Table of Contents
Overview
-
- What you need to know
- Products covered in this Report
Executive Summary
-
- Brand Leaders
- Average usage of FS brands is lower than other sectors
-
- Figure 1: Top ranking of brands in the financial services sector, by overall usage, November 2015-May 2018
- Non-traditional FS brands lead on trust
-
- Figure 2: Top ranking of brands in the financial services sector, by agreement with “A brand that I trust”, November 2015-May 2018
- Sunny and Amigo learn lessons
-
- Figure 3: Top ranking of brands in the financial services sector, by satisfaction (net of “good” and “excellent” responses), November 2015-May 2018
- Consumers inclined towards the big names
-
- Figure 4: Top ranking of brands in the financial services sector, by commitment (net of “It’s a favourite brand” and “I prefer it over others”), November 2015-May 2018
- Premium image leads to standout proposition
-
- Figure 5: Top ranking of brands in the financial services sector, by differentiation (net of “It's a unique brand” and “It’s somewhat different from others”), November 2015-May 2018
- Brand Reputation
- Financial services brands less likely to be thought of as ethical
-
- Figure 6: Top ranking of brands in the financial services sector, by agreement with “Ethical”, November 2015-May 2018
- Face-to-face helps Post Office’s service reputation, but does not appear essential
-
- Figure 7: Top ranking of brands in the financial services sector, by agreement with “A brand that has great customer service”, November 2015-May 2018
- Few mainstream brands seen as exclusive
-
- Figure 8: Top ranking of brands in the financial services sector, by agreement with “Exclusive”, May 2015 May 2018
- Competency influenced by expertise elsewhere
-
- Figure 9: Top ranking of brands in the financial services sector, by agreement with “Competent”, May 2015 May 2018
- The Financial Services Brandscape
- Users of brands focus on their individual experience
-
- Figure 10: Average score for selected attributes in the financial services sector, by users and non-users of brands, November 2015 – May 2018
- Price comparison sites excel compared to other categories
-
- Figure 11: Average brand attitude scores for different financial services categories, November 2015 – May 2018
- Consumers struggle to differentiate the big brands
-
- Figure 12: Scores for trust and differentiation amongst biggest banking brands, November 2015-May 2018
- Active loyalty measures help build perception of rewards
-
- Figure 13: Top ranking of brands in the financial services sector, by agreement with “A brand that rewards loyalty”, November 2015-May 2018
- People generally reluctant to switch bank of choice
-
- Figure 14: Brands with the lowest proportion of lapsed users in the financial services sector, November 2015-May 2018
- Loan brands take the heat off others
-
- Figure 15: Top ranking of brands in the financial services sector, by agreement with “Unethical”, November 2015-May 2018
- Price comparison sites are the largest spenders on advertising
-
- Figure 16: Total above-the-line, online display and direct mail advertising expenditure in the financial services sector, by top brands, 2017
- What we think
Brand Leaders – What You Need to Know
-
- Average usage of FS brands is lower than other sectors
- Non-traditional FS brands lead on trust
- Sunny and Amigo learn lessons
- Consumers inclined towards the big names
- Premium image leads to standout proposition
Brand Usage
-
- Average usage of FS brands is lower than other sectors
-
- Figure 17: Top ranking of brands in the financial services sector, by overall usage, November 2015-May 2018
- PCWs and big-name banks most used in last year
-
- Figure 18: Top ranking of brands in the financial services sector, by usage in the last 12 months, November 2015-May 2018
Trust in Financial Services Brands
-
- Non-traditional FS brands lead on trust
-
- Figure 19: Top ranking of brands in the financial services sector, by agreement with “A brand that I trust”, November 2015-May 2018
- PCWs are detached from negative associations
- Aviva and Direct Line’s proposition aids trust
Satisfaction and Recommendation
-
- Satisfaction with FS brands is lower than average
- Sunny and Amigo learn lessons
-
- Figure 20: Top ranking of brands in the financial services sector, by satisfaction (net of “good” and “excellent” responses), November 2015-May 2018
- Banking brands able to enthuse customers
-
- Figure 21: Top ranking of brands in the financial services sector, by proportion of excellent reviews, November 2015-May 2018
- PCWs earn recommendation on basis of proposition
-
- Figure 22: Top ranking of brands in the financial services sector, by likely recommendation, November 2015-May 2018
Brand Preference
-
- Post Office commitment and usage work in tandem
- Consumers inclined towards the big names
-
