The important role of information about market, customers and competitors in product development as success factor for financial service providers in the Retail segment is discussed. Concretely, a recommended approach in this topic area is presented, applicable market methods are described and compared.

This topic area is of high importance, as customer needs develop and a competitive edge cannot always be gained basing only on traditional products. Innovative products, smart packaging and smart pricing are required. A systematic approach to actively shaping the service provider's offer is called for.

Basing on a typical product development process, the article derives the core questions, marketing has to answer. For the most complex step of product development, concept testing, available market research methods are presented. A comparative strength-weaknesses analysis allows pinpointing the optimal method for a given problem and in a given situation.

The article concludes in emphasizing, that professional, modern and adequate market research in product development should not stay the domain of other industries. Modern, well tested and highly effective methods are available for the financial industry and should be applied in a focused way.