Platform Investor Tracker
Our Platform Investor Tracker is a syndicated survey for DIY investment platforms created in response to Consumer Duty and internal reporting needs.
Every six months, we collect data from 3,000+ DIY platform investors (who have to hold either an ISA, GIA or SIPP) using an online quantitative survey. We can supply platforms with independent metrics on what your customers value and also benchmark platforms against peers. Data can be segmented into product wrappers held, and demographic groups and life stage.
Overview
Platform Investor Tracker provides platforms with:
Robust data for Consumer Duty reporting – metrics include value for money, trust, clarity of communications
Benchmarking of scores against competitors
An understanding of what drives value for platform investors
An understanding of where you need to improve to meet consumer duty requirements
Each report will detail the value platforms are perceived to be delivering against key criteria including:
Cost & value for money provided
Customer service and support
Communications
Expectations of their platform and your success in meeting them
Customer’s perceived success in achieving their objectives
What is included?
Historic Data Tracking - Boring Money has been tracking what retail investors think about platforms since 2022
Benchmarking against peers - Our bi-annual data assesses 10 key areas of service across your platform, whilst benchmarking against your peers
Market comparison - We track 26 DIY investment services but also group providers into peer groups for more relevant analysis
Deliverables - Our clients receive a detailed report every 6 months alongside an analyst presentation
Key metrics - The report includes NPS, metrics for 10 key drivers of value, input for Consumer Duty reporting and a special Consumer Duty summary with supporting evidence
Relevance - The report is used to support marketing, proposition and executive teams, alongside supporting Consumer Duty reporting
Consumer Duty
The Consumer Duty final guidance came out on the 27th July 2022, outlining how DIY investment platforms need to evidence their understanding of their customers in relation to these four outcomes:
Products and services
Price and value
Consumer understanding
Support
Platform Investor Tracker was created in response to Consumer Duty to assist brands in line with these requirements using data demonstrating customer understanding and perceptions for both your brand and benchmarking these scores against your peers.
What the survey covers
Aim: To identify customer profile and analyse value and outcomes for different segments.
Financial/investment objectives
Investment confidence/knowledge
Customer sentiment and intentions
Aim: To identify customers of individual platforms and product holdings, as well as platform activity as a profiling tool.
Platform usage
Product wrapper held (e.g. SIPP, ISA)
Asset classes held
Number of platforms used
Channel use
Frequency of interactions
Aim: To give you a core value KPI and understand underlying drivers of value based on high and low performing KPIs.
Ratings on value, price, clarity of charges, range of products, NPS
Rating of specific features, such as dashboards, fund research, calculators and analysis tools
Verbatim feedback
Aim: To identify good/bad outcomes at specific touchpoints.
Identifying most customer journey & whether objective was met
Platforms’ features used
Ratings on whether these features support good outcomes
What do you get from this?
Independently sourced customer data on how you are seen to be delivering value to your customers
Permission to use and cite this data externally, in client and investor reporting
Benchmarking against key competitors
Metrics on various aspects of value including price
A scorecard covering key value KPIs
Data tables covering detailed metrics
Key recommendations on areas for action
Ongoing tracking
Benchmarking data - a snapshot
Our charts and data benchmark your brand against competitors in your immediate peer group and all other DIY investment providers that we track. These insights can support with:
• Bi-annual insights to inform your board
• Essential market data and trends
• Committee reporting
• Up to date data on consumer sentiment, buying intention, and what your customers think
• Assistance to gauge how you compare to leading competitors
Value for Money and Trust are key to delivering overall value for customers
Although value breaks down into many component parts, we know that value for money and trust are fundamental for customers and their experience and perception of a brand (based upon recommendation/NPS and overall satisfaction scores). In general, the less confident the investor, the more trust they put in larger brands.
Within the Platform Investor Tracker reports, we demonstrate what your customers value the most, benchmarked against both customers of your immediate peers and customers of all the DIY investment platforms that we track.
Deliverables and outcomes
Every 6 months, platforms would receive a circa 20 page report of results, in PowerPoint/PDF format - this will include:
• Profile of your customers, and how they compare to Platform Investors as a whole
• KPIs, including NPS, and benchmarking against key competitors
• Metrics on various aspects of value, including price
• Customer verbatims of their views on the brand and a summary of key themes that emerge from the feedback
• Ongoing tracking and identification of successes and pain points over time
• 1 page summary of recommendations for actions to align with Consumer Duty outcomes
Clients are licensed to use data both internally and externally for reporting and marketing purposes.
Clients have used this for their ExCo, Board reports, Investor Relations, compliance teams (Consumer Duty) and marketing and proposition teams.
Pricing
The reports & data cost £24,045 + VAT per annum (to include 2 x waves)
Each wave is delivered in January and July
Each bi-annual report is customised to showcase your data against the market and against banking peers for specific attributes
You are licensed to use your data both internally and externally for reporting and marketing purposes
Minimum subscription of 1 year
Get the full Platform Investment Tracker report
Please contact rachel@boringmoney.co.uk for more information or to request a call with the research team.
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