Proposition Development
The government is looking to get the UK investing. The pension system is under pressure. The regulator is promoting a growth agenda and is keen to improve financial resilience. Alongside Consumer Duty and potential reforms around disclosure, the FCA (with the Treasury) is re-drawing the boundaries around advice and is open to innovation in the design and delivery of financial solutions.
Technology is changing the way that customers interact with financial services. Huge intergenerational shifts are changing expectations around home ownership, retirement and wealth. As these shifts take effect, yesterday’s propositions are less likely to be the valued ones of tomorrow. If your market is b2b, then changes in the advice landscape are already altering the needs, expectations and centres of influence in purchasing decisions.
Starting from a deep understanding of your target audiences, we can support your proposition development. We use design-thinking techniques to co-create propositions and can support from concept testing to price optimisation strategies. We can scale the insight, leveraging CitizeniQ to optimise ‘go to market’ strategies.
Context
A leading global asset manager was keen to increase their footprint in the UK intermediary market and saw a potential opportunity for white label MPS solutions.
Our approach
We tested the concept of the bespoke solutions through depth interviews with key decisions makers from advice firms in their target market followed by a survey to validate with 250 participants.
Outcome
The team were able to understand the drivers of continued growth in MPS, decision making criteria around providers and understand better the size of the opportunity and potential routes to market for a differentiated proposition.
Value to client
Deep insight into UK market to support key growth strategy.
Context
Our client is a retail bank but with a strong focus on a relationship driven approach targeting HNW and business clients. The business had grown through referral and they were looking to scale and required a deeper understanding of what really resonated in their proposition.
Our approach
We completed depth interviews with individuals in their target audience, carefully selecting sample to align to their target market. The interviews explored overall appeal of the proposition, value and triggers to switch.
Outcome
Understanding of the gaps in the value proposition and key elements that resonated.
Value to client
Underpinned growth strategy with strong insight foundation.
Context
A leading advice network was launching a new fund range to broaden the proposition for their tied advisers. They wanted to ensure that the new range would complement their existing offer.
Our approach
Following various co-creation sessions with the product teams and advisers, work was required to understand optimum features and price point to be competitive, profitable and complementary to the existing multi-asset fund range and more bespoke solutions. We ran a survey using price optimisation techniques to understand likelihood to recommend for different product features and price points.
Outcome
The client was able to understand the potential new business flows and switching between ranges to capacity plan.
Value to client
Data-led approach to product design, maximising commercial opportunity, value for money and client outcomes.