Brand Metrics: Consumer Awareness of and Attitudes towards Brands in UK Financial

Brand Metrics: Consumer Awareness of and Attitudes towards Brands in UK Financial Services

Published Date: April 2008

Published By: Finaccord Ltd.

Page Count: 220

Order Code: R3434-132

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0.0 EXECUTIVE SUMMARY: Branding influences choice of financial services provider for two out of every three consumers; Visa, Lloyds TSB, Barclaycard, the AA and Halifax are the most well-recognised brands overall…..; … although the results vary when analysed by gender, age group and annual household income ...; More recently-established brands score highly for modernity and ability to excite…; … while more traditional names score highly for consumer perceptions of trustworthiness…; … albeit the brands of on-line aggregators are associated closely with value for money; Trustworthiness and commitment to ethical or socially responsible values are closely correlated; Among brands created since 1998, MORETH>N possesses the greatest implied effectiveness; Across all brands, Direct Line achieves the highest score for reported effectiveness in practice…....; … and a number of other brands appear to be significantly more effective in practice than in theory; The effectiveness of the MINT brand is skewed sharply towards females and younger customers...; Barclays has made progress in reversing aspects of its brand that were formerly weak; The most effective brands tend to possess a well-balanced set of attributes…; … while others are undone by poor consumer perception in certain areas…; … and others still face a more general challenge to transform their image in the eyes of cons; The brands of the leading on-line aggregators of financial services are increasingly effective; Brands are created through a range of variables in addition to advertising…; … which signifies that multiple steps may be required in order to improve brand effectiveness
1.0 INTRODUCTION: Research rationale; Five key reasons underpin the production of the new Brand Metrics research; Brand is a significant factor in choice of financial provider for two in every three consumers; What are the characteristics of an effective financial services brand?; Finaccord has identified nine criteria that combine to determine brand effectiveness; Research sample; Research mechanics; Nine groups of consumers, averaging over 500 in size, have each evaluated ten brands…; … with an array of new brands having been included in the latest research program; Research structure; Strengths and weaknesses; Analytical differences; Finaccord; Other UK consumer research publications; UK affinity and partnership marketing publications; IPT / Tpoll; Errors, omissions and limit of liability
2.0 BRAND RANKINGS: Introduction; Nine criteria are used to determine the effectiveness of financial brands…; … with positive average scores recorded for each other than ability to excite; Trustworthiness and ability to offer value for money are deemed most important by consumers; Awareness; Overall sample; Visa is the brand with the highest level of consumer awareness in the UK…; … with other credit card marques and major high street banks also scoring highly; Among brands created in the last decade, MORETH>N is now the most widely recognised; Analysis of results by gender; Among female respondents, Lloyds TSB is the brand achieving the highest recognition rate…; … although comparethemarket.com is the brand with the greatest outright female bias; Analysis of results by age group; Only Barclaycard and Lloyds TSB feature in the top five among respondents in both age groups...; Comparethemarket.com, MINT and Privilege are all heavily oriented to younger consumers; Analysis of results by annual household income; Among respondents with a lower annual household income, Halifax manages the highest score...; Most brands achieve stronger recognition among those with higher annual household income; Strength; Visa and MasterCard occupy the top two positions in terms of consumer perception of strength ....; Northern Rock’s difficulties have resulted in extremely negative perception of its brand; Accessibility; In terms of consumer perception of accessibility, the AA achieves the strongest score; Relative to its awareness rating, comparethemarket.com achieves a high score for accessibility....; Modernity; Virgin Money and Sheilas’ Wheels are viewed by consumers