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Brand Overview - Finance - UK - August 2019

Covered in this report

Since December 2016, Mintel has conducted brand research on more than 65 brands operating in financial services markets. As well as consumers’ attitudes towards brands, we investigate how many people have used those brands, how positive their experience of the brand was, and whether they would recommend that brand.

Research is run at a brand level, rather than based on a particular product. So rather than asking specifically about people’s perception of Barclays’ current accounts or of Direct Line’s car insurance, for example, we ask about their overall perception of the Barclays and Direct Line brands.


“Times are changing in the financial services sector, and any companies that are relying on a heritage brand and consumers’ traditional inertia when it comes to switching providers could be caught out. Challenger brands are disrupting the market, and younger consumers are looking differently at the role of the financial institutions that they use. Millennial and Generation Z consumers are far more willing to allow banks into the private aspects of their lives, offering the chance for brands to be more proactive in helping customers without appearing pushy or intrusive. Crucially, these challenger brands are digital-first, giving them the ability to deliver the kind of online experience that Millennial and Gen Z consumers now take for granted.”
– Richard Hopping, Senior Brand and Household Analyst

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Table of contents

  1. Overview

    • What you need to know
      • Products covered in this Report
      • Executive Summary

          • Brand Leaders
            • A low proportion of usage in the category
              • 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
              • 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
              • 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
              • 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
              • 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”
                • 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
                  • 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
                  • Figure 8: Top ranking of brands in the financial services sector, by agreement with “Exclusive”, May 2015 May 2018
                • Reliability related to competency
                  • 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
                      • 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
                        • 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
                          • 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

                          • 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

                                    • A low proportion of usage
                                      • 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
                                      • 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

                                      • A distance from tradition helps…
                                        • 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

                                          • Nationwide’s community focus creates positive experience
                                            • 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
                                            • 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
                                            • Figure 18: Top ranking of brands in the financial services sector, by likely recommendation, December 2016-May 2019
                                        • Brand Preference

                                          • Big name brands are preferred by consumers
                                            • 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

                                              • Amex and Post Office stand out
                                                • 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

                                                • 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

                                                          • A focus on doing “the right thing”
                                                            • 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

                                                              • Reputation is built on personal experience …
                                                                • 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

                                                                • Bupa seen as an exclusive brand
                                                                  • 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
                                                                  • Figure 24: Top ranking of brands in the financial services sector, by agreement with “Prestigious”, May 2015 May 2018
                                                              • Competency and Reliability

                                                                • Competency and trust are linked
                                                                  • Figure 25: Top ranking of brands in the financial services sector, by agreement with “Competent”, May 2015 May 2018
                                                                • Reliability also related to competency
                                                                  • Figure 26: Top ranking of brands in the financial services sector, by agreement with “Reliable”, May 2015 May 2018
                                                                • Consumers expect consistent behaviour
                                                                  • Figure 27: Agreement with “Reliable”, by agreement with “Competent”, December 2016-May 2019
                                                              • The Financial Services Brandscape – What You Need to Know

                                                                • 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

                                                                            • Active loyalty vs inertia
                                                                              • 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

                                                                                • Perceptions of progressiveness in financial services is low
                                                                                  • 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
                                                                                    • 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

                                                                                    • Pushing FS brands as an essential part of their customers’ lifestyles
                                                                                      • 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

                                                                                          • Abbreviations
                                                                                          • Appendix – Brands Used

                                                                                            Brand Overview - Finance - UK - August 2019

                                                                                            £1,995.00 (Excl.Tax)