“The financial services sector is put under more scrutiny during periods of financial uncertainty. Consumers will look for assistance from brands to guide them through this cost-of-living crisis and help them make better decisions that will benefit them financially. Brands that are considered trustworthy or helpful are more likely to garner attention from new consumers, whilst ones that offer rewards for ongoing customers will show how valuable loyal consumers are to them. Trusted and well-known financial services brands will succeed as consumers are likely to avoid unnecessary risk, or the unknown.”
– Luke Santos, Household Care and Brand Analyst, August 2023
This Report looks at the following areas:
- Leading financial services brands in terms of usage.
- How leading financial services brands perform in terms of trust, differentiation, satisfaction and likely recommendation.
- The top-scoring financial services brands for particular attributes including ethics, customer service, competency and reliability.
- The best performing financial services brands on traits including progressiveness, rewarding loyalty, innovation and helpfulness.
Collapse All
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Overview
- Key issues covered in this Report
- Products covered in this Report
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Executive Summary
- Brand Leaders
- Price comparison websites feature high usage during cost-of-living crisis
- Figure 1: Top brands in the financial services sector, by usage in the last 12 months, 2021-23
- Legacy brands garner consumer confidence
- Figure 2: Top brands in the financial services sector, by agreement with “A brand that I trust”, 2021-23
- Online services score well for excellent reviews
- Figure 3: Top brands in the financial services sector, by excellent reviews, 2021-23
- Consumers will commit to brands they trust
- Figure 4: Top brands in the financial services sector, by commitment (net of “I prefer this brand over others” and “this is a favourite brand”), 2021-23
- Brand Reputation
- Money Saving Expert’s ethical perception is formed through honesty
- Figure 5: Top brands in the financial services sector, by agreement with “ethical”, 2021-23
- The digitalisation of customer service
- Figure 6: Top brands in the financial services sector, by agreement with “a brand that has great customer service”, 2021- 23
- PCWs supports all customers…
- …but Post Office’s local presence makes a difference
- Figure 7: Top brands in the financial services sector, by agreement with “a brand that treats its customers fairly”, 2021- 23
- More frequent interaction allows for evidence of competence
- Figure 8: Top brands in the financial services sector, by agreement with “competent”, 2021-23
- Aviva helps piece financial puzzles together
- Figure 9: Top brands in the financial services sector, by agreement with “reliable”, 2021-23
- Compare the Market’s vast reward offering
- Figure 10: Top brands in the financial services sector, by agreement with “a brand that rewards loyalty”, 2021-23
- Revolut’s crypto revolution
- Questions remain around the safety of disruptor brands
- Figure 11: Top brands in the financial services sector, by agreement with “progressive”, 2021-23
- PCWs dominate ‘helpful’ metric
- Figure 12: Top brands in the financial services sector, by agreement with “helpful”, 2021-23
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Brand Usage
- Price comparison websites feature high usage during cost-of-living crisis
- Figure 13: Top brands in the financial services sector, by usage in the last 12 months, 2021-23
- PayPal tops usage in the last 12 months
- Price comparison websites feature high usage during cost-of-living crisis
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Trust in Financial Services Brands
- Legacy brands garner consumer confidence
- Figure 14: Top brands in the financial services sector, by agreement with “A brand that I trust”, 2021-23
- Legacy brands garner consumer confidence
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Brand Satisfaction and Recommendation
- Online services score well for excellent reviews
- Figure 15: Top brands in the financial services sector, by excellent reviews, 2021-23
- Klarna’s consumer-centric offerings
- Figure 16: Top brands in the financial services sector, by likely recommendation, 2021-23
- Online services score well for excellent reviews
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Brand Preference
- Consumers will commit to brands they trust
- Figure 17: Top brands in the financial services sector, by commitment (net of “I prefer this brand over others” and “this is a favourite brand”), 2021-23
- Consumers will commit to brands they trust
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Brand Differentiation
- Moneybox aims to stand out amongst younger consumers
- Figure 18: Top brands in the financial services sector, by differentiation (net of agreement with “it’s a unique brand” and “it somewhat stands out from others”), 2021-23
- Moneybox aims to stand out amongst younger consumers
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Ethical Financial Services Brands
- Money Saving Expert’s ethical perception is formed through honesty
- Figure 19: Top brands in the financial services sector, by agreement with “ethical”, 2021-23
- Klarna combats credit criticisms
- Money Saving Expert’s ethical perception is formed through honesty
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Customer Service in Financial Services
- The digitalisation of customer service
- Figure 20: Top brands in the financial services sector, by agreement with “a brand that has great customer service”, 2021- 23
- PCWs supports all customers…
- …but Post Office’s local presence makes a difference
- Figure 21: Top brands in the financial services sector, by agreement with “a brand that treats its customers fairly”, 2021- 23
- The digitalisation of customer service
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Competency and Reliability in Financial Services
- More frequent interaction allows for evidence of competence
- Figure 22: Top brands in the financial services sector, by agreement with “competent”, 2021-23
- Aviva helps piece financial puzzles together
- Figure 23: Top brands in the financial services sector, by agreement with “reliable”, 2021-23
- Consumer have high engagement with reliable brands
- More frequent interaction allows for evidence of competence
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Loyalty in Financial Services
- Compare the Market’s vast reward offering
- Figure 24: Top brands in the financial services sector, by agreement with “a brand that rewards loyalty”, 2021-23
- Compare the Market’s vast reward offering
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Innovative Brands in Financial Services
- Revolut’s crypto revolution
- Figure 25: Top brands in the financial services sector, by agreement with “progressive”, 2021-23
- Questions remain around the safety of disruptor brands
- Revolut’s crypto revolution
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Helpful Brands in Financial Services
- PCWs dominate ‘helpful’ metric
- Figure 26: Top brands in the financial services sector, by agreement with “helpful”, 2021-23
- PCWs dominate ‘helpful’ metric
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Appendix – Data Sources, Abbreviations and Supporting Information
- Abbreviations
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Appendix – Brands Covered
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