In financial institutions, market research is the foundation for making informed business decisions. For banks, NBFCs, fintech startups, and investment firms, it helps identify customer needs, industry gaps, and the right opportunities for innovation.
It involves collecting and analyzing data about customers, competitors, products, and market trends.
For fintech and finance companies planning to launch new products or integrate AI and technology, market research is even more critical. It helps answer key questions such as:
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Are customers ready to adopt AI-powered financial tools?
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What security or trust concerns do they have?
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How do existing competitors position their digital offerings?
When done effectively, market research reduces risks, ensures product-market fit, supports compliance, and helps you launch tech-driven financial solutions that users actually value.
How to do market research for financial institutions
Step 1. Define Clear Research Objectives and the Target Audience
Every successful research project starts with clear goals. Financial companies must first define why they are conducting research and who they are studying.
If you are a fintech startup launching a new digital lending app, your objectives might include:
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Understanding borrower preferences for instant loan approval.
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Measuring comfort levels with AI-based credit scoring.
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Assessing how customers compare your solution with traditional banks.
Meet with internal teams like product development, compliance, risk, and marketing to define specific questions the research should answer. For example:
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What features drive adoption of AI-based investment tools?
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What level of automation are customers comfortable with in wealth management?
Without clear objectives, you may collect data that does not lead to strategic insight. Precise goals ensure every question or metric serves a purpose.
Step 2. Select the Right Research Methods and Data Sources
Once objectives are clear, choose suitable research methods and sources. Financial markets are complex, so a mixed-method approach works best.
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Quantitative research gives statistical insights. You can use online surveys, customer panels, or transaction data to study thousands of users.
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Qualitative research offers a deeper understanding through interviews, focus groups, or usability tests.
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Secondary research, such as annual reports, fintech trend studies, and central bank publications, help understand industry shifts and competitors.
For example, a digital bank exploring AI-based fraud detection might:
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Survey customers to gauge trust in automated systems.
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Interview internal teams to learn operational needs.
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Review competitor case studies on AI adoption.
In finance, it is vital to ensure compliance with data privacy regulations like GDPR or RBI guidelines. Always store and process data securely.
Step 3. Segment the Market Into Meaningful Groups
Financial users differ by income, goals, digital comfort, and financial literacy. Segmenting your market helps identify which customer groups are best suited for your new product.
For instance, a fintech company developing a robo-advisor might define these segments:
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Young professionals seeking automated investing options.
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Mid-income earners looking for low-cost financial planning.
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High-net-worth individuals who prefer hybrid advice (human + AI).
Each segment has different trust levels, risk appetites, and preferred channels. Analysing these segments helps you decide where to focus first and how to design features that appeal to each group.
Step 4. Collect and Validate the Data
Now, start collecting data through your selected methods. Ensure the sample represents your actual target market. For example, if launching an AI-driven savings tool, include both early tech adopters and cautious savers to balance insights.
After data collection, validate it carefully. Financial data must be accurate and consistent because decisions based on faulty data can lead to financial losses or compliance issues.
Clean your dataset to remove duplicate or incomplete responses. Review survey logic and cross-check responses for errors. For interviews, transcribe and categorize responses to identify repeated themes.
Pilot testing a small group before the full rollout helps identify flaws in your questionnaire or data process.
Step 5. Analyze the Findings and Extract Actionable Insights
Once the data is ready, analyze it to uncover patterns, motivations, and opportunities. Use statistical tools or visualization dashboards to identify:
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What customers value most (speed, trust, convenience).
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What barriers exist (complex onboarding, data privacy concerns).
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How different segments behave (branch-dependent vs. mobile-first users).
Combine customer data with external trends such as fintech funding shifts, government regulations, or AI adoption rates. This will give you both customer and market-level understanding.
For fintechs introducing AI chatbots or automated advisory, insights might reveal that users prefer AI-assisted service for small queries but still want human verification for high-value transactions.
