Case Studies For Innovation In The Financial Services Sector
Ipsos Innoquest*Vantis is the world's largest database of normative results for new offers to the banking customer. We regularly run our own Research & Development, examining how new-to-world products will be adopted in the marketplace. Please take a moment to download some of our favorite Financial Services reports featuring products such as Google Wallet, TARGET REDcard, UnityCard, AMEX Bluebird, and others.
From the earliest spark of an idea, we help you decide what to take to market and how best to get it there. We inform critical innovation decisions with the industry's most robust normative data sets, advanced analytics and validation tools. Whether you are a champion, bringing true innovation to your organization for the first time or a virtuoso, we have tools that will answer your questions and impact your business.
How large is the opportunity for mobile banking as applies to your customer? What is the pricing structure you need to employ in order to be competitive? If you delay the roll out of Remote Deposit Capture (RDC) what is the downside to your banking business?
SQUARE
We predicted the success of a payments service called "SQUARE" when this Vantis File was done in October 2010; the year Jack Demsey launched the service. We also predicted consumers would struggle with "believability" of the offer. SQUARE has clearly executed on a superb job at communicating and educating the customer.
TARGET REDcard
In 2011, in-store credit cards were not very popular. The economy and the Durbin Amendment were both conspiring to predict the demise of in-store credit cards. At Ipsos, we thought of the opportunity differently.
UnityCard
Sometimes we test things we think are possible and that will scratch a consumer itch. We made up an offer called "UnityCard" in 2010. Now the offer is real and available from COIN who launched in November 2013. See what we predicted 3 years ago about the potential for this financial services offering.
Isis
Consumers "want" the benefits of a mobile wallet. The offering of Isis Mobile Wallet is an application that allows smartphone users to pay with their phone. Although Isis launched in November we tested it back in March 2013. Discover what we thought were some of the challenges behind the mobile wallet.
Discover IT
This offering from Discover has some "believability" issues however the consumer is generally interested in the offer. Potential customers have a stong liking for no fee cards. See what we had to report on the DiscoverIT offer before it included free FICO174 Credit Scores.
Google Wallet
Availability and penetration are key to the consumer success of this offer from Google. The promise of Google Wallet is the ultimate in payment simplicity; just tap your phone at a PayPass equipped POS terminal to pay, no need to carry physical credit cards. How does this offer do in the market?
AMEX Bluebird
Credit card companies should constantly be looking for ways to move up and down the market to obtain new customers. Markets change frequently and prepaid is a logical response to the loss in revenue from reduction in fees. We tested the American Express exclusive offer in Wal-Mart stores and found that although there is interest in the target consumer, the AMEX exectution is lacking. This offer needs help but we believe there is a solution.
DRIVEwise
Can insurance companies entice drivers to buy policies based upon good driving habits with real time verification of accepted driving practices? The major roll out of Progressive Insurance's Snapshot offering took place in 2010 after developing the product over a decade.
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