- Figure 23: Top ranking of brands in the financial services sector, by commitment (net of “It’s a favourite brand” and “I prefer it over others”), November 2015-May 2018
Brand Differentiation
-
- Premium image leads to standout proposition
- Direct Line and Churchill stand out in a crowded field
-
- Figure 24: Top ranking of brands in the financial services sector, by differentiation (net of “It's a unique brand” and “It’s somewhat different from others”), November 2015-May 2018
- Advertising is not always influential
Brand Reputation – What You Need to Know
-
- Financial services brands less likely to be thought of as ethical
- Ethical behaviour largely focuses on inclusivity
- Face-to-face helps Post Office’s service reputation, but does not appear essential
- Few mainstream brands seen as exclusive
- Competency influenced by expertise elsewhere
Ethical Brands
-
- Financial services brands are less likely to be thought of as ethical…
-
- Figure 25: Top ranking of brands in the financial services sector, by agreement with “Ethical”, November 2015-May 2018
- …but only just
- Press coverage may reaffirm consumer confidence in their own brands
- Ethics is a passive concept
Ethical Activity
-
- Ethical behaviour largely focuses on inclusivity
- Lloyds Bank wins Diversity in Advertising award
- Halifax, Lloyds and Nationwide go autism-friendly
- Lloyds and HSBC develop dementia services
- The Co-operative Bank works its way back up…
-
- Figure 26: Agreement with “ethical” for Co-operative Bank, March 2012-May 2017
- …but Triodos seeks to capitalise on ethical uncertainty
-
- Figure 27: Triodos launches current account, May 2017
- American Express fights plastic
-
- Figure 28: Parley joins up with American Express to create ocean plastic card, June 2018
Customer Service
-
- The importance of customer service
- Face-to-face helps Post Office, but does not appear essential
-
- Figure 29: Top ranking of brands in the financial services sector, by agreement with “A brand that has great customer service”, November 2015-May 2018
- Direct Line and Aviva offer customers reasons to seek them out
- Customer service opportunities need to be taken advantage of
- Personal experience of brands is positive
- Financial services brands struggle with perception versus reality
-
- Figure 30: Average scores for usage and perceived great customer service in the financial services and retail sector, January 2015-May 2018
Prestige and Premium Brands
-
- Few mainstream brands are seen as exclusive
-
- Figure 31: Top ranking of brands in the financial services sector, by agreement with “Exclusive”, May 2015 May 2018
- Bupa benefits from the image of PMI in general
-
- Figure 32: Top ranking of brands in the financial services sector, by agreement with “Prestigious”, May 2015 May 2018
Competency and Reliability
-
- Competency influenced by expertise elsewhere
-
- Figure 33: Top ranking of brands in the financial services sector, by agreement with “Competent”, May 2015 May 2018
- Post Office most likely to be considered reliable
-
- Figure 34: Top ranking of brands in the financial services sector, by agreement with “Reliable”, May 2015 May 2018
The Financial Services Brandscape – What You Need to Know
-
- Users of brands focus on their individual experience
- Price comparison sites excel compared to other categories
- Consumers struggle to differentiate the big brands
- Active loyalty measures help build perception of rewards
- People are generally reluctant to switch bank of choice
- Loan brands take the heat off others
- Price comparison sites are the largest spenders on advertising
My Brand vs Your Brands
-
- Users of brands focus on their individual experience
-
- Figure 35: Average score for selected attributes in the financial services sector, by users and non-users of brands, November 2015-May 2018
- Sunny users note its different proposition
- First Direct’s reliability and competency
-
- Figure 36: Top scoring brands for selected attributes, by users and non-users, November 2015-May 2018
- Greatest disparity in formation of trust
-
- Figure 37: Average score for brand attitudes in the financial services sector, by users and non-users of brands, November 2015-May 2018
- Post Office and Bupa demonstrate brand strength
-
- Figure 38: Top scoring brands for brand attitudes, by users and non-users, November 2015-May 2018
The Difference between Financial Services Categories
-
- Price comparison sites excel
-
- Figure 39: Average brand attitude scores for different financial services categories, November 2015 – May 2018
- Banking brands lack differentiation
- Advertising assists PCW standout
-
- Figure 40: Brand usage, commitment and differentiation, by average scores for different financial services categories, November 2015-May 2018
- Insurance performance cannot prevent churn
- PCWs recommended even without high satisfaction
-
- Figure 41: Brand experience, by average scores for different financial services categories, November 2015-May 2018
