EVOLUTION MONEY: EVIDENCING POSITIVE IMPACT
Evolution Money was established to provide credit and improve the quality of life for homeowners who, due to imperfect credit history, were being refused finance in a time of need.
They now needed evidence to further inform the Board how far they had progressed against delivering this business purpose and to seek opportunities to improve upon their offering.
From the outset we built our research design to measure Evolution’s progress against their core business purpose – Does an Evolution loan have a positive impact on their customers’ quality of life?
Evolution themselves were going through the process of becoming a certified B Corp company and were new to conducting market research. As such, the programme had to be focused, with clear objectives and deliver actionable recommendations for further improvement.
Initially, we spoke to around 200 customers in a quantitative survey to build an understanding of the Evolution customer journey – covering both the highs and the lows – and evidencing the financial impact their loan had on their everyday lives. We then followed this up with in-depth interviews to uncover the personal stories and experiences of customers. What had bought them to Evolution? Had the loan had a positive impact on their personal lives? Had it changed their spending habits?
Combining the evidence gathered from the quantitative stage with the depth of understanding uncovered in the in-depth interviews we developed positive impact stories which could be shared to evidence their business purpose.
The research delivered facts and stories which will be used to demonstrate the positive change that Evolution has to their customers’ lives, along with areas for further improvement where they can continue to evolve.
“MM-Eye helped us to evidence the positive impact we believed we had on our customers. We knew that our loans helped our customers when they had nowhere else to turn, but we lacked the data to prove this. The insight they provided not only gave us this evidence but painted real-life pictures of our customers – the financial situations they had found themselves in and the positive impact our loan had on their everyday lives. This research will be invaluable in helping us achieve our goal to become B Corp accredited and has given us clear, tangible recommendations on how to continue delivering against our business purpose.”
Susan Harrison, Head of ESG