Through the use of real-time market and consumer research, one neobank there is differentiating itself in the competitive sector.
With the number of digital banks increasing significantly in Indonesia, every player has to offer a unique selling point to attract customers.
One digital bank there, Bank Neo Commerce (Bank Neo), has differentiated itself by adopting technology that enables it to conduct ongoing market and consumer research studies in real-time to rapidly understand how preferences are evolving. Metrics such as consumer preferences, customer satisfaction, and usability and concept testing, all require an agile research platform.
The neobank has adopted Qualtrics for this strategy, as it offers a single database for all customer and employee experience data. The feedback collected is combined with bank’s operational data (such as CRM and marketing automation tools) to build rich customer profiles that can help it increase personalization when engaging and serving customers.
With real-time access to insights, the bank can identify the products, services, and experiences it delivers to satisfy needs and capitalize on opportunities.
Explained the bank’s President Director, Tjandra Gunawan: “We are laser focused on improving our products and services to meet people’s changing needs. By rethinking the traditional market research program, we are able to differentiate (ourselves) in the competitive digital banking sector through access to real-time insights that help us take confident and precise action to continually improve our customer, brand, and product experience.”
According to Mao Gen Foo, Head (Southeast Asia), Qualtrics: “With customer needs and expectations across all industries evolving rapidly, having full autonomy of market and consumer research programs is now essential. Bringing research capabilities in-house allows organizations to cost-effectively and efficiently scale and manage such programs, while access to real-time insights supports faster and smarter decision-making. Bank Neo is one of the first organizations to adopt this innovative approach in Indonesia, and has seen immediate returns on its investment thanks to the valuable capabilities enabled.”
