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Consumers and Retail Banking - UK - October 2011

“As the banking sector continues to digest the details of the ICB report, Mintel’s consumer research suggests that the proposed account redirection service is unlikely to have a major impact on the market – the truth is that the very large majority of consumers are actually pretty happy with their existing banking arrangements.”

– Deborah Osguthorpe, Senior Financial Services Analyst

Some questions answered in the report include:

  • How satisfied are people with their bank?
  • Which customers are more likely to switch banking providers?
  • Are people happy with the financial advice offered by banks?
  • In what product areas are consumers most confident about bank-based advice?
  • How important are online channels in delivering financial advice?

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Table of contents

  1. Introduction

      • Note on consumer research
        • Abbreviations
        • Executive Summary

            • The market
              • Product ownership and cross-selling
                • Figure 1: Product holding and cross-sales of selected retail banking products, August 2011
              • Limited appetite for account switching
                • Figure 2: Switching intentions and customer satisfaction, August 2011
              • Market factors
                • A difficult economic backdrop
                  • Figure 3: Monthly, three-monthly and 12-monthly UK consumer confidence indices, January 1997-August 2011
                • Considerable regulatory change on the horizon
                  • Companies, brands and innovation
                    • Lloyds TSB is the leading current account provider
                      • Figure 4: Main current account provider, by individual brand, August 2011
                    • Trust in banking brands remains low
                      • Figure 5: Attitudes towards and usage of retail banking brands, August 2011
                    • The consumer – retail banks and financial advice
                      • Savings are the most popular area for financial advice
                        • Figure 6: Type of advice sought from main bank, August 2011
                      • Confidence in bank advice differs between products
                        • Figure 7: Perceptions of the standard of advice offered by banks, by product, August 2011
                      • Less than one in ten have received poor financial advice from a bank
                        • Figure 8: Experience of and attitudes towards banks and financial advice, August 2011
                      • Limited product range is one of the main concerns about bank advice
                        • Figure 9: Attitudes towards banks and financial advice, August 2011
                      • Bank advice is widely seen as sales-driven
                        • Figure 10: Words associated with banks as a source of financial advice, August 2011
                      • What we think
                      • Issues in the Market

                          • How satisfied are people with their bank?
                            • Which customers are more likely to switch banking providers?
                              • Are people happy with the financial advice offered by banks?
                                • In what product areas are consumers most confident about bank-based advice?
                                  • How important are online channels in delivering financial advice?
                                  • Future Opportunities

                                    • Taking bank advice to the community
                                      • Should retail banks follow the example of B&Q?
                                      • Economic and Regulatory Environment

                                        • Key points
                                          • UK economy weakens amid ongoing uncertainty
                                            • Figure 11: UK GDP growth – percentage change, latest quarter on previous quarter, Q1 2008-Q2 2011
                                          • Unemployment holds steady at around 2.5 million
                                            • Figure 12: UK unemployment, number unemployed aged 16+, January 2000-August 2011
                                          • Savings ratio falls as household budgets are squeezed
                                            • Figure 13: Household saving ratio, Q1 2008-Q1 2011
                                          • House prices remain flat
                                            • Figure 14: Average UK house prices, January 2002-August 2011
                                          • Regulation/Legislative issues
                                            • The ICB report
                                              • Ring-fencing retail banking
                                                • Increase in capital requirements
                                                  • A competitive retail banking sector
                                                    • Other divestment activity
                                                      • New structure for the financial services regulation
                                                      • Retail Banks and Financial Advice – Background

                                                        • Key points
                                                          • Bank staff are still a key channel for financial advice
                                                            • Figure 15: Main sources of financial advice used, March 2011
                                                          • The changing landscape of financial advice – the RDR
                                                            • RDR is causing a dilemma for banks
                                                              • Some banks have already chosen to scale back financial advice services
                                                              • The Interest Rate Effect

                                                                • Key points
                                                                  • Continued low interest rates
                                                                    • Margins have widened in the mortgage market
                                                                      • Figure 16: Average quoted household mortgage rates, January 2006-July 2011
                                                                    • Consumer credit rates have risen
                                                                      • Figure 17: Average quoted consumer credit rates, January 2006-July 2011
                                                                    • Margins under pressure in the savings market
                                                                      • Figure 18: Average quoted rates for instant-access savings, cash ISA and fixed-rate bonds, January 2006-July 2011
                                                                  • Consumer Sentiment

