At the beginning of 2019, the new European law (guideline) for the payment transactions of consumers and businesses, PSD2, came into force. This new law impacts everyone. For example, banking apps can now not only show the account of that bank, but also all other accounts you may have at other banks. You must give permission for this yourself. This new law is therefore closely related to privacy.
Our client, active in the European financial market, would like to proactively make their clients aware of the importance of privacy when it comes to financials. This has implications on the development of propositions and new services. Our client has developed a proposition around this and wants to know how it is evaluated.
DVJ’s proposition test is holistic in nature and consists of various implicit and explicit research techniques. The main goal is to map out the usage potential of the new proposition. The study contains storytelling and classification of the stories in combination with free associations to study how people feel about privacy when it comes to financials. These techniques are especially suitable for this topic because respondents at home, in a safe environment, will share honest stories and associations online, that they may not share or would not easily share in other research settings. Using the Accepter-Rejecter technique, we can determine to what extent the proposition is accepted. The proposition is then assessed in its entirety.
The results show that the acceptance rate (38%) of the new proposition is around the benchmark level for financial service providers. However, it is striking that people don’t find the idea nearly as worthwhile or interesting. This is probably due to the fact that the idea is found to be very new and different, and difficult to understand. As a result, the relevance of the idea lags behind for many people. It just goes to show that privacy in financial markets is complicated and that some people may be looking into it, while others may not find it as important or don’t want or can’t go into it. This is also reflected in the positive and negative associations. Positive associations (40%) are ‘safe’, ‘useful’, and ‘clear’, whilst negative associations (38%) revolve around ‘not for me’, ‘unsafe’, and ‘worthless’. It is a polarising idea.
The client has obtained clear insights into how important people find privacy in a financial context. By using different qualitative techniques in an online environment, stories and associations are revealed which we would probably not have discovered otherwise. Next to that, the client now has insight into the potential of the new proposition. The study revealed some clear point of optimisation.