as the most modern brands…; … with Direct Line rated as the most modern among brands with at least a decade of longevity; There is no apparent correlation between brand modernity and overall awareness; Ability to excite; Most financial services brands are perceived by consumers as being either quite or very dull…; … although Sheilas’ Wheels is the brand arousing the most excitement among consumers; Brands that are perceived to be modern are also those most likely to excite consumers; Trustworthiness; The AA and the RAC are identifiable as the most trusted financial brands in the UK…; … with MasterCard, Nationwide and the Co-operative Bank also scoring highly for this factor; Brands associated with lending products must work harder to earn the trust of consumers; Value for money; The Nationwide brand comprehensively outflanks its high street banking rivals for this factor…; … and it is significant that the brands of on-line aggregators occupy four of the top ten positions....; Brands that are closely associated with credit cards face particular difficulties in this arena; Combining trust with the perception of offering value for money is a key branding objective; Commitment to ethical or socially responsible values; The Co-operative Bank remains closely associated with ethical and socially responsible values; Several other high street banking brands score more highly than might have been anticipated; Trustworthiness and perceived commitment to ethical or socially responsible concerns are linked .; Likeability; Likeability appears largely to be an amalgam of the other factors considered…; … which means that brands with a well-balanced set of attributes emerge as the most liked; Implied brand effectiveness; Implied effectiveness is highest for the AA, Nationwide, RAC, Direct Line and Visa brands…; … with MORETH>N and Confused.com scoring most highly among recently established brands..; Reported brand effectiveness; Overall sample; In terms of its reported effectiveness, Direct Line beats its rivals into pole position; The moneysupermarket.com brand is far more effective in practice than in theory…; … while the Abbey brand is the least effective in practice relative to its theoretical strength; Analysis of results by gender; Four brands rank among the top five by reported effectiveness among both males and females ....; The MINT brand generates a particularly high score for reported effectiveness among females; Analysis of results by age group; The Nationwide brand achieves the highest reported effectiveness among the over-45 group; MoneyExpert and moneysupermarket.com are effective at different ends of the age spectrum; Analysis of results by annual household income; The First Direct brand is particularly effective in the eyes of those earning in excess of £25,000..
3.0 TIME SERIES COMPARISONS: Introduction; Selected comparisons can be made between the latest results and those from the 2006 survey.; A handful of brands have experienced a substantial increase in their overall recognition rate…...; … with a number of others identifiable as having improved significantly their imp. effectiveness ..
4.0 BRAND PROFILES: Introduction; 4.1 AA; 4.2 Abbey; 4.3 Admiral; 4.4 AEGON; 4.5 AIG; 4.6 Alliance & Leicester; 4.7 Allianz; 4.8 American Express; 4.9 AWD Moneyextra; 4.10 AXA; 4.11 AXA PPP; 4.12 AXA Sun Life; 4.13 Bank of Scotland; 4.14 Barclaycard; 4.15 Barclays; 4.16 Beneficial Finance; 4.17 Black Horse; 4.18 Bradford & Bingley; 4.19 Britannia; 4.20 BUPA; 4.21 C&G; 4.22 Cahoot; 4.23 Capital One; 4.24 Churchill; 4.25 CIS Co-operative Insurance; 4.26 Citi; 4.27 CitiFinancial; 4.28 Clerical Medical; 4.29 Clydesdale Bank; 4.30 Co-operative Bank; 4.31 comparethemarket.com; 4.32 Confused.com; 4.33 Cornhill Direct; 4.34 Diners Club; 4.35 Direct Line; 4.36 Egg; 4.37 Endsleigh; 4.38 engage Mutual Assurance; 4.39 esure.com; 4.40 First Alternative; 4.41 First Direct; 4.42 FIRSTPLUS; 4.43 Fool.co.uk; 4.44 Friends Provident; 4.45 GE Money; 4.46 Goldfish; 4.47 Green Flag; 4.48 Halifax; 4.49 Hastings Direct; 4.50 Hiscox; 4.51 Homeserve; 4.52 HSBC; 4.53 ING Direct; 4.54 Intelligent Finance; 4.55 Legal & General; 4.56 Lloyds TSB; 4.57 LV =; 4.58 MasterCard; 4.59 MBNA; 4.60 MINT; 4.61 Moneyback Bank; 4.62 MoneyExpert; 4.63 moneysupermarket.com; 4.64 MORETH>N; 4.65 Nationwide; 4.66 NatWest; 4.67 NFU Mutual; 4.68 Northern Rock; 4.69 Norwich Union; 4.70 ns&i; 4.71 Privilege; 4.72 Prudential; 4.73 PruHealth; 4.74 RAC; 4.75 RBS; 4.76 Royal London; 4.77 Saga; 4.78 Scottish Life; 4.79 Scottish Widows; 4.80 Sheilas’ Wheels; 4.81 Skandia; 4.82 smile; 4.83 Standard Life; 4.84 swiftcover.com; 4.85 uSwitch.com; 4.86 Virgin Money; 4.87 Visa; 4.88 Wesleyan; 4.89 Yorkshire Bank; 4.90 Zurich