                                                                    • Key points
                                                                      • Consumer confidence falls in 2011
                                                                        • Figure 19: Monthly, three-monthly and 12-monthly UK consumer confidence indices, January 1997-August 2011
                                                                      • UK households face income squeeze
                                                                        • Figure 20: RPI and average weekly earnings, 2005-11
                                                                      • Two fifths have seen financial position deteriorate over the last year
                                                                        • Figure 21: Consumer financial position compared to 12 months ago, August 2011
                                                                      • Only a fifth of adults feel their financial situation is healthy
                                                                        • Figure 22: Current consumer financial situation, August 2011
                                                                    • Segment Performance

                                                                      • Key points
                                                                        • Current accounts remain the key battleground for retail banks
                                                                          • Figure 23: Number of active current account holders and number of current accounts, 2008-11
                                                                        • Only a minority switch current account providers
                                                                          • Potential changes on the horizon
                                                                            • Retail savings balances have plateaued
                                                                              • Figure 24: Outstanding retail savings balances, 2005-11
                                                                            • ISA sales boosted by increase in subscription limits
                                                                              • Figure 25: Number of ISAs and amounts subscribed, by type, 1999/2000-2010/11
                                                                            • Demand for unsecured lending remains weak
                                                                              • Figure 26: Unsecured lending, January 2000-July 2011
                                                                            • Mortgage market shows little prospect of growth
                                                                              • Figure 27: Gross mortgage lending, January 2000-July 2011
                                                                            • General insurance – a mixed picture
                                                                              • Figure 28: Premium analysis UK, by selected classes of business, 2005/06-2009/10
                                                                          • Retail Banking Providers

                                                                            • Key points
                                                                              • Lloyds TSB retains top spot in the current account market
                                                                                • Figure 29: Main current account provider, by individual brand, August 2011
                                                                              • Three in ten have a Lloyds Banking Group current account
                                                                                • Figure 30: Main current account provider at group level, August 2011
                                                                            • Company Profiles

                                                                              • Barclays
                                                                                  • Figure 31: Key financial data for Barclays Plc (& UK Retail Banking Division), 2009 and 2010
                                                                                  • Figure 32: Key data for Barclays Plc (UK Retail and Business Banking division), 2009-11*
                                                                                • RBS
                                                                                    • Figure 33: Key financial data for RBS Group (UK Retail Banking Division), 2009-10 and H1 2010-11
                                                                                    • Figure 34: Key data for RBS Group (UK Retail Banking Division), 2009 and 2010
                                                                                  • HSBC
                                                                                      • Figure 35: Key financial data for HSBC plc (UK Retail Banking Division), 2009-10 and H1 2010-11
                                                                                      • Figure 36: Key data for HSBC plc (UK Retail Banking Division), 2009 and 2010
                                                                                    • Nationwide
                                                                                        • Figure 37: Key financial data of Nationwide, 2010 and 2011
                                                                                      • Santander
                                                                                          • Figure 38: Key financial data for Santander UK plc (Retail Banking Division), 2009 and 2010
                                                                                          • Figure 39: Key data for Santander UK plc (Retail Banking Division), 2009 and 2010
                                                                                        • Lloyds Banking Group
                                                                                            • Figure 40: Key financial data of Lloyds Banking Group (Retail Banking Division), 2009 and 2010
                                                                                            • Figure 41: Key data of Lloyds Banking Group (Retail Banking Division), 2009-10 and H1 2010-11
                                                                                        • Brand Research

                                                                                          • Brand map
                                                                                              • Figure 42: Attitudes towards and usage of retail banking brands, August 2011
                                                                                            • Brand attitudes
                                                                                              • Figure 43: Attitudes, by retail banking brand, August 2011
                                                                                            • Brand personality
                                                                                              • Figure 44: Retail banking brand personality – macro image, August 2011
                                                                                              • Figure 45: Retail banking brand personality – micro image, August 2011
                                                                                            • Correspondence analysis
                                                                                              • Brand experience
                                                                                                • Figure 46: Retail banking brand usage, August 2011
                                                                                                • Figure 47: Satisfaction with various retail banking brands, August 2011
                                                                                                • Figure 48: Satisfaction with various retail banking brands, August 2011
                                                                                                • Figure 49: Consideration of retail banking brands, August 2011
                                                                                                • Figure 50: Consumer perceptions of current retail banking brand performance, August 2011
                                                                                                • Figure 51: Retail banking brand recommendation – Net Promoter Score, August 2011
                                                                                              • Brand index
                                                                                                • Figure 52: Retail banking brand index, August 2011
                                                                                                • Figure 53: Retail banking brand index vs. recommendation, August 2011
                                                                                              • Target group analysis
                                                                                                • Figure 54: Target groups, August 2011
                                                                                                • Figure 55: Retail banking brand usage, by target groups, August 2011
                                                                                                • Figure 56: Further retail banking brand usage, by target groups, August 2011
                                                                                              • Group One – Conformists
                                                                                                • Group Two – Simply the Best
                                                                                                  • Group Three – Shelf Stalkers
                                                                                                    • Group Four – Habitual Shoppers
                                                                                                      • Group Five – Individualists
                                                                                                      • Retail Banking Channels – Consumer Usage

