How behavioural economics can improve customer research in retail banking markets

How behavioural economics can improve customer research in retail banking markets

A note prepared for the CMA's retail banking market investigation

At the recent meeting between the Competition and Markets Authority (“CMA”) and Lloyds Banking Group (“LBG”) there was a discussion about methodologies for undertaking customer research and, in particular, the insights that can be gained for its investigation from the advances in behavioural economics. Lloyds Banking Group asked Frontier to share some insights on methodologies for undertaking customer research, in particular how advances in Behavioural Economics might apply to the information gathering stage of a market investigation into retail banking.

 

 

How behavioural economics can improve customer research in retail banking markets