GRAPHICS / TABLES: Importance of brand to consumers in choice of financial services provider; Key attributes for a successful brand in financial services; Sample breakdown by age group, household income band and geographical location; Composition of the nine brand groupings; Comparison of aggregate strength of financial services brands for key brand effectiveness factors; Importance to consumers of key brand effectiveness factors when choosing a financial services brand; Ranking of brands by overall consumer awareness; Ranking of brands by overall consumer awareness (continued); Ranking of brands by overall consumer awareness among male respondents; Ranking of brands by overall consumer awareness among male respondents (continued); Ranking of brands by overall consumer awareness among female respondents; Ranking of brands by overall consumer awareness among female respondents (continued); Comparison of overall consumer awareness among male and female respondents; Ranking of brands by overall consumer awareness among younger respondents; Ranking of brands by overall consumer awareness among younger respondents (continued); Ranking of brands by overall consumer awareness among older respondents; Ranking of brands by overall consumer awareness among older respondents (continued); Comparison of overall consumer awareness among younger and older respondents; Ranking of brands by overall consumer awareness among respondents with a lower household income; Ranking of brands by overall consumer awareness among respondents with a lower household income (cont.); Ranking of brands by overall consumer awareness among respondents with a higher household income; Ranking of brands by overall consumer awareness among respondents with a higher household income (cont.); Comparison of overall consumer awareness among resps. with higher and lower annual household incomes; Ranking of brands by consumer perception of strength; Ranking of brands by consumer perception of strength (continued); Correlation between overall consumer awareness and consumer perception of strength; Ranking of brands by consumer perception of accessibility; Ranking of brands by consumer perception of accessibility (continued); Correlation between overall consumer awareness and consumer perception of accessibility; Ranking of brands by consumer perception of modernity; Ranking of brands by consumer perception of modernity (continued); Correlation between overall consumer awareness and consumer perception of modernity; Ranking of brands by consumer perception of ability to excite; Ranking of brands by consumer perception of ability to excite (continued); Correlation between consumer perception of modernity and consumer perception of ability to excite; Ranking of brands by consumer perception of trustworthiness; Ranking of brands by consumer perception of trustworthiness (continued); Correlation between overall consumer awareness and consumer perception of trustworthiness; Ranking of brands by consumer perception of value for money; Ranking of brands by consumer perception of value for money (continued); Correlation between consumer perception of trustworthiness and consumer perception of value for money; Ranking of brands by consumer perception of commitment to ethical or socially responsible values; Ranking of brands by consumer perception of commitment to ethical or socially responsible values (continued); Correlation between cons. perc. of trust. and cons. perc. of commitment to ethical or socially resp. values; Ranking of brands by consumer perception of likeability; Ranking of brands by consumer perception of likeability (continued); Ranking of brands by implied brand effectiveness; Ranking of brands by implied brand effectiveness (continued); Ranking of brands by reported effectiveness among all respondents; Ranking of brands by reported effectiveness among all respondents (continued); Comparison of brand rankings for implied effectiveness and reported effectiveness; Ranking of brands by reported effectiveness among male respondents; Ranking of brands by reported effectiveness among male respondents (continued); Ranking of brands by reported effectiveness among