                                                                                                        • Key points
                                                                                                          • Three in ten use internet banking at least once a week
                                                                                                            • Figure 57: Channels and frequency used to access banking services, 2011
                                                                                                          • Internet is increasingly used for a range of day-to-day banking services
                                                                                                            • Figure 58: Methods used to access banking services, 2007-11
                                                                                                          • Bank branches are still preferred channel for financial advice
                                                                                                            • Mobile banking usage is showing strong growth
                                                                                                              • Figure 59: Use of mobile banking services, 2010 and 2011
                                                                                                          • Product Ownership and Cross-Selling

                                                                                                            • Key points
                                                                                                              • 1.9 financial products are held with existing current account provider
                                                                                                                • Figure 60: Product holding and cross-sales, August 2011
                                                                                                              • Savings products are main source of cross-sales
                                                                                                                • Main banking providers have an advantage in consumer credit markets
                                                                                                                  • Scope to improve cross-sales to current account holders
                                                                                                                    • Four fifths have arranged at least one additional product with their bank
                                                                                                                      • Figure 61: Number of financial products arranged with main current account provider and other providers, August 2011
                                                                                                                      • Figure 62: Product holding and cross-sales, by repertoire of products with current account provider, August 2011
                                                                                                                    • Halifax leads the way in bank cross-sales
                                                                                                                      • Figure 63: Repertoire of products with current account provider, by main current account provider, August 2011
                                                                                                                      • Figure 64: Repertoire of products with current account provider, by main current account provider, August 2011
                                                                                                                  • Switching and Satisfaction

                                                                                                                    • Key points
                                                                                                                      • Majority of current account holders are happy with their main bank
                                                                                                                        • Figure 65: Switching intentions and customer satisfaction, August 2011
                                                                                                                      • Which consumers are the most content with their bank?
                                                                                                                        • Under-35s are more likely to switch banking provider
                                                                                                                          • Figure 66: Switching intentions and switching activity, by age, August 2011
                                                                                                                        • Which banks have the happiest customers?
                                                                                                                          • Figure 67: Switching intentions and customer satisfaction, by most popular main current account provider, August 2011
                                                                                                                          • Figure 68: Switching intentions and customer satisfaction, by next most popular main current account provider, August 2011
                                                                                                                        • And where is there room for improvement?
                                                                                                                          • Link between product ownership and customer satisfaction
                                                                                                                            • Figure 69: Switching intentions and customer satisfaction, by repertoire of products with current account provider, August 2011
                                                                                                                        • Retail Banks and Advice – Type of Advice Sought

                                                                                                                          • Key points
                                                                                                                            • One in four have received savings-related advice from their bank
                                                                                                                              • Figure 70: Type of advice sought from main bank, August 2011
                                                                                                                            • Scope to expand bank advice services?
                                                                                                                              • Under-35s are more likely to turn to their bank for advice
                                                                                                                                • Barclays customers are more likely to turn to bank for advice
                                                                                                                                  • Figure 71: Type of advice sought from main bank, by most popular main current account provider, August 2011
                                                                                                                                  • Figure 72: Type of advice sought from main bank, by next most popular main current account provider, August 2011
                                                                                                                                • 12% have turned to bank for advice on three or more products
                                                                                                                                  • Figure 73: Repertoire of financial products/services where advice has been sought from main bank, August 2011
                                                                                                                                  • Figure 74: Type of advice sought from main bank, by repertoire of financial products where advice has been sought from main bank, August 2011
                                                                                                                              • Retail Banks and Advice – Preferred Channels

