Financial Services Market Research
Australia’s financial services sector is complex, competitive and constantly evolving. Changing customer expectations, regulatory pressures, new technologies and emerging business models are reshaping how Australians bank, borrow, invest, insure and manage their financial futures.
Lonergan Research helps financial services organisations understand what these changes mean for their customers, markets and businesses.
As an independent strategic research consultancy, we work with organisations across banking, insurance, superannuation, wealth management, financial advice, lending, payments, fintech and other areas of financial services.
Our focus goes beyond delivering data. We combine rigorous research with strategic thinking to uncover what matters, why it matters and what organisations should do next.
Financial Services Research Designed Around Your Business Challenge
No two financial services organisations face exactly the same challenge, which is why we don’t begin with a predetermined methodology.
We begin with the business question.
From understanding changing customer expectations to assessing the potential of a new product, identifying market opportunities or evaluating brand positioning, we design research around the decisions our clients need to make.
Our financial services market research capabilities include:
- Customer experience and journey research – understanding customer needs, behaviours, expectations and pain points across the customer lifecycle.
- Market opportunity assessment – identifying emerging opportunities, unmet needs and potential areas for growth.
- Customer segmentation – identifying meaningful customer groups based on attitudes, behaviours, needs and value.
- Brand and communications research – measuring awareness, consideration, positioning, reputation and the effectiveness of communications.
- Product and concept testing – evaluating new financial products, services, propositions and features before or after launch.
- Pricing research – understanding customer perceptions of value and the impact of different pricing structures.
- Stakeholder research – exploring the perspectives of customers, employees, intermediaries, advisers, brokers and other industry stakeholders.
- Mystery shopping – assessing real-world customer experiences across branches, contact centres and digital channels.
- Market sizing and potential – helping organisations understand the scale and characteristics of a market opportunity.
- Tracking and ongoing research programs – monitoring changing attitudes, behaviours, brand performance and market conditions over time.
Our methodological neutrality means we select the tools that best answer the research question rather than fitting every challenge into the same research framework.
Financial Services Sectors We Work Across
Financial services is not a single market. Different sectors operate within distinct customer, commercial and regulatory environments, requiring research that reflects those differences.
Lonergan Research can support organisations across:
Banking and Credit Unions
Research into customer acquisition and retention, digital banking, customer experience, product development, brand positioning, SME banking, lending and changing financial behaviours.
Insurance
Research across general insurance, home and contents, motor, health and other insurance markets, including customer needs, product development, pricing, switching behaviour, market potential and customer experience.
Superannuation
Understanding member needs, engagement, communications, retirement planning, digital experiences, brand perceptions and changing expectations of superannuation providers.
Wealth Management and Investment
Research to understand investor attitudes, behaviours, decision-making, product needs, brand perceptions and emerging opportunities within wealth and investment markets.
Financial Advice and AFSLs
Research with advisers, clients and other industry stakeholders to explore advice needs, customer expectations, service models, industry perceptions and market opportunities.
Lending and Credit
Understanding borrowers, brokers and businesses across mortgages, personal lending, SME finance and other credit markets, including customer journeys, product needs and decision-making.
Payments
Research into payment behaviours, cards, digital wallets, payment technologies and changing consumer and business expectations around how transactions are made.
Fintech
Helping established and emerging financial technology businesses understand customer needs, test propositions, evaluate new concepts and identify opportunities within rapidly evolving markets.
What Can Financial Services Market Research Help You Achieve?
Effective financial services research turns uncertainty into evidence that can support better strategic decisions.
Depending on the business challenge, research can help organisations:
- identify new markets and growth opportunities
- understand changing customer needs and behaviours
- improve customer acquisition and retention
- optimise customer journeys and experiences
- develop and refine products and services
- assess market demand before making significant investments
- identify meaningful customer segments
- evaluate brand positioning and reputation
- understand barriers to product adoption
- test pricing and value propositions
- evaluate communications and campaigns
- understand the impact of market or regulatory change
- track customer sentiment and market behaviour over time
The objective is not simply to describe what customers think. The real value comes from understanding why they think and behave as they do, and what that means for the organisation.
