Consultancy
In addition to its core research and analysis activity, FairBanking offers consultancy services to banks, building societies and banking providers, along with government, regulators, trade bodies, consumer groups and the media. These consultancy services utilise the knowledge and insight gained from FairBanking’s research and analysis, along with our consultants’ extensive experience in the retail financial services sector. The kind of consultancy projects that FairBanking can carry out include:
• Detailed review of a bank’s existing retail products and service offerings with a focus on the likely benefit for the financial well-being of the customer.
• Analysis of the impact existing product and service offerings have on customers to ascertain the behavioural change that has occurred to the benefit of the customer and to identify any unintentional consequences.
• Input into new developments - either at the creation stage or during the development process, including customer testing of proposed product or service innovations and enhancements.
• Input to strategic planning – including anticipation of changing social, competitive, governmental and regulatory contexts for the positioning of financial well-being initiatives.
Recent examples
• Design of a new banking product with multiple financial well-being features that could be delivered easily. Many of these features are gradually appearing as innovations in products offered in the market.
• Thought-leadership in the area of behavioural economics, which is an area of significant interest following the publication of the bestseller, “Nudge”.
• Co-produced a report entitled “Transforming Financial Behaviour” for the Consumer Financial Education Body, including researching six case studies from the financial services industry that use behavioural economic interventions to improve financial capability.
These services are offered on a project basis, with costs based on time required by members of the FairBanking team , and any additional bespoke research required. FairBanking is happy to hold informal exploratory discussions regarding potential projects prior to producing detailed proposals and costings for the work involved.
