2023
9
UK Brand Overview: Finance 2023
2023-08-29T03:01:23+00:00
REP5172B47A_C33D_4F63_8CCB_8E5E26570309
1495
166136
[{"name":"Financial Services","url":"https:\/\/store.mintel.com\/industries\/financial-services"},{"name":"Market Intelligence Reports","url":"https:\/\/store.mintel.com\/report-type\/market-intelligence-reports"},{"name":"UK","url":"https:\/\/store.mintel.com\/markets\/uk-market-research"}]
Report
en_GB
“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…
UK
Financial Services
simple

UK Brand Overview: Finance 2023

Collapse All

  1. Overview

    • Key issues covered in this Report
    • Products covered in this Report

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. Helpful Brands in Financial Services

    • PCWs dominate ‘helpful’ metric
      • Figure 26: Top brands in the financial services sector, by agreement with “helpful”, 2021-23

  14. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations

  15. Appendix – Brands Covered

“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.
Download Report Summary
£ 1,495 (Excl.Tax)
  • Pay via credit card or invoice
  • PDF, PPT and Excel download delivered instantly
  • Save up to 20% when you purchase multiple reports

Need help before you buy?

Our research specialists can answer your questions and recommend the reports that best match your business needs.

Contact us

Trusted by global industry leaders

Wincanton logo

When I’m investigating specific sectors I tend to use Mintel reports for their forecasting, which I’ve always found to be very accurate.

They also offer really broad and deep coverage in their reports. They are very, very detailed. For example, we were able to gain insight across a wide range of business areas from just one report, proving that Mintel is excellent value for money.

So overall, it’s the level of detail and the quality of forecasting that really stand out for me.

Rebecca Green, Market Insight Manager, Wincanton
Mediacom logo

Mintel is really good for getting a handle on a particular category quickly. If we are working on a new business pitch in an area we don’t have much experience in, it’s a brilliant way to get up to speed with what’s going on, what’s changing and what the key trends are in any category.

It’s very rare now that anyone will plough through a 200-page report – that’s why the summaries are really useful. We know they are backed up by a lot of detail, so if you need to go into something in more depth you know the information will be all there for you.

Pauline Robson, Managing Partner, Mediacom
Amazon logo

Working in a customer-obsessed organization means that data and insights have to be at our fingertips. Mintel’s reports help us support anecdotes with real quantifiable insights. The summary sections (which I really like) helps save time by giving a birds eye view of the content before spending time combing through the pages.

Our business review discussions are strengthened by the relevancy of the reports to help us better understand our customers. In addition, the customer service received from the team (especially in crunch periods) makes the process of understanding customer behavior even better.

Ngozi Ngonadi-Nkwoji, Senior Marketing Manager, Amazon
VML logo

We use Mintel to inform our thinking and reinforce strategy. If you’re presenting new ideas, it’s essential they are underpinned by robust data and evidence, and clearly rooted in fact.

Mintel gives us all that. It’s a great brand and one that is trusted by clients.

Marie Stafford, European Director, The Innovation Group, VML
Jackman logo

At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.

Alana Gavin, VP Research and Insights, Jackman

Need help before you buy?

Our research specialists can answer your questions and recommend the reports that best match your business needs.

Contact us