Our Approach to Financial Services Market Research
Complex business questions rarely have simple answers.
That is why Lonergan Research is methodologically neutral. We use the research methods and data sources best suited to the problem rather than approaching every project with a preferred methodology.
Depending on the research question, this can include:
Quantitative Research
Large-scale surveys can identify patterns in customer attitudes, behaviours and experiences and provide robust evidence for strategic decision-making.
Quantitative research is particularly valuable for market sizing, segmentation, tracking, brand measurement, customer experience and testing propositions across larger populations.
Qualitative Research
Depth interviews, focus groups and other qualitative approaches allow us to explore the motivations, experiences and attitudes behind customer behaviour.
They can be particularly powerful when investigating complex financial decisions, customer journeys, trust, barriers to adoption and responses to new products or propositions.
Advanced Analytics
We use analytical techniques to identify relationships and patterns within data that may not be immediately apparent, transforming complex datasets into commercially meaningful insights.
Mystery Shopping
Mystery shopping allows organisations to understand how customer experiences are actually delivered across physical and digital touchpoints and identify inconsistencies between intended and real-world experiences.
Integrated Research
Often, the strongest answer comes from combining methodologies.
A project may begin with qualitative research to understand an issue in depth, use quantitative research to establish its prevalence across the market, and apply advanced analysis to identify the implications for different customer groups.
The methodology follows the question — not the other way around.
Trends Shaping Financial Services in Australia
Australia’s financial services landscape continues to evolve as technology, regulation, economic conditions and customer expectations change.
For financial services organisations, understanding how customers respond to these changes can be as important as understanding the changes themselves.
Digital Financial Services
Australians increasingly expect convenient, intuitive digital experiences across banking, insurance, superannuation and investment services. Research can help organisations understand where digital experiences are working, where friction remains and when customers still value human interaction.
Artificial Intelligence and Automation
AI and automation are creating opportunities to improve service delivery, personalisation and efficiency. At the same time, financial organisations need to understand customer attitudes towards automated decisions, privacy, transparency and trust.
Trust, Scams and Cybersecurity
The prevalence of scams, fraud and data breaches has placed greater attention on trust and security. Understanding how these issues influence customer behaviour, channel preferences and perceptions of financial brands is becoming increasingly important.
Cost-of-Living Pressures
Household financial pressures can affect borrowing, saving, insurance, investment and spending decisions. Research provides a way to understand how these pressures translate into changing behaviours and priorities rather than relying solely on economic indicators.
Open Banking and Consumer Data
The Consumer Data Right and Open Banking continue to create new possibilities for competition and financial services innovation. Customer research can help identify awareness, understanding, concerns and willingness to adopt new data-driven services.
Changing Expectations Around Advice and Retirement
Australia’s ageing population, superannuation system and changing financial advice landscape are creating new questions around retirement, financial wellbeing and how Australians access financial guidance.
For organisations operating in these markets, evidence about customer behaviour provides an important counterpoint to assumptions about how people should respond to change.
Financial Services Research in Practice
The value of research is ultimately demonstrated by the decisions it enables.
Understanding the Australian SME Outlook
Lonergan Research conducted a large-scale study for a major Australian bank to understand the outlook of small and medium-sized enterprises.
The research explored business confidence and key challenges facing SMEs, providing evidence that could inform strategy and help the organisation better understand the businesses it served.
Assessing Insurance Market Potential
Lonergan Research undertook research involving thousands of Australian households to understand attitudes and behaviours relating to insurance.
Working with a federal government department, the research explored market potential and barriers affecting insurance uptake, generating evidence that could support decisions around the market and its customers.
These projects demonstrate the breadth of questions financial services research can address — from understanding particular customer groups to assessing opportunities across an entire market.
Why Choose Lonergan Research for Financial Services Market Research?
