FSS2: A new methodology for segmenting consumers for financial services

Abstract

Experian Business Strategies has worked with the Future Foundation to develop a new consumer segmentation for the financial services industry which allows a detailed insight into financial behaviour. The methodology for producing the new Financial Strategy Segments (FSS2) involved combining wider trends in consumer attitudes and behaviour in the UK with the latest household and individual level data and new statistical techniques. The typology descriptions focus on key factors that affect financial behaviour, bringing the data to life and enabling customers to interpret and apply it more effectively. The resulting segmentation is at three levels (individual, household and postcode level) and can be used at every stage of the marketing and communications process from developing an initial strategy to defining a tactical campaign.