Table of Contents
Executive Summary
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- Impact of COVID-19 on financial services
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- Figure 1: Short, medium and long term impact of COVID-19 on financial services, August 2020
- Consumers review their personal spending
- COVID-19 challenges traditional payment methods …
- … while increasing the use of mobile banking
- COVID-19: a different recession
- Brand Leaders
- Price comparison websites are widely used
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- Figure 2: Top ranking of brands in the financial services sector, by overall usage, November 2017-June 2020
- Trust boosts brand loyalty
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- Figure 3: Top ranking of brands in the financial services sector, by agreement with “A brand that I trust”, November 2017-June 2020
- Monzo’s customers are highly satisfied
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- Figure 4: Top ranking of brands in the financial services sector, by satisfaction (net of “good” and “excellent” responses), November 2017-June 2020
- Consumers tend to prefer heritage brands
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- Figure 5: Top ranking brands in the financial services sector, by commitment (net by “It is a favourite brand” and “I prefer it over others), November 2017-June 2020
- Post Office creates a bond with people
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- Figure 6: Top ranking brands in the financial services sector, by differentiation (net of “It is a unique brand” and “it is somehow different from other brands”), November 2017-June 2020
- Brand Reputation
- Helpful brands are also perceived as ethical
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- Figure 7: Top ranking of brands in the financial service sector, by agreement with “Ethical”, November 2017-June 2020
- Invest in customer service to boost brand loyalty
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- Figure 8: Top ranking of brands in the financial services sector, by agreement with “A brand that has great customer service”, November 2017-June 2020
- Bupa is seen as exclusive, but may benefit from becoming more accessible
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- Figure 9: Top ranking of brands in the financial services sector, by agreement with “Exclusive”, November 2017-June 2020
- American Express is seen as prestigious
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- Figure 10: Top ranking of brands in the financial services sector, by agreement with “Prestigious”, November 2017-June 2020
- Competence leads to trust
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- Figure 11: Top ranking of brands in the financial services sector, by agreement with “Competent”, November 2017-June 2020
- The Financial Brandscape
- Reward loyalty for longer-term success
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- Figure 12: Top ranking of brands in the financial service sector, by agreement with “A brand that rewards loyalty”, November 2017-June 2020
- New brands more likely to be seen as progressive
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- Figure 13: Top ranking of brands in the financial services sector, by agreement with “Progressive”, November 2017-June 2020
- Price comparison specialists more likely to be seen as helpful
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- Figure 14: Top ranking of brands in the financial services sector, by agreement with “helpful”, November 2017-June 2020
The Impact of COVID-19 on Financial Services Consumers
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- COVID-19 hits the national economy hard
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- Figure 15: Consumer view on the impact of the COVID-19 outbreak on the UK economy and their own finances, 18 June – 24 June 2020
- Consumers review their personal spending
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- Figure 16: Changes in personal financial situation and spending behaviours as result of the COVID-19 outbreak, 21 May - 28 May 2020
- 25-54s and households with children worry about the year ahead
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- Figure 17: Consumers’ financial confidence for the coming year, July 2020
- COVID-19 pushes emergency savings
- A good time to aid money management
- Loans may become an option for many
- COVID-19 challenges traditional payment methods …
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- Figure 18: Proportion of people trying to avoid using cash where possible as result of the COVID-19 outbreak, 26 March-16 April 2020
- … including when going overseas
- Time to show the benefits of mobile banking
- COVID-19: a chance to change perceptions of the industry
Brand Leaders – Key Takeaways
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- Price comparison websites are widely used
- Monzo’s customers are highly satisfied
- Admiral and LV= support their customers throughout the pandemic
Brand Usage
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- Price comparison websites are widely used
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- Figure 19: Top ranking of brands in the financial services sector, by overall usage, November 2017-June 2020
- Post Office is the most used brand in the last year
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- Figure 20: Top ranking of brands in the financial services sector, by usage in the last 12 months, November 2017-June 2020
Trust in Financial Services Brands
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- Trust boosts brand loyalty
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- Figure 21: Top ranking of brands in the financial services sector, by agreement with “A brand that I trust”, November 2017-June 2020
- Prevent confusion to boost consumer trust
Satisfaction and Recommendation
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- Monzo’s customers are highly satisfied
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- Figure 22: Top ranking of brands in the financial services sector, by satisfaction (net of “good” and “excellent” responses), November 2017-June 2020
- Convenience encourages excellent reviews
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- Figure 23: Top ranking of brands in the financial services sector, by excellent reviews, November 2017-June 2020
- Smaller brands tend to earn better reviews
- PayPal Credit can appeal to new online shoppers
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- Figure 24: Top ranking in the financial services sector, by likely recommendation, November 2017-June 2020
Brand Preference
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- Consumers prefer heritage brands
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- Figure 25: Top ranking brands in the financial services sector, by commitment (net by “It is a favourite brand” and “I prefer it over others), November 2017-June 2020
- FCA introduces temporary COVID-19 measures
- Admiral and LV= support their customers throughout the pandemic
Brand Differentiation
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- Post Office creates a bond with people
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- Figure 26: Top ranking brands in the financial services sector, by differentiation (net of “It is a unique brand” and “it is somehow different from other brands”), November 2017-June 2020
- Revolut targets more generations at once
Brand Reputation – Key Takeaways
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- MasterCard offers a fluid approach to identity
- Make digital banking accessible to everyone
- New brands lack the perception of reliability
Ethical Brands
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- Helpful brands are also perceived as ethical
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- Figure 27: Top ranking of brands in the financial service sector, by agreement with “Ethical”, November 2017-June 2020
- Animal Friends puts animal welfare first
- MasterCard offers a fluid approach to identity
Customer Service
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- Invest in customer service to boost brand loyalty
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- Figure 28: Top ranking of brands in the financial services sector, by agreement with “A brand that has great customer service”, November 2017-June 2020
- Make digital banking accessible to everyone
Prestige and Premium Brands
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- Bupa is seen as exclusive …
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- Figure 29: Top ranking of brands in the financial services sector, by agreement with “Exclusive”, November 2017-June 2020
- … but may benefit from becoming more accessible post-COVID
- American Express is seen as prestigious
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- Figure 30: Top ranking of brands in the financial services sector, by agreement with “Prestigious”, November 2017-June 2020
Competency and Reliability
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- Competence leads to trust
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- Figure 31: Top ranking of brands in the financial services sector, by agreement with “Competent”, November 2017-June 2020
- New brands lack the perception of reliability
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- Figure 32: Top ranking of brands in the financial services, by agreement with “reliable”, November 2017-June 2020
The Financial Services Brandscape – Key Takeaways
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- Tesco Bank offers unique rewards
- Starling Bank launches its Connected Card
- COVID-19 puts pressure on banks
Loyalty and Switching in Financial Services
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- Reward loyalty for longer-term success
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- Figure 33: Top ranking of brands in the financial service sector, by agreement with “A brand that rewards loyalty”, November 2017-June 2020
- CompareTheMarket treats its customers
- Tesco Bank offers unique rewards
Progressiveness in Financial Services
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- New brands more likely to be seen as progressive
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- Figure 34: Top ranking of brands in the financial services sector, by agreement with “Progressive”, November 2017-June 2020
- Starling Bank launches its Connected Card
Helping Consumers
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- Price comparison specialists more likely to be seen as helpful
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- Figure 35: Top ranking of brands in the financial services sector, by agreement with “helpful”, November 2017-June 2020
- COVID-19 puts pressure on banks to assist
Appendix – Data Sources, Abbreviations and Supporting Information
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- Abbreviations
Appendix – Brand Used
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