Case Study :

Designing effective current account prompts

The Project

Designing effective current account prompts

Our Approach

Collaborate Research supported the FCA in determining what types of prompts from banks and building societies will be most effective in increasing consumers’ engagement with their current account and the possibility of switching. We conducted a series of in-home depth interviews with different types of personal current account holders across England to test a series of prompt and alert ideas.  The overall objective was to understand which types of prompts and alerts would be most likely to result in action.  To achieve this, a behaviour-led research design was used and the analysis applied learning from behavioural economics. There was also a second stage of the research where some respondents embarked on a switching journey in order to explore whether any supply-side barriers to taking action were encountered. The published report can be found here.

Client Feedback

“Monique and Collaborate Research were brilliant. We had commissioned this research to explore reactions to a series of prompts and alerts designed to increase engagement with personal current accounts. We wanted to sense check the ideas and whittle them down, before putting them into an online experiment and, ultimately, a field trial to understand what works. Monique really understood what we needed – the research outputs were tailored for exactly the decisions we wanted to make off the back of it. The research was delivered on time and was of extremely high quality. I highly recommend Monique and Collaborate Research.”
Alex Chesterfield, Technical Specialist, Behavioural Economics and Data Sciences Unit