2022
9
UK Finance Brand Overview Market Report 2022
2022-08-17T04:06:36+01:00
OX1101807
2195
154867
[{"name":"Finance","url":"https:\/\/store.mintel.com\/industries\/finance"}]
Report
en_GB
“Financial services brands will play an increasing role in consumer lifestyles as the cost of living rises, inflation bites and as interest rates continue to creep upwards. Brands with an…

UK Finance Brand Overview Market Report 2022

£ 2,195 (Excl.Tax)

Description

The UK Finance Brand Overview Market Report 2022 identifies consumers’ attitudes towards a variety of financial services brands, how much consumers trust brands in the UK financial market, and the impact of inflation on UK payment markets. This report covers the UK finance market size, market forecast, market segmentation and UK finance industry trends.

Brands Covered in this Report

Barclays, MoneySavingExpert, PayPal, Visa, Post Office, Mastercard, Compare the Market, MoneySuperMarket, Santander, Nationwide Building Society, Aviva, AA Insurance, Direct Line, Lloyds Bank, Apple Pay, Moneybox, Monzo, AJ Bell YouInvest, Newcastle Building Society, Starling Bank, Klarna, Revolut, PayPal Credit, Wealthify, Many Pets, First Direct, Nutmeg, Petplan, Shawbrook Bank, Hargreaves Landsdown, Bupa, Americsn Express, NS&I, Co-op Insurance, Waggel, Animal Friends, Co-operative Bank, Halifax, Churchill, Legal & General, Tesco Bank, Atom Bank, Zopa, and more.

UK Payment Markets: Current Market Landscape

Our UK finance data shows that brands in the financial services are still struggling to fully convince consumers that they reward loyalty, despite regulation attempting to help existing consumers get better treatment.

Going forwards, according to UK finance statistics, consumers will be more conscious of fairness and equality in how financial services brands treat their customers, indicating a way in which brands can stand out from others.

UK Finance Statistics: Market Share and Key Industry Trends

Our UK finance data predicts that consumers are set to face some difficult choices over the coming months with energy bills rising, inflation, and interest rates set to creep upwards.

Financial services brands will come to the fore over this period, with a huge responsibility to help consumers as much as possible. Our trends in the economy analysis shows that brands will widen their reach, while price comparison sites’ reputation for helping to save money will encourage greater usage in UK payment markets.

Data and Research – UK Finance: Future Trends

Following our UK finance data findings, brands that are seeking to improve their environmental credentials in the UK financial market will need to invest in communication strategies to ensure that consumers are aware of the lower impact that their services have.

One of the UK finance industry trends are robo-investment platforms, which are showing signs of potential growth over the coming years.

Read on to discover more details or take a look at all of our UK Financial Services Market Research.

Quickly Understand

  • The leading financial services brands on metrics like usage, trust, preference, differentiation, satisfaction and recommendation.
  • The top-scoring brands for particular attributes including ethics, customer service, competency and reliability.
  • The standout brands on traits including progressiveness, rewarding loyalty, innovation and helpfulness.

Expert Analysis from a Specialist in the Field

This report, written by Richard Hopping, a leading household and brand analyst, delivers in-depth commentary and analysis to highlight current trends in the UK financial market 2022 and add expert context to the numbers.

Financial services brands will play an increasing role in consumer lifestyles as the cost of living rises, inflation bites and as interest rates continue to creep upwards. Brands with an existing helpful reputation, such as MoneySavingExpert and price comparison sites, have an opportunity to reach new consumers during this period, while other brands like Post Office and Nationwide will enhance their image by ensuring that consumers still have access to branch-based banking services.

Richard Hopping
Richard Hopping
Director of Household Care Insights

Table of Contents

  1. Overview

    • Key issues covered in this Report
    • Market context
    • Products covered in this Report
  2. Executive Summary