Good research requires more than collecting information. It requires understanding the commercial context, identifying what the evidence means and translating findings into practical recommendations.
| What organisations need | The Lonergan approach |
|---|---|
| Evidence they can trust | Rigorous qualitative and quantitative research designed around the business question. |
| The right methodology | Methodological neutrality rather than a predetermined research solution. |
| A complete perspective | Qualitative, quantitative, advanced analytics, big data and fieldwork capabilities. |
| Strategic insight | Holistic interpretation that connects individual findings to the broader business challenge. |
| Relevant recommendations | Findings translated into clear implications and practical opportunities. |
| Flexibility | Tailored research programs designed around each organisation and market. |
| Research expertise | Experienced researchers working across complex commercial and government projects. |
| Quality and security | Research practices supported by ISO 20252 and ISO 27001 accreditation. |
We believe research creates the greatest value when evidence and strategic thinking come together.
Rather than presenting clients with a collection of findings, we interpret the evidence holistically to identify the implications, opportunities and decisions that matter.
From Research to Strategic Growth
Financial services organisations have access to more information than ever. The challenge is knowing which information matters and what to do with it.
Lonergan Research transforms research findings into evidence-based insights that can help organisations understand customers, identify opportunities, reduce uncertainty and make more confident strategic decisions.
Our recommendations are grounded in evidence but informed by experience, creativity and an understanding of the wider commercial environment.
That is where research becomes valuable: not simply in knowing more, but in knowing what to do next.
Financial Services Market Research FAQs
What is financial services market research?
Financial services market research is the systematic study of customers, businesses, markets and industry stakeholders within sectors such as banking, insurance, superannuation, lending, wealth management, financial advice, payments and fintech. It helps organisations understand behaviours, needs, market opportunities and changing industry conditions.
What types of financial services organisations does Lonergan Research work with?
Lonergan Research can support organisations across banking, insurance, superannuation, wealth management, financial advice, lending, payments, asset management and fintech, as well as government organisations and other stakeholders involved in Australia’s financial system.
What research methods are used for financial services research?
The appropriate method depends on the research question. Lonergan Research uses quantitative surveys, qualitative depth interviews, focus groups, mystery shopping, advanced analytics and integrated methodologies. As a methodologically neutral consultancy, we select the approach best suited to each project’s objectives.
Can Lonergan Research conduct banking market research in Australia?
Yes. Banking research can explore areas including customer experience, SME banking, lending, digital banking, product development, segmentation, brand positioning, customer acquisition and retention.
Does Lonergan Research conduct insurance market research?
Yes. Research can examine customer needs, insurance behaviours, market potential, switching, pricing, customer journeys, new propositions and barriers to insurance uptake. Lonergan Research has undertaken large-scale Australian household research examining insurance markets and customer behaviour.
Can you research superannuation, wealth management and financial advice?
Yes. Research in these areas can explore member and investor behaviour, retirement needs, financial engagement, customer experience, communications, brand perceptions, advice models and emerging market opportunities.
Can Lonergan Research conduct B2B financial services research?
Yes. Lonergan Research can undertake research with SMEs, advisers, brokers, business owners, financial professionals and other specialist audiences. Previous work includes large-scale research examining the outlook and challenges facing Australian SMEs.
Can financial services research help identify new market opportunities?
Yes. Market research can identify unmet customer needs, emerging segments, barriers to adoption and demand for new products or services. Combining customer evidence with strategic analysis can help organisations assess the potential of an opportunity before committing significant resources.
How does Lonergan Research turn research into actionable insights?
We interpret research findings within the wider customer, market and business context. Rather than simply reporting individual data points, we look for patterns, connections and implications that help clients understand what the evidence means for their strategy and what they should consider doing next.
Make Better Decisions with Better Evidence
Whether you need to understand changing customer behaviour, evaluate a new market opportunity, improve customer experience or make sense of an evolving financial services landscape, Lonergan Research can design a research program around the decisions you need to make.
Talk to Lonergan Research about your financial services research challenge.
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