On January 3rd, 2024, we delved into the opinions of 150 participants in Baku, Azerbaijan, through an online survey conducted via the Insights IQ platform. The survey, aptly named “What types of loans would you like local banks to have?” aimed to unravel the diverse preferences of individuals regarding banking services. Let’s explore the intriguing results that shed light on the community’s sentiments towards local banking.
Neutral Stance on Bank Loans:
A significant 65% of respondents expressed a neutral stance towards the bank loans currently offered in Baku. This suggests a potential area for banks to explore in terms of improving and tailoring their loan services to customer expectations.
Demand for Medical Loans:
A striking 75% of participants expressed a desire for local banks to introduce medical loans. This highlights a clear demand for financial products tailored to the healthcare sector, indicating a potential avenue for banks to expand their offerings.
Conversely, only 5% of respondents indicated an interest in ecology loans, suggesting a relatively lower demand for environmentally-focused financial products.
Emphasis on Payment Options:
A substantial 70% of respondents emphasized the importance of flexible payment options when choosing a bank for loans. This underscores the significance of providing diverse and convenient payment methods to cater to the varying needs of the community.
Additionally, 20% of participants prioritized interest rates, indicating that competitive interest rates remain a crucial factor in the decision-making process.
Preference for Digital Transactions:
A noteworthy 65% of users expressed interest in loans that offer online payment options and enable control of earnings through mobile apps. This signifies a growing preference for digital convenience in financial transactions.
Personal Consultancy Preferred:
Surprisingly, 80% of respondents indicated a preference for personal consultancy before taking loans. This human touch in the banking experience remains highly valued, showing that despite the rise of digital banking, personalized advice and guidance are still essential.
Only 1% of participants expressed a desire to rely solely on brochures in banks, emphasizing the need for interactive and personalized communication channels.
Insights IQ Platform and Participant Incentives
Our survey was made possible through the Insights IQ platform, showcasing its effectiveness in gathering valuable insights from diverse audiences. Notably, the platform allows banks and other entities to conduct online surveys, providing a direct channel to understand customer needs and preferences.
Participants in our survey not only contributed to shaping the future of local banking services but were also rewarded for their insights. This highlights the unique opportunity for individuals to earn payment for their participation in online surveys, making their opinions both impactful and personally rewarding.
As we move forward, Insights IQ remains a powerful tool for entities seeking to engage with their audience and adapt their offerings to a dynamic and ever-changing market.