and specific opportunities for product and service improvement. The survey was repeated to monitor performance over time. -
New Expert Information Product
The problem:
What appetite did current and potential customers of this flagship product have for each of three new product concepts and were they willing to pay for them?
The solution:
15 minute online survey completed by members of this rarefied and expert target group of commodity traders and analysts.
The outcome:
Identified satisfaction levels with current information sources, which current elements and new product concepts were most valued, which were less important as well as likely uptake at different price levels. -
Cathedral Visitor Survey
The problem:
Gloucester Cathedral wanted to profile their current visitors to find out more about them, and also to understand how they could attract more visitors like them.
The solution:
Short face-to-face exit survey with visitors was carried out by Cathedral staff, who had been briefed by PMRC.
The outcome:
Survey results helped the Cathedral to identify which areas of the Cathedral to increase use of to boost visiting numbers. They were benchmarked against attractions of a similar nature in the UK for best practice, prior to a large scale development plan being launched to increase visitor numbers. Results were used to support and win major Heritage Lottery grant. Survey then revised and repeated 5 years later to help plans to widen visitor base without alienating current visitors.
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Compliance Mystery Shopping
The problem:
L&G needed to monitor and demonstrate compliance by front line ARs selling company products.
The solution:
PMRC devised a new covert mystery shopping paradigm that enabled the sales process to go further than previous companies had managed.
The outcome:
Enabling monitoring right up to the point of sale gave L&G significantly more powerful tools to check whether compliance had been met, further reinforcing L&G's place with the regulators as ‘one of the good guys’. -
Loyalty Scheme
The problem:
Exxon Mobile needed to identify better ways to target direct marketing activities in order to stimulate uptake of their loyalty scheme in Germany and Italy.
The solution:
1600 interviews using both telephone and face-to-face methods followed by detailed segmentation analysis.
The outcome:
Results successfully identified key triggers for direct marketing success. Client was also able refocus marketing campaigns for some segments and channels and to divest from others. -
Plasterboard Packaging Research
The problem:
Construction materials manufacturer wanted to conduct a survey with plasterboard customers that would not cause survey fatigue for main customer satisfaction survey due later that year.
The solution:
As a telephone survey was to be avoided but no email data available, PMRC recommended a mixed methodology where respondents could choose either telephone, online or face to face interviews.
The outcome:
Results identified key areas of concern with plasterboard packaging for customers and their relative satisfaction with these, so the client could focus on improving these key areas. Adaption of the survey questions for different customer types allowed the client to further customise these improvements to boost satisfaction for all customers. -
Adult Home Care Tracking Product Development
The problem:
Client wanted to understand the usage electronic tracking systems used in adult home care for software development.
The solution:
Online survey with personalised email invitations to users of these systems across UK.
The outcome:
Results from the survey enabled the client to focus the development of their product to more successfully meet the needs of existing and potential customers. -
Sports Facility Survey
The problem:
How could the Council provide facilities that really met needs of the local users?
The solution:
Self completion, quantitative survey of current facility users on site, with interviewers on hand to assist and encourage participation from all users in this ethnically diverse population. Additionally, footfall counts by interviewers throughout all opening hours.
The outcome:
The Council was able to budget and allocate resources where they were most needed. Survey repeated a year later to monitor improvements in meeting demands more effectively. -
Reader Satisfaction
The problem:
Specialist information provider wanted to gain feedback on their readers’ satisfaction with the magazine content.
The solution:
A self-completion questionnaire available both in paper and online to boost response rates.
The outcome:
The provision of the survey in two formats and updated content significantly increased response rates from previous surveys. As a result of the survey report, content was delivered more appropriately between the magazine and its online counterpart. Survey repeated to update findings and keep in touch with readers' needs and wants. -
Understanding Attrition
The problem:
Provident Financial wanted to keep customers that were paying off their loans early by finding out what made them leave.
The solution:
Customers tended to be more sensitive and vulnerable, which guided our approach to face-to-face IDIs throughout England.
the outcome:
Insights into the attitudes and emotions causing their decision enabled us to provide specific insights and ideas to keep customers for longer. This included a specially tailored Visa debit card, which filled the need for freedom from cash and access to internet shopping, previously not available to this target market. -
Luxury In-store Display
The problem:
Menswear in-store displays required major update in luxury retail store.
