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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