A specialist private foreign bank wanted to enter the UK Affluent Banking customers market; a qualitative investigation of bank satisfaction among millionaires was devised. The objectives were to understand satisfaction with current banking arrangements, opinion of financial adviser used within current bank, needs for advice from advisers and extent being met, propensity to switch and what it might take to encourage switching.
With our in-depth market knowledge and excellent access to HNW and UHNWs through our millionaires access panel, FWD took on the task.
We recruited 50 face-to-face one hour appointments in London hotels over a 3 week fieldwork window.
The financial incentive per se was not the overriding factor, more appealing to the benevolent side of these affluent and time pressed respondents by promise of a significant donation to their favourite charity.
The insights were presented back and showed a surprising lack of attention to this unique audience in their satisfaction scores and often some complacency on behalf of the incumbent bank.