"In terms of, myself at the bank, we’ve got a lot of products and we launch products, products what people know, like mortgages for example, and we’re going to be launching that. And we’ve got general insurance products and savings products and credit cards. People know about that. But in terms of maybe the next product or enhancement of the product, it’s quite interesting. You can use some of the data in terms of, what do people think? So that moves what I do into more of a research, so with the colleagues that I deal with in terms of, well let’s speak to these people. Let’s create a piece of research based on their cross product holding or what they have now. If someone’s recently bought travel insurance, for example, from the organisation and I might want to tweak that product. I might want to offer it slightly different. I will speak to the person, find out what was his customer journey like, what would he think if he bought that again, maybe at a higher price but different features? So you can use this kind of information that’s held within a marketing database to drive that. And that will help in sort of the product insight. So it’s linking some of that with some of the other research that you can get widely available from the research agencies in the UK. But talking to your customers and again, back to channels and the power of what we do
I mean traditionally you could commission a piece of research. You can go outside into a shopping centre and ask people. You can phone people up. But nowadays email, internet, social media again, these channels can potentially be used. And that helps back more to another point you recently made about how quick you can do that. So if you know someone bought a product as of yesterday, how impressive would it be if that company got back to you and actually said to you, “Well how was your customer journey? How do you think? You bought this product. They actually tell you what product that they bought. And then do that within a week back to your buyer, that’s quite impressive. You know, and it sounds relatively straightforward, and companies should be doing that. But again, because of technology and systems and integration and that kind of thing, not a lot of companies can do that."