The solution:
Series of focus groups conducted in-store, reopening Harrods after normal closing hours, enabling respondents to walk through the department and handle product during the discussions. Multiple moderators accompanied respondents in pairs during ‘breaks’ in the group, then reconvened groups to discuss their impressions.
The outcome:
A complete re-design of menswear displays was carried out in light of the insights gained from the research. This was so successful that it gained full buy-in of long term concession personnel in store. Furthermore the approach has since been successfully applied to a broad range of retail clients.
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Service Delivery Mystery Shopping
The problem:
MORE TH>N needed to develop a means of monitoring service that got highly sensitive results.
The solution:
PMRC devised a regular programme of mystery shopping More Th>n and its key competitors by telephone and online. Regular repetition and iterative improvement in the MS methodology enabled reduction of sample sizes without losing sensitivity.
The outcome:
We have seen their direct offering migrate through to a new brand and continue to carry out work on all the new brand product areas. Mystery shopping programme rolled out to include regular mystery shopping of all 5 key general insurance lines plus dipstick testing of others. -
Tourism Focus Groups
The problem:
National tourist board wanted to better understand the purchase habits of UK holiday makers as they are key visitor group for South Africa.
The solution:
8 focus groups carried out in 4 UK locations using viewing studios so clients could observe and feed back on the groups while in progress.
The outcome:
Advertising messages and executions were honed to better target UK customers as a result of the project report. The main services of the tourist board were also influenced and improved as a result of this, including their work with local travel providers. -
Competitor Mystery Shopping
The problem:
L&G needed to benchmark their service provisions against competitors in a particularly complex product area.
The solution:
We used our specially trained FS mystery shoppers to track the enquiry right through to follow-up meetings and advice.
The outcome:
The results meant we could identify best practice and the competitors to watch. -
Trade-off Pricing Research
The problem:
Major pricing structure review of Frequent Traveller required.
The solution:
Focus groups followed by online survey with 1400 Frequent Travellers, including a conjoint trade off analysis.
The outcome:
Focus groups narrowed down the most valuable product elements to customers which were then used in the trade off analysis. The results identified the price elasticity of propositions as well as developing a model to test the likelihood of purchase of these. -
Understanding the use of Temporary Labour
The problem:
Government required multi-dimensional information to understand and predict future requirements for temporary agricultural labour in the UK.
The solution:
Depth interviews with key opinion and decision makers in the UK food chain. In addition ethnographic case studies were conducted amongst a number of temporary labourers and the farms they worked at.
The outcome:
Current levels of temporary labour were measured and future needs for were predicted. Detailed understanding of the complex pattern of near-future labour needs obtained. -
Brand Image Research
The problem:
Needed to understand customer perception of the company and their competitors.
The solution:
Multiple projects over several years including face-to-face street interviews.
The outcome:
Identified strengths and weaknesses to provide key areas for action, including discovering that a specific sponsorship was actually harming their image. -
Website Development
The problem:
Client wanted to increase visitor numbers to their flower arranging website.
The solution:
Depth interviews conducted while respondents were browsing the website so reactions to not just the content and design of the website but also its ease of use could be recorded.
The outcome:
Comprehensive analysis of results provided the clients with clear and supported recommendations of how to improve the design and content of the website. Additionally, they were able to market the website more successfully due to feedback from the interviews. -
Development of the Direct Offering
The problem:
Back in the mists of time we helped this insurer break new ground with the initial set-up its direct sales arm.
The solution:
We carried out qualitative work with focus groups and hall tests and then quantitative trade-off studies to optimise the product and service offerings, going on to carry out pricing research, then service monitors and qualitative product development work to further develop the brand for new product lines and web sales.
The outcome:
Who knew then that this would become the now-mighty More Th>n! -
Revitalising Existing Brand
The problem:
One of the original and largest branded wines needed to update its image amongst consumers.
The solution:
Focus groups in the UK, France, Germany and Canada covering brand positioning, label designs, advertising and product characteristics.
The outcome:
Brand relaunched with updated packaging and advertising, repositioned to reflect changes in consumers’ use and attitudes of wine. Brand sales revitalised. -
Understanding the Sales Journey Experience from both sides
The problem:
To gain greater depth of understanding of the sales experience from the perspective of both salesmen and customers following mystery shopping of own brand and competitors.
The solution:
Face-to-face depth interviews with car dealership sales managers and mystery shoppers. All interviews video and audio recorded.