    • Brand leaders
    • MoneySavingExpert has the opportunity to reach more consumers
      • Figure 1: Top brands in the financial services sector, by usage in the last 12 months, 2020-22
    • Price comparison sites will maintain high usage as cost focus grows
    • Post Office is critical to future branch access
      • Figure 2: Top brands in the financial services sector, by agreement with “A brand that I trust”, 2020-22
    • Financial services brands are largely seen as satisfactory
      • Figure 3: Top brands in the financial services sector, by excellent reviews, 2020-22
    • Monzo comes highly recommended by users
      • Figure 4: Top brands in the financial services sector, by likely recommendation, 2020-22
    • Investment brands have room to grow
      • Figure 5: Top brands in the financial services sector, by commitment (net of “I prefer this brand over others” and “This is a favourite brand”), 2020-22
    • PayPal stands out from the crowd
    • Other brands seek to replicate Klarna’s unique proposition
      • Figure 6: 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”), 2020-22
    • Brand reputation
    • Ethics in the financial services field
    • Prepare for greater consciousness of ethical investments
      • Figure 7: Top brands in the financial services sector, by agreement with “Ethical”, 2020-22
    • Post Office goes beyond others on customer service
      • Figure 8: Top brands in the financial services sector, by agreement with “A brand that has great customer service”, 2020-22
    • Fairness and equality are of great concern to consumers
      • Figure 9: Top brands in the financial services sector, by agreement with “A brand that treats its customers fairly”, 2020-22
    • MoneySavingExpert plays a critical role in consumer lifestyles
      • Figure 10: Top brands in the financial services sector, by agreement with “Competent”, 2020-22
    • Consumers are largely confident in financial services brands…
    • …but it remains a challenge for smaller brands to reassure consumers
      • Figure 11: Top brands in the financial services sector, by agreement with “Reliable”, 2020-22
    • Rewarding loyalty is important to deter switching
      • Figure 12: Top brands in the financial services sector, by agreement with “A brand that rewards loyalty”, 2020-22
    • Digital-only brands are seen as more progressive by consumers
    • Revolut provides greater flexibility around access to money and payments
      • Figure 13: Top brands in the financial services sector, by agreement with “Progressive”, 2020-22
    • Websites offer financial assistance
    • Nationwide has announced it will keep branches open
      • Figure 14: Top brands in the financial services sector, by agreement with “Helpful”, 2020-22
  3. Brand Usage

    • MoneySavingExpert has the opportunity to reach more consumers
      • Figure 15: Top brands in the financial services sector, by usage in the last 12 months, 2020-22
    • Price comparison sites will maintain high usage as cost focus grows
    • Visa and Amazon resolve their dispute
  4. Trust in Financial Services Brands

    • Aviva and Direct Line are trustworthy brands
    • Brands attempt to boost trust via ethical means
      • Figure 16: Top brands in the financial services sector, by agreement with “A brand that I trust”, 2020-22
    • Post Office is critical to future branch access
    • Insurance brands face questions around fairness
  5. Brand Satisfaction and Recommendation

    • Financial services brands are largely seen as satisfactory
    • Robo-investment brands stand to gain
      • Figure 17: Top brands in the financial services sector, by excellent reviews, 2020-22
    • Monzo comes highly recommended by users
      • Figure 18: Top brands in the financial services sector, by likely recommendation, 2020-22
  6. Brand Preference

    • Investment brands have room to grow
      • Figure 19: Top brands in the financial services sector, by commitment (net of “I prefer this brand over others” and “This is a favourite brand”), 2020-22
    • Banking service brands still benefit from switching inertia
    • Focus on price for financial services products is high
  7. Brand Differentiation

    • PayPal stands out from the crowd
      • Figure 20: 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”), 2020-22
    • Other brands seek to replicate Klarna’s unique proposition
  8. Ethical Financial Services Brands

    • Ethics in the financial services field
      • Figure 21: Top brands in the financial services sector, by agreement with “Ethical”, 2020-22
    • Prepare for greater consciousness of ethical investments
    • Consumers want sustainable decisions to provide financial rewards
    • MoneySavingExpert’s ethical perception is formed through honesty
  9. Customer Service in Financial Services

    • Post Office goes beyond others on customer service
      • Figure 22: Top brands in the financial services sector, by agreement with “A brand that has great customer service”, 2020-22
    • Fairness and equality are of great concern to consumers
      • Figure 23: Top brands in the financial services sector, by agreement with “A brand that treats its customers fairly”, 2020-22
  10. Competency and Reliability in Financial Services

    • MoneySavingExpert plays a critical role in consumer lifestyles
      • Figure 24: Top brands in the financial services sector, by agreement with “Competent”, 2020-22
    • Consumers are largely confident in financial services brands…
    • …but it remains a challenge for smaller brands to reassure consumers
      • Figure 25: Top brands in the financial services sector, by agreement with “Reliable”, 2020-22
  11. Loyalty in Financial Services

    • Rewarding loyalty is important to deter switching
      • Figure 26: Top brands in the financial services sector, by agreement with “A brand that rewards loyalty”, 2020-22
    • Compare the Market scores highest on loyalty
    • Aviva boosts loyalty reputation through AvivaPlus
    • Savings providers use prize draws to attract and retain customers
  12. Innovative Brands in Financial Services

    • Digital-only brands are seen as more progressive by consumers
      • Figure 27: Top brands in the financial services sector, by agreement with “Progressive”, 2020-22
    • Consumers need some reassurance to use disruptor brands
    • NatWest looks to social media influencers to engage younger audience
    • Revolut provides greater flexibility around access to money and payments
  13. Helpful Brands in Financial Services

    • Websites offer financial assistance
      • Figure 28: Top brands in the financial services sector, by agreement with “Helpful”, 2020-22
    • Cost of living will put greater focus on providing help
    • Nationwide has announced it will keep branches open
    • The pandemic encourages adaption of banking help
    • Insurance brands find new ways to help consumers
  14. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations
  15. Appendix – Brands Covered

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