                                                                                                                                • Key points
                                                                                                                                  • Branches are the most popular way to access bank advice...
                                                                                                                                    • Figure 75: Preferred channel for financial advice, August 2011
                                                                                                                                  • ...but there is appetite for online advice among some groups
                                                                                                                                    • Figure 76: Preferred channel for financial advice, by age, August 2011
                                                                                                                                  • RDR will have an impact on in-branch advice but only in some areas
                                                                                                                                    • Current account switchers are more likely to turn to internet for advice
                                                                                                                                      • Figure 77: Preferred channel for financial advice, by switching intentions and customer satisfaction, August 2011
                                                                                                                                  • Retail Banks and Advice – Experience and Preferences

                                                                                                                                    • Key points
                                                                                                                                      • More than two fifths prefer to do their own financial research
                                                                                                                                        • Figure 78: Experience of and attitudes towards banks and financial advice, August 2011
                                                                                                                                      • Reasonable level of satisfaction with bank-based financial advice
                                                                                                                                        • Figure 79: Agreement with statement ‘I am happy with the financial advice I have received from a bank’, by age, August 2011
                                                                                                                                      • Link between financial advice experience and customer satisfaction
                                                                                                                                        • Figure 80: Switching intentions and customer satisfaction, by most popular experience of and attitudes towards banks and financial advice, August 2011
                                                                                                                                      • Self-directed financial research is driven by cynicism towards banks
                                                                                                                                        • Figure 81: Switching intentions and customer satisfaction, by next most popular experience of and attitudes towards banks and financial advice, August 2011
                                                                                                                                      • Santander and Nationwide customers are most likely to avoid bank-based advice
                                                                                                                                        • Figure 82: Experience of and attitudes towards banks and financial advice, by main current account provider, August 2011
                                                                                                                                        • Figure 83: Experience of and attitudes towards banks and financial advice, by main current account provider, August 2011
                                                                                                                                    • Retail Banks and Advice – Consumer Perceptions by Product Type

                                                                                                                                      • Key points
                                                                                                                                        • Consumers are most confident about savings-related bank advice…
                                                                                                                                          • Figure 84: Perceptions of the standard of advice offered by banks, by product, August 2011
                                                                                                                                        • …but there is room for improvement in other product areas
                                                                                                                                          • Pensions are not identified with retail banking channels
                                                                                                                                            • Has the PPI scandal undermined confidence in consumer credit advice?
                                                                                                                                              • Experience tends to boost perceptions of the standard of advice
                                                                                                                                                • Figure 85: Standard of advice offered by banks, by product, by most popular type of advice sought from main bank, August 2011
                                                                                                                                                • Figure 86: Standard of advice offered by banks, by product, by next most popular type of advice sought from main bank, August 2011
                                                                                                                                              • Bank advice sceptics are most concerned about investment, pension and protection advice
                                                                                                                                                • Figure 87: Standard of advice offered by banks, by product, by most popular experience of and attitudes towards banks and financial advice, August 2011
                                                                                                                                            • Retail Banks and Advice – General Attitudes and Perceptions

                                                                                                                                              • Key points
                                                                                                                                                • A restricted product range is the main concern for consumers
                                                                                                                                                  • Figure 88: Attitudes towards banks and financial advice, August 2011
                                                                                                                                                • One in four have concerns about the standard of bank advice
                                                                                                                                                  • Figure 89: Attitudes towards the standard of bank advice, by annual household income, August 2011
                                                                                                                                                • A more convenient location?
                                                                                                                                                  • Concerns about quality increase with experience of bank advice
                                                                                                                                                    • Figure 90: Attitudes towards banks and financial advice, by repertoire of financial products where advice has been sought from main bank, August 2011
                                                                                                                                                  • Account switchers are more likely to appreciate more flexible advice locations
                                                                                                                                                    • Figure 91: Attitudes towards banks and financial advice, by switching intentions and customer satisfaction, August 2011
                                                                                                                                                  • More than 50% see bank-related financial advice as sales-driven
                                                                                                                                                    • Figure 92: Words associated with banks as a source of financial advice, August 2011
                                                                                                                                                  • Sales-driven culture prevents some from seeking financial advice
                                                                                                                                                    • Figure 93: Words associated with banks as a source of financial advice, by experience of and attitudes towards banks and financial advice, August 2011
                                                                                                                                                  • Convenience is highlighted by frequent advice users
                                                                                                                                                    • Figure 94: Words associated with banks as a source of financial advice, by repertoire of financial products where advice has been sought from main bank, August 2011
                                                                                                                                                • Retail Banks and Advice – Targeting Opportunities