Convert these insights into practical recommendations such as improving onboarding UX, enhancing transparency around AI use, or adjusting pricing models.
Step 6. Test New Concepts, Pricing, and Messaging
Before launching a financial product or new tech feature, always conduct concept and message testing. It helps avoid product mismatches or customer distrust.
For example, if you are launching a credit scoring system based on AI, create mock screens or prototypes. Present them to small user groups and ask:
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Does this product seem fair and transparent?
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What concerns do you have about data use?
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What would make you trust this service?
You can also A/B test interest rate ranges, app layouts, or ad messages to see which option drives higher engagement or intent to use.
Testing early helps identify user concerns, refine messaging, and ensure compliance with communication standards for financial promotions.
Step 7. Turn Insights Into Product and Strategy Decisions
The real value of research comes from applying insights. Once you have clear findings, convert them into product and operational actions.
For example:
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If research shows that 70% of users abandon digital loan applications midway, your product team can redesign onboarding for speed.
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If users say they do not trust AI without human oversight, your compliance and tech teams can add transparency features explaining how decisions are made.
Assign responsibility for each action—product managers handle feature changes, marketing adjusts messages, and data teams monitor metrics.
Use simple frameworks such as:
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Insight → Action → Responsible Team → Deadline → KPI.
This ensures accountability and visible progress from your research investment.
Step 8. Track Results and Update Regularly
Once your market research insights are implemented, the next step is to measure the outcomes. Tracking results is essential to understand whether the changes, product launches, or new strategies have delivered the desired impact. Financial markets evolve constantly, influenced by shifting customer expectations, interest rate fluctuations, emerging competitors, and fast-moving technology trends. Because of this, tracking and updating your approach regularly keeps your institution competitive and responsive.
Start by reviewing key performance metrics that align with your objectives. These may include:
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Customer acquisition and retention rates to see if new offerings are attracting and keeping customers.
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Digital adoption metrics such as app downloads, logins, and active usage to measure how well your audience is adapting to new digital features.
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Product performance indicators like loan approval time, transaction volume, and savings account growth to identify operational efficiency and market response.
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Customer satisfaction and trust levels, especially for AI-driven or automated financial tools, to ensure customers feel confident using your products.
Compare these new performance data points with your original research benchmarks. If customer behavior, satisfaction, or product uptake differs from initial expectations, it may indicate the need for adjustment in product design, pricing, or communication strategy.
Regular follow-up research, whether quarterly or annually, helps identify these shifts early. You can use smaller pulse surveys, digital analytics, or social media monitoring to detect emerging trends and feedback in real time.
How Consainsights Helps Financial Institutions Launch New Products with Market Research
Consainsights supports financial institutions and fintech companies in turning market data into smarter business decisions. When banks, NBFCs, or digital lenders plan to launch a new product or integrate AI-driven financial solutions, our research helps them understand market demand, competition, and customer expectations.
We analyze customer behaviour, segment the market, study regulatory changes, and assess pricing sensitivity. This helps financial brands design the right product, target the right audience, and position it effectively in the market.
We design research tailored to your business goals. From exploring demand for digital lending to testing new fintech app features, our studies provide deep, data-backed insights.
We help financial institutions estimate total market potential, identify growth opportunities, and predict future demand. This ensures your new product aligns with real and emerging market needs.
Market Entry Strategy Consulting Services
We support institutions expanding into new regions or launching new financial products. Our strategy reports cover customer profiling, competitor benchmarking, regulatory assessment, and pricing analysis.
We track what customers are saying about your brand, competitors, and industry trends across digital platforms. This helps in understanding sentiment, identifying opportunities, and shaping marketing communication.
Client Accounting Advisory Services
We offer data-based accounting and financial insights that improve decision-making, enhance reporting accuracy, and ensure compliance for financial institutions planning to scale.
Consainsights combines analytical research, technology expertise, and financial understanding to help institutions innovate with confidence. Whether you are building a new digital product or entering a competitive market, our research ensures every decision is backed by reliable data and clear direction.
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