female respondents; Ranking of brands by reported effectiveness among female respondents (continued); Comparison of reported effectiveness among male and female respondents; Ranking of brands by reported effectiveness among younger respondents; Ranking of brands by reported effectiveness among younger respondents (continued); Ranking of brands by reported effectiveness among older respondents; Ranking of brands by reported effectiveness among older respondents (continued); Comparison of reported effectiveness among younger and older respondents; Ranking of brands by reported effectiveness among respondents with a lower household income; Ranking of brands by reported effectiveness among respondents with a lower household income (continued); Ranking of brands by reported effectiveness among respondents with a higher household income; Ranking of brands by reported effectiveness among respondents with a higher household income (continued); Comparison of reported effectiveness among respondents with higher and lower annual household incomes; Time series comparison of scores for overall consumer awareness; Time series comparison of scores for overall consumer awareness (continued); Time series comparison of scores for consumer perception of strength; Time series comparison of scores for consumer perception of accessibility; Time series comparison of scores for consumer perception of modernity; Time series comparison of scores for consumer perception of ability to excite; Time series comparison of scores for consumer perception of trustworthiness; Time series comparison of scores for consumer perception of ability to offer value for money; Time series comparison of scores for cons. perception of commitment to ethical or socially responsible values; Time series comparison of scores for consumer perception of likeability; Time series comparison of scores for implied brand effectiveness; Summary of consumer awareness of and attitudes towards the AA brand; Summary of consumer awareness of and attitudes towards the Abbey brand; Summary of consumer awareness of and attitudes towards the Admiral brand; Summary of consumer awareness of and attitudes towards the AEGON brand; Summary of consumer awareness of and attitudes towards the AIG brand; Summary of consumer awareness of and attitudes towards the Alliance & Leicester brand; Summary of consumer awareness of and attitudes towards the Allianz brand; Summary of consumer awareness of and attitudes towards the American Express brand; Summary of consumer awareness of and attitudes towards the AWD Moneyextra brand; Summary of consumer awareness of and attitudes towards the AXA brand; Summary of consumer awareness of and attitudes towards the AXA PPP brand; Summary of consumer awareness of and attitudes towards the AXA Sun Life brand; Summary of consumer awareness of and attitudes towards the Bank of Scotland brand; Summary of consumer awareness of and attitudes towards the Barclaycard brand; Summary of consumer awareness of and attitudes towards the Barclays brand; Summary of consumer awareness of and attitudes towards the Beneficial Finance brand; Summary of consumer awareness of and attitudes towards the Black Horse brand; Summary of consumer awareness of and attitudes towards the Bradford & Bingley brand; Summary of consumer awareness of and attitudes towards the Britannia brand; Summary of consumer awareness of and attitudes towards the BUPA brand; Summary of consumer awareness of and attitudes towards the C&G brand; Summary of consumer awareness of and attitudes towards the Cahoot brand; Summary of consumer awareness of and attitudes towards the Capital One brand; Summary of consumer awareness of and attitudes towards the Churchill brand; Summary of consumer awareness of and attitudes towards the CIS Co-operative Insurance brand; Summary of consumer awareness of and attitudes towards the Citi brand; Summary of consumer awareness of and attitudes towards the CitiFinancial brand; Summary of consumer awareness of and attitudes towards the Clerical Medical brand; Summary of consumer awareness of and attitudes towards the Clydesdale Bank brand; Summary of consumer awareness of and attitudes towards the Co-operative Bank brand; Summary of consumer awareness of and attitudes towards the comparethemarket.com brand; Summary of consumer awareness of and attitudes towards the Confused.com brand; Summary of consumer awareness of and attitudes towards the