Consumers are increasingly using multiple financial products, providers, and channels. This dynamic behaviour makes their choices difficult to track and understand. How can we adapt our research approaches and methods to this new market?
We set out to demonstrate how businesses and institutions are using innovative research methods to understand contemporary consumer finance markets. We also wanted to promote knowledge sharing about cutting-edge research into consumer behaviour in a changing consumer finance market.
We identified and reviewed innovative consumer finance research being done by a wide range of businesses and institutions. As well as a large online search, we interviewed professionals working in banks, technology companies, marketing agencies, startups, and more. We asked them how their research needs are changing, and how they are developing new approaches to solve business problems.
This project's main output was the Consumer Finance Research Methods Toolkit (CFRM Toolkit). It is intended for a wide audience, professional and academic. It includes: 6 innovative methods 12 case studies of consumer finance research Ethical issues overview Discussion of current challenges in consumer finance research Resources such as links to further reading, relevant institutions, and data sources
The 6 methods we describe are:
We also produced a paper and several blog posts to assist researchers in adapting to changing conditions in consumer finance globally and to better understand the consumers of financial products.
We design and implement consumer finance projects that respond to a fast-changing and unpredictable market: