Facilitating the launch of a new bank via research

South West Mutual was formed to establish the first-ever member-owned mutual high street bank dedicated to offering finance to residents and small businesses. Offering modern banking, with an ethical focus requires authorisation by the Bank of England and the Financial Conduct Authority. So, as part of the regulatory business plan, South West Mutual commissioned Turquoise to get under the skin of how the proposed target market would react to the new bank’s proposition.

We were all really impressed with the final report, how Turquoise totally understood our brief and our proposition and translated this into a really valuable and insightful piece of research.

Darren Arulvasagam, Head of Strategy & Partnerships

Methodology

Depth interviews were conducted with a range of people across four personas in rural areas where local towns had lost their high street banks. This gave Turquoise an opportunity to assess any potential obstacles or barriers to switching bank accounts, motivations to switch brands, levels of trust generated by bank branches, and ideas on what a branch should look like.

Outcome

Turquoise uncovered a number of areas where the need for more education on the proposition was highlighted for certain groups, and there was also some extremely positive sentiment from certain audience segments. This resulted in Turquoise providing South West Mutual with a set of strategic insights particular to each of the personas studied.

Our unique approach

The Triple Nexus™ Model

Whether we are helping finance companies understand and predict customer behaviour, powering smarter data-driven strategy, or driving organisational change, our unique model helps deliver scientifically superior results for the industry.

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Know

Know what finance customers think, better than they know themselves. Our model uniquely unearths subconscious psychological factors that influence customer feelings and behaviours.

Validate

Our model validates deeper methodological and contextual factors behind the data, not just the data itself, which helps uncover truly relevant insight while minimising noise.

Predict

Our unique model allows organisations to accurately predict market and customer behaviour, helping to power genuinely forward-thinking strategy and decision making.