Established Banks vs Challenger Banks
-
- Consumers struggle to differentiate the big brands
-
- Figure 42: Scores for trust and differentiation amongst biggest banking brands, May 2018
- A lack of branch network can make a difference
-
- Figure 43: Scores for trust and differentiation amongst challenger banking brands, May 2017-May 2018
- Challenger brands lack reputation of the established
-
- Figure 44: Average scores for brand attitudes amongst established banks and challenger banks, by users and non-users, May 2017-May 2018
- Concerns about size influence perceptions
-
- Figure 45: Average scores for brand traits amongst established banks and challenger banks, May 2017-May 2018
- Experience of established banks also stronger
-
- Figure 46: Average brand scores for experience-related attributes amongst established and challenger banks, May 2017-May 2018
- Consumers may turn to challengers for products with fewer touchpoints
- Challenger brands recognised for deals and innovation
- New digital-only banks make a splash online
-
- Figure 47: Online mentions for banking brands, June 2014-June 2018
- Figure 48: Topic cloud around Monzo, June 2014-June 2018
- Sponsorship can make a difference
-
- Figure 49: Topic clouds around First Direct and Virgin Money, June 2014-June 2018
Loyalty in Financial Services
-
- Active loyalty measures help build perception of rewards
-
- Figure 50: Top ranking of brands in the financial services sector, by agreement with “A brand that rewards loyalty”, November 2015-May 2018
- Financial services generally considered poor for loyalty
- Santander and Halifax lead the way in banking brands
- Few insurance brands recognised for rewarding loyalty
Customers and Switching
-
- People generally reluctant to switch bank of choice
-
- Figure 51: Brands with the lowest proportion of lapsed users in the financial services sector, November 2015-May 2018
- Branches remain key to the status quo…
- …and could still encourage new customers
-
- Figure 52: Virgin Money Store in Sheffield, May 2018
- Travel money and insurance brands struggle to keep customers
-
- Figure 53: Brands with the highest proportion of lapsed users in the financial services sector, May 2015-Novembr 2018
- Consumers happy to stay with insurance providers…
- …but price gets in the way
- Opportunity for customer service to break the cycle
The Impact of Technology in Financial Services
-
- The importance of tech in modern banking
- Comfort with online services opens up chatbot potential
- When tech goes wrong – Tesco Bank and TSB
-
- Figure 54: Proportion of online conversation around Tesco Bank and TSB, January 2016-May 2018
- Tesco Bank avoids lasting damage, TSB not so lucky
-
- Figure 55: Proportion of positive reviews for TSB and Tesco Bank, November 2015-May 2018
- Tech problems could knock confidence in challenger brands
Negativity in the Loan Category
-
- Loan brands take the heat off others
-
- Figure 56: Top ranking of brands in the financial services sector, by agreement with “Only cares about profits”, November 2015-May 2018
- Consumers do not differentiate between types of loan brand
-
- Figure 57: Top ranking of brands in the financial services sector, by agreement with “Irresponsible”, November 2015-May 2018
- Wonga is considered unethical by more people than any other brand
-
- Figure 58: Top ranking of brands in the financial services sector, by agreement with “Unethical”, November 2015-May 2018
- Loan brands perform more strongly among users…
- …but reputation likely to limit word-of-mouth positivity
- Negativity provides opportunity for more recognisable brands
Advertising and Marketing Activity
-
- Adspend has been consistent over last four years
-
- Figure 59: Total above-the-line, online display and direct mail advertising expenditure in the financial services sector, January 2015- May 2018
- Advertising is concentrated in two parts of the year
-
- Figure 60: Total above-the-line, online display and direct mail advertising expenditure in the financial services sector, by month, January 2015-May 2018
- Price comparison sites are the largest spenders in the sector
-
- Figure 61: Total above-the-line, online display and direct mail advertising expenditure in the financial services sector, by top brands, 2017
- Confused.com highlights savings potential
-
- Figure 62: Confused.com’s The Sheep Whisperer ad, September 2017
- Comparethemarket.com promotes loyalty initiative
-
- Figure 63: Comparethemarket.com’s Compare the Meerkat ad promoting Meerkat Movies, March 2018
- Direct Line and Aviva advertise in lieu of price comparison presence
- Over-50s life insurance targeted by advertisers
-
- Figure 64: Welcome to Life After 50 SunLife TV Ad, March 2017
- Nielsen Ad Intel coverage
Appendix – Data Sources, Abbreviations and Supporting Information
-
- Abbreviations
Appendix – Brands Used
Back to top