                                                                                                                                                  • Key points
                                                                                                                                                    • Almost a third are Bank advice advocates
                                                                                                                                                      • Figure 95: Target groups for attitudes towards banks and financial advice, August 2011
                                                                                                                                                    • Bank advice advocates
                                                                                                                                                      • Sales pressure worriers
                                                                                                                                                        • Bank advice critics
                                                                                                                                                          • The Indifferent
                                                                                                                                                              • Figure 96: Words associated with banks as a source of financial advice, by target groups, August 2011
                                                                                                                                                          • Appendix – Background Data

                                                                                                                                                              • Figure 97: Write-offs of loans to individuals, 2005-10
                                                                                                                                                          • Appendix – Retail Banking Providers

                                                                                                                                                              • Figure 98: Most popular main current account provider, by demographics, August 2011
                                                                                                                                                              • Figure 99: Next most popular main current account provider, by demographics, August 2011
                                                                                                                                                          • Appendix – Brand Research

                                                                                                                                                              • Figure 100: Brand usage, August 2011
                                                                                                                                                              • Figure 101: Brand commitment, August 2011
                                                                                                                                                              • Figure 102: Brand momentum, August 2011
                                                                                                                                                              • Figure 103: Brand diversity, August 2011
                                                                                                                                                              • Figure 104: Brand satisfaction, August 2011
                                                                                                                                                              • Figure 105: Brand recommendation, August 2011
                                                                                                                                                              • Figure 106: Brand attitude, August 2011
                                                                                                                                                              • Figure 107: Brand image, August 2011
                                                                                                                                                              • Figure 108: Brand image – micro image, August 2011
                                                                                                                                                              • Figure 109: Profile of target groups, by demographics, August 2011
                                                                                                                                                              • Figure 110: Psychographic segmentation, by target group, August 2011
                                                                                                                                                              • Figure 111: Brand usage, by target group, August 2011
                                                                                                                                                            • Brand index
                                                                                                                                                              • Figure 112: Brand index, August 2011
                                                                                                                                                          • Appendix – Product Ownership and Cross-selling

                                                                                                                                                              • Figure 113: Savings account ownership, owned/arranged with current account and with other provider, by demographics, August 2011
                                                                                                                                                              • Figure 114: Cash ISA ownership, owned/arranged with current account and with other provider, by demographics, August 2011
                                                                                                                                                              • Figure 115: Any stock market-based investment product ownership, owned/arranged with current account and with other provider, by demographics, August 2011
                                                                                                                                                              • Figure 116: Credit card ownership, owned/arranged with current account and with other provider, by demographics, August 2011
                                                                                                                                                              • Figure 117: Unsecured personal loan ownership, owned/arranged with current account and with other provider, by demographics, August 2011
                                                                                                                                                              • Figure 118: Mortgage ownership, owned/arranged with current account and with other provider, by demographics, August 2011
                                                                                                                                                              • Figure 119: Life insurance ownership, owned/arranged with current account and with other provider, by demographics, August 2011
                                                                                                                                                              • Figure 120: Home insurance (any type) ownership, owned/arranged with current account and with other provider, by demographics, August 2011
                                                                                                                                                              • Figure 121: Car insurance ownership, owned/arranged with current account and with other provider, by demographics, August 2011
                                                                                                                                                              • Figure 122: Income protection/critical illness cover ownership, owned/arranged with current account and with other provider, by demographics, August 2011
                                                                                                                                                          • Appendix – Switching and Satisfaction

                                                                                                                                                              • Figure 123: Agreement with statements about switching intentions and customer satisfaction, by demographics, August 2011
                                                                                                                                                          • Appendix – Retail Banks and Advice – Type of Advice Sought

                                                                                                                                                              • Figure 124: Most popular type of advice sought from main bank, by demographics, August 2011
                                                                                                                                                              • Figure 125: Next most popular type of advice sought from main bank, by demographics, August 2011
                                                                                                                                                          • Appendix – Retail Banks and Advice – Preferred Channels

                                                                                                                                                              • Figure 126: Preferred channel for financial advice, by demographics, August 2011
                                                                                                                                                              • Figure 127: Preferred channel for financial advice, by most popular main current account provider, August 2011
                                                                                                                                                              • Figure 128: Preferred channel for financial advice, by next most popular main current account provider, August 2011
                                                                                                                                                          • Appendix –Retail Banks and Advice – Experience and Preferences

