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Brand Overview - Finance - UK - August 2019

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

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