Cornhill Direct brand; Summary of consumer awareness of and attitudes towards the Diners Club brand; Summary of consumer awareness of and attitudes towards the Direct Line brand; Summary of consumer awareness of and attitudes towards the Egg brand; Summary of consumer awareness of and attitudes towards the Endsleigh brand; Summary of consumer awareness of and attitudes towards the engage Mutual Assurance brand; Summary of consumer awareness of and attitudes towards the esure.com brand; Summary of consumer awareness of and attitudes towards the First Alternative brand; Summary of consumer awareness of and attitudes towards the First Direct brand; Summary of consumer awareness of and attitudes towards the FIRSTPLUS brand; Summary of consumer awareness of and attitudes towards the Fool.co.uk brand; Summary of consumer awareness of and attitudes towards the Friends Provident brand; Summary of consumer awareness of and attitudes towards the GE Money brand; Summary of consumer awareness of and attitudes towards the Goldfish brand; Summary of consumer awareness of and attitudes towards the Green Flag brand; Summary of consumer awareness of and attitudes towards the Halifax brand; Summary of consumer awareness of and attitudes towards the Hastings Direct brand; Summary of consumer awareness of and attitudes towards the Hiscox brand; Summary of consumer awareness of and attitudes towards the Homeserve brand; Summary of consumer awareness of and attitudes towards the HSBC brand; Summary of consumer awareness of and attitudes towards the ING Direct brand; Summary of consumer awareness of and attitudes towards the Intelligent Finance brand; Summary of consumer awareness of and attitudes towards the Legal & General brand; Summary of consumer awareness of and attitudes towards the Lloyds TSB brand; Summary of consumer awareness of and attitudes towards the LV = brand; Summary of consumer awareness of and attitudes towards the MasterCard brand; Summary of consumer awareness of and attitudes towards the MBNA brand; Summary of consumer awareness of and attitudes towards the MINT brand; Summary of consumer awareness of and attitudes towards the Moneyback Bank brand; Summary of consumer awareness of and attitudes towards the MoneyExpert brand; Summary of consumer awareness of and attitudes towards the moneysupermarket.com brand; Summary of consumer awareness of and attitudes towards the MORETH>N brand; Summary of consumer awareness of and attitudes towards the Nationwide brand; Summary of consumer awareness of and attitudes towards the NatWest brand; Summary of consumer awareness of and attitudes towards the NFU Mutual brand; Summary of consumer awareness of and attitudes towards the Northern Rock brand; Summary of consumer awareness of and attitudes towards the Norwich Union brand; Summary of consumer awareness of and attitudes towards the ns&i brand; Summary of consumer awareness of and attitudes towards the Privilege brand; Summary of consumer awareness of and attitudes towards the Prudential brand; Summary of consumer awareness of and attitudes towards the PruHealth brand; Summary of consumer awareness of and attitudes towards the RAC brand; Summary of consumer awareness of and attitudes towards the RBS brand; Summary of consumer awareness of and attitudes towards the Royal London brand; Summary of consumer awareness of and attitudes towards the Saga brand; Summary of consumer awareness of and attitudes towards the Scottish Life brand; Summary of consumer awareness of and attitudes towards the Scottish Widows brand; Summary of consumer awareness of and attitudes towards the Sheilas’ Wheels brand; Summary of consumer awareness of and attitudes towards the Skandia brand; Summary of consumer awareness of and attitudes towards the smile brand; Summary of consumer awareness of and attitudes towards the Standard Life brand; Summary of consumer awareness of and attitudes towards the swiftcover.com brand; Summary of consumer awareness of and attitudes towards the uSwitch.com brand; Summary of consumer awareness of and attitudes towards the Virgin Money brand; Summary of consumer awareness of and attitudes towards the Visa brand; Summary of consumer awareness of and attitudes towards the Wesleyan brand; Summary of consumer awareness of and attitudes towards the Yorkshire Bank brand; Summary of consumer awareness of and attitudes towards the Zurich brand

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