                                                                                                                                                              • Figure 129: Most popular experience of and attitudes towards banks and financial advice, by demographics, August 2011
                                                                                                                                                              • Figure 130: Next most popular experience of and attitudes towards banks and financial advice by demographics, August 2011
                                                                                                                                                          • Appendix – Retail Banks and Advice – Consumer Perceptions by Product Type

                                                                                                                                                              • Figure 131: Perceptions of the standard of advice offered by banks, by product, August 2011
                                                                                                                                                              • Figure 132: Perceptions of the standard of advice offered by banks, by product, by most popular main current account provider, August 2011
                                                                                                                                                              • Figure 133: Perceptions of the standard of advice offered by banks, by product, by next most popular main current account provider, August 2011
                                                                                                                                                              • Figure 134: Standard of savings accounts/cash ISAs advice offered by banks, by demographics, August 2011
                                                                                                                                                              • Figure 135: Standard of longer-term investment advice offered by banks, by demographics, August 2011
                                                                                                                                                              • Figure 136: Standard of pensions advice offered by banks, by demographics, August 2011
                                                                                                                                                              • Figure 137: Standard of credit cards advice offered by banks, by demographics, August 2011
                                                                                                                                                              • Figure 138: Standard of personal loans (unsecured) advice offered by banks, by demographics, August 2011
                                                                                                                                                              • Figure 139: Standard of mortgage advice offered by banks, by demographics, August 2011
                                                                                                                                                              • Figure 140: Standard of life insurance advice offered by banks, by demographics, August 2011
                                                                                                                                                              • Figure 141: Standard of home insurance advice offered by banks, by demographics, August 2011
                                                                                                                                                              • Figure 142: Standard of critical illness/income protection advice offered by banks, by demographics, August 2011
                                                                                                                                                              • Figure 143: Standard of general financial management advice offered by banks, by demographics, August 2011
                                                                                                                                                          • Appendix – Retail Banks and Advice – General Attitudes and Perceptions

                                                                                                                                                              • Figure 144: Attitudes towards banks and financial advice, by demographics, August 2011
                                                                                                                                                              • Figure 145: Most popular words associated with banks and financial advice, by demographics, August 2011
                                                                                                                                                              • Figure 146: Other words associated with banks and financial advice, by demographics, August 2011
                                                                                                                                                              • Figure 147: Other words associated with banks and financial advice, by demographics, August 2011
                                                                                                                                                              • Figure 148: Words associated with banks as a source of financial advice, by switching intentions and customer satisfaction, August 2011
                                                                                                                                                              • Figure 149: Words associated with banks as a source of financial advice, by attitudes towards banks and financial advice, August 2011
                                                                                                                                                          • Appendix – Retail Banks and Advice – Targeting Opportunities

                                                                                                                                                              • Figure 150: Target groups, by demographics, August 2011
                                                                                                                                                              • Figure 151: Preferred channel for financial advice, by target groups, August 2011
                                                                                                                                                              • Figure 152: Switching intentions and customer satisfaction, by target groups, August 2011
                                                                                                                                                              • Figure 153: Type of advice sought from main bank, by target groups, August 2011
                                                                                                                                                              • Figure 154: Main current account provider, by target groups, August 2011

                                                                                                                                                          Companies Covered

                                                                                                                                                          • Alliance & Leicester
                                                                                                                                                          • Barclaycard
                                                                                                                                                          • Barclays Bank plc
                                                                                                                                                          • Bradford & Bingley plc
                                                                                                                                                          • Clerical Medical Investment Group Ltd
                                                                                                                                                          • First Direct
                                                                                                                                                          • Grupo Santander Central Hispano S.A.
                                                                                                                                                          • HBOS plc (Halifax Bank of Scotland)
                                                                                                                                                          • HSBC Holdings plc
                                                                                                                                                          • Lloyds Banking Group
                                                                                                                                                          • Macmillan Cancer Relief
                                                                                                                                                          • Nationwide Building Society
                                                                                                                                                          • NatWest
                                                                                                                                                          • Royal Bank of Scotland Group plc
                                                                                                                                                          • Scottish Widows Bank plc
                                                                                                                                                          • Standard Life Bank Limited
                                                                                                                                                          • Woolwich plc

                                                                                                                                                          Consumers and Retail Banking - UK - October 2011

                                                                                                                                                          £2,195.00 (Excl.Tax)