Table of Contents
Executive Summary
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- Brand Leaders
- A low proportion of usage in the category
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- Figure 1: Top ranking of brands in the financial services sector, by overall usage, December 2016-May 2019
- A distance from tradition helps build trust
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- Figure 2: Top ranking of brands in the financial services sector, by agreement with “A brand that I trust”, December 2016-May 2019
- Nationwide’s community focus creates positive experience
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- Figure 3: Top ranking of brands in the financial services sector, by satisfaction (net of “good” and “excellent” responses), December 2016-May 2019
- Big name brands are preferred by consumers
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- 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”), December 2016-May 2019
- Amex and Post Office stand out
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- 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”), December 2016-May 2019
- Brand Reputation
- A focus on doing “the right thing”
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- Figure 6: Top ranking of brands in the financial services sector, by agreement with “Ethical”, December 2016-May 2019
- Reputation for customer service built on personal experience …
- … but this could change with new CMA-led transparency
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- Figure 7: Top ranking of brands in the financial services sector, by agreement with “A brand that has great customer service”, December 2016-May 2019
- Bupa seen as an exclusive brand
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- Figure 8: Top ranking of brands in the financial services sector, by agreement with “Exclusive”, May 2015 May 2018
- Reliability related to competency
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- Figure 9: Proportion of consumers who agree that financial services brands are “Competent” and “Reliable”, by top-scoring brands for “Competent”, May 2015 May 2018
- The Financial Services Brandscape
- Active loyalty vs inertia
- Rewarding loyalty will become more crucial
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- Figure 10: Top ranking of brands in the financial services sector, by agreement with “A brand that rewards loyalty”, December 2016-May 2019
- Perceptions of progressiveness in financial services is low
- Technology playing a more important role
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- Figure 11: Top ranking of brands in the financial services sector, by agreement with “Progressive”, December 2016-May 2019
- Brands as an essential part of their customers’ lifestyles
- Younger consumers more open to help
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- Figure 12: Top ranking of brands in the financial services sector, by agreement with “Helpful”, December 2016-May 2019
- What we think
Brand Leaders – What You Need to Know
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- A low proportion of usage in the category
- A distance from tradition helps build trust
- Nationwide’s community focus creates positive experience
- Big name brands are preferred by consumers
- Amex and Post Office stand out
Brand Usage
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- A low proportion of usage
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- Figure 13: Top ranking of brands in the financial services sector, by overall usage, December 2016-May 2019
- Price comparison websites continue to attract usage
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- Figure 14: Top ranking of brands in the financial services sector, by usage in the last 12 months, December 2016-May 2019
- Post Office usage could be set to drop
Trust in Financial Services Brands
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- A distance from tradition helps…
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- Figure 15: Top ranking of brands in the financial services sector, by agreement with “A brand that I trust”, December 2016-May 2019
- … but challenger brands still face the trust problem
- TSB offers fraud protection
Satisfaction and Recommendation
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- Nationwide’s community focus creates positive experience
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- Figure 16: Top ranking of brands in the financial services sector, by satisfaction (net of “good” and “excellent” responses), December 2016-May 2019
- Association with smaller brands creates a feeling of positivity
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- Figure 17: Top ranking of brands in the financial services sector, by excellent reviews), December 2016-May 2019
- Coventry Building Society leads on likely recommendation
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- Figure 18: Top ranking of brands in the financial services sector, by likely recommendation, December 2016-May 2019
Brand Preference
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- Big name brands are preferred by consumers
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- Figure 19: Top ranking of brands in the financial services sector, by commitment (net of “It’s a favourite brand” and “I prefer it over others”), December 2016-May 2019
- The need for a physical presence creates dilemma for big brands
- A threat to loyalty from outside the immediate sector
Brand Differentiation
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- Amex and Post Office stand out
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- Figure 20: 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”), December 2016-May 2019
- Private medical insurance brands have a different proposition
Brand Reputation – What You Need to Know
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- A focus on doing “the right thing”
- Reputation for customer service built on personal experience …
- … but this could change with new CMA-led transparency
- Bupa seen as an exclusive brand
- Reliability related to competency
Ethical Brands
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- A focus on doing “the right thing”
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- Figure 21: Top ranking of brands in the financial services sector, by agreement with “Ethical”, December 2016-May 2019
- Brands target ethics
- A need to make ethics more visible
Customer Service
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- Reputation is built on personal experience …
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- Figure 22: Top ranking of brands in the financial services sector, by agreement with “A brand that has great customer service”, December 2016-May 2019
- … but this could change with new CMA-led transparency
Prestige and Premium Brands
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- Bupa seen as an exclusive brand
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- Figure 23: Top ranking of brands in the financial services sector, by agreement with “Exclusive”, May 2015 May 2018
- Amex and department store retail brands seen as prestigious
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- Figure 24: Top ranking of brands in the financial services sector, by agreement with “Prestigious”, May 2015 May 2018
Competency and Reliability
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- Competency and trust are linked
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- Figure 25: Top ranking of brands in the financial services sector, by agreement with “Competent”, May 2015 May 2018
- Reliability also related to competency
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- Figure 26: Top ranking of brands in the financial services sector, by agreement with “Reliable”, May 2015 May 2018
- Consumers expect consistent behaviour
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- Figure 27: Agreement with “Reliable”, by agreement with “Competent”, December 2016-May 2019
The Financial Services Brandscape – What You Need to Know
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- Active loyalty vs inertia
- Rewarding loyalty to become more crucial
- Perceptions of progressiveness in financial services is low
- Technology playing a more important role
- Brands as an essential part of their customers’ lifestyles
- Younger consumers more open to help from financial services brands
Loyalty and Switching in Financial Services
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- Active loyalty vs inertia
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- Figure 28: Top ranking of brands in the financial services sector, by agreement with “A brand that rewards loyalty”, December 2016-May 2019
- Rewarding loyalty to become more crucial
- Insurance brands focusing on a longer-term view
Progressiveness in Financial Services
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- Perceptions of progressiveness in financial services is low
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- Figure 29: Top ranking of brands in the financial services sector, by agreement with “Progressive”, December 2016-May 2019
- The need for progression influences the Clydesdale and Yorkshire rebrands
- Technology playing a more important role
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- Figure 30: Consumers who say a lack of new technology at their existing provider would prompt them to switch providers, by generation, March 2019
- Technology-led initiatives from banking brands
A Focus on Helping Customers
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- Pushing FS brands as an essential part of their customers’ lifestyles
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- Figure 31: Top ranking of brands in the financial services sector, by agreement with “Helpful”, December 2016-May 2019
- Younger consumers more open to help
- Money management as a way to assist with consumer lives
Appendix – Data Sources, Abbreviations and Supporting Information
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- Abbreviations
Appendix – Brands Used
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