The outcome:
The findings revealed insightful comparison between client and customer services/ sales approach as well as detailing and explaining discrepancies between the client's expectations of its customer service/ sales experience and the actual mystery shopper experience, allowing the client to feedback to their sales team and improve their service. -
Comms testing alongside NPD
The problem:
Barclays needed to ensure that new products being developed met the needs of the farmer target audience.
The solution:
Targetted testing of materials with farmers through focus groups and IDIs.
The outcome:
Development of advertising and supporting materials that communicated product values consistent with customer needs and attitudes. -
Public Consultation - Council Tax
The problem:
Understand public priorities for hard tax decisions following year of flood damage putting exceptional burden. Results needed quickly and at sensible cost.
The solution:
Brief CATI interviews with random sample of over 1000 Council tax payers.
The outcome:
Results delivered within a few days of initial request for information. Enabled Council to make decisions with an understanding of local taxpayer’s priorities. Went on to recruit 9 consumer focus groups to get in-depth understanding of views for most effective and efficient use of limited Council resources.
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Satisfaction Survey (Housing)
The problem:
Sensitive interviewing style and spread of call times required to suit diverse targets including high proportion of elderly and ethnic customers as well as working population.
The solution:
350 15 minutes CATI interviews using specially trained PMRC field force. Phoenix MRC’s NEXUS approach to open-ended response analysis used to get added richness of findings.
The outcome:
Valuable insights into areas of sensitivity amongst leaseholders plus identified areas of particularly strong service delivery.
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International Competitor Mystery Shopping
The problem:
Bupa International wanted to know how they compared against competitors.
The solution:
Together we devised the best scenarios and briefing materials for mystery shoppers. Research was online, via email and telephone.
The outcome:
This project provided a vivid understanding of how customers experience the process, highlighting both areas of excellence and potential improvement. -
Financial Brand Satisfaction Tracking
The problem:
Needed to track customer satisfaction with service and product offerings.
The solution:
CATI with regular focus groups for additional depth.
The outcome:
Customer satisfaction levels tracked and compared over time with a clear focus on areas needing action.
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Engaging adults back into education
The problem: Low levels of interest and up-take for adult education courses at local further education colleges.
The solution: Two-stage project involving min focus groups and street interviews to understand of awareness, perceptions and requirements for adult education facilities.
The outcome: The research provided the education partnership with evidence on which to base future course decisions. Additionally, the research assisted in the development of future prospectus design as well as marketing strategies most appealing to the target audience. -
Driving business growth
The problem:
Largest provider of employment protection insurance needed to understand better the issues facing employers in this harsh economic climate. Looking for strategic guidance to drive business growth.
The solution:
IDIs with 50 senior business decision makers nationwide followed by meticulous qualitative analysis.
The outcome:
Provided clear insights regarding avenues to pursue for business development. Published thought piece on the issues facing British employers. -
Sentencers' Satisfaction Survey
The problem:
Not of the probationers but of the sentencers – magistrates and judges, who depend on the probation trust for services including. To understand how well their service met the needs of this very special set of volunteers and professionals.
The solution:
5 depths with judges and 300 mixed quant (online, tel, paper); compared results with those from previous surveys.
The outcome:
Valuable insights combined with hard evidence to allow the Trust to focus on improving aspects of most relevance and importance to their ‘customers’. -
Housing Scheme Test
The problem:
The Council trialled a new system for applying for a new or alternative home on the social housing register. Should they roll it out or abandon the new system?
The solution:
CATI interviews topped up with self-completion questionnaires tested awareness, usage and satisfaction compared to the old scheme.
The outcome:
The Council had an evidence base to roll out the new scheme for all future applications and make additional investment for online version of the scheme.
Contact Phoenix MRC
Telephone
+44 (0) 1242 256816
Location
Whithorne House / London Road / Cheltenham / Gloucestershire / GL52 6UY
"Phoenix Research, and in particular Susan, make the act of market research effortless. Susan spent quality time with us at all stages of the process, thinking thorough all angles and issues relevant to the particular project. Her communication is fantastic and particularly at the start of the process where regular conversations meant we were all comfortable with the direction of the research, it meant Phoenix were fully up to speed on the market, the audience, the issues in terms of budget and timeframes and it meant the whole process thereafter was easy! Susan works in a very collaborative way throughout, there are no surprises, and she clearly brings a wealth of experience and ideas to the table. Would highly recommend."
Tracy Adams, Cirencester Family Society
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