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The Top 100 Most Loved Financial Services Brands 2020

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The Top 100 Most Loved Financial Services Brands 2020 The Top 100 Most Loved Financial Services Brands 2020 Who is winning the hearts of UK consumers? savanta.com Contents Introduction 03 The power of love 04 Love in the post COVID-19 world 05 What drives love? 06 Which brands are the top performers? 07 The top 20 most loved financial services brands of 2020 08 Top 3 category medallists 09 — Payment platforms 10 — Aggregators 11 — Banking 12 — Neobanks 13 — Retailers 14 — Insurers 15 — Credit cards 16 — Credit check companies 17 — Investments & savings 18 Applying the lessons 19 Three ways financial services companies can inspire love 20 The league table in full 21 No. 01 — 100 22 How Savanta can help you 25 How we support financial services brands 26 How the BrandVue data engine works 27 The team behind the report 28 savanta.com 02 Introduction 04: The power of love 05: Love in the post COVID-19 world 06: What drives love? savanta.com Introduction The power of love The financial services industry is built question ‘what about when there are a Net promoter score (NPS) is word-of-mouth being such a powerful on the foundation of trust. Financial number of organisations that I trust’? widely used in financial services to marketing tool, understanding how products are intangible — we can’t see How do I then choose between them? understand customer satisfaction, many of your customers are active or touch what we’ve bought. Financial loyalty and reduce churn. NPS promoters is important. When we look This is where trust is no longer a products are there to protect and provide also tells you how many of your at NPS vs brand trust and Brand Love, differentiator. When we look at trust for ourselves, our family and our future. customers are likely to actively a picture emerges showcasing how of big banks, for example, there is We therefore need to ‘trust’ financial recommend you and with powerful Brand Love can be: very little to choose between them. organisations to look after our money Other differentiators come into play. and keep it safe. Data shows us that if a consumer loves Many financial organisations had to a brand, they are more likely to consider work hard to rebuild trust after the and prefer it than if they just trust a brand. Average percentage of customers who are promoters 2008 global financial crisis, so it’s not Looking at average consideration and surprising that finance organisations preference of the top 100 brands, the have focused on how to improve this following data shows that if a consumer metric. So, with trust being such a focus, trusts a brand, that brand is twice as likely why are we talking about love? to be considered, however love gets a There is no doubt that trust remains key. brand further. If a consumer loves a brand, However, trust is also becoming a hygiene this puts that brand into the preferred factor. Do I trust this organisation with rather than just considered category. my money — yes or no? Then comes the Love is a differentiator: 87% Brand consideration and preference 56% 49% Prefer Also consider 59% 53% 25% Total Those who trust Those who love 46% market the brand the brand 26% 10% 28% % 16 13% This data is essentially saying that trust alone about it and recommend it. It’s those Total Those who trust Those who doesn’t drive customers to be advocates of a who love your brand who are most likely market the brand love the brand brand whereas love does. When a customer to be brand advocates. This is why love loves a brand, they are more likely to talk is so powerful. savanta.com 04 Introduction Love in the post COVID-19 world COVID-19 has disrupted the world and shifted behaviours. It’s been an emotional time for consumers trying to navigate the new world. We have seen consumers shifting Customers have valued openness attitudes towards their finances — and transparency at this time — they’ve re-focused and re-engaged, which has helped build trust and, wanting to simplify, consolidate and ultimately, love for brands. feel more in control. Things are still uncertain. COVID-19 has been effectively the Consumers remain in a heightened biggest behavioural nudge we’ve state of turmoil. Consumers are also seen in decades. very receptive to messaging about finances and financial products. Financial services providers have been They want to feel in control, they the ‘good-guys’ this time by supporting want to feel safe. customers through the crisis. Providers who have proactively given gestures Brands who can connect emotionally — — premium rebates, mortgage or demonstrating empathy, understanding loan holidays for example — have and commitment to being there for shown empathy and understanding of customers — are the brands most customer situations, making customers likely to turn trust into love and stand feel valued, cared for and looked after. out in the post COVID-19 world. savanta.com 05 Introduction What drives love? Brand attributes that drive Brand Love Helpful For people like me Trustworthy On my side BrandVue data shows us that the key drivers of brand Gets me a good deal love have softer, more personal, and emotional attributes. Friendly The chart on the right shows the are supported to resolve an Expert impact of image attributes on issue or complete a transaction. driving Brand Love. In essence, the contact was a Approachable positive and personal experience. Being ‘helpful’ and ‘for people like me’ are the key image attributes that At the other end of the scale are more Caring drive Brand Love. Both attributes reflect functional attributes. This doesn’t an empathy and an understanding of mean they are unimportant but it Accurate the customer and their needs. Being does mean they are less likely to trustworthy is also critical in driving inspire Brand Love. For instance, Dependable Brand Love — trust clearly remains key being dependable, straightforward in financial services but is just one and knowledgeable are much less Innovative aspect of Brand Love. emotional than helpful, friendly or on my side. Straightforward ‘On my side’ is next on the list, followed by ‘gets me a good deal’. Being a market leader or being innovative A market leader Brands that demonstrate they are doesn’t impact love which is much more there for the customer, are committed about getting the customer a good deal. Knowledgeable and help them get a good deal come Consumers clearly aren’t interested if across as supportive and committed — a financial services brand is fun and Inspires confidence that they really care about the customer. entertaining or upmarket. Last of the top 6 is ‘friendly’. Both All of the top 6 drivers of love are softer, Fun and entertaining friendly and helpful imply a brand emotional and personal attributes. that customers feel happy to access — Brands that inspire love are the brands Upmarket and when they do, they’re treated with that connect emotionally with customers, empathy, made to feel comfortable and keep it relevant and show commitment. savanta.com 06 Which financial services brands are the top performers? 08: The top 20 most loved financial services brands 09: Top 3 category medallists 10: Payment platforms 11: Aggregators 12: Banking 13: Neobanks 14: Retailers 15: Insurers 16: Credit cards 17: Credit check companies 18: Investments & savings savanta.com Which brands are the top performers? The top 20 most loved financial services brands 1 PayPal 11 Revolut 2 Visa 12 Animal Friends 3 MoneySavingExpert 13 Barclays Bank 4 Apple Pay 14 Amazon Pay 5 Monzo 15 Compare the Market 6 G Pay 16 Samsung Pay 7 Klarna 17 Lloyds Bank 8 Nationwide 18 ClearScore 9 Post Office 19 Moneybox 10 Mastercard 20 TotallyMoney The full Top 100 list can be found on Page 22 savanta.com 08 Which brands are the top performers? Top 3 category medallists Context is everything While there are valuable insights to be seen everyday lives — payment platforms in how the financial services sector operates offer a simple, safe and protected way as a whole, brand associations, engagement to spend and aggregators have helped and support vary by sub-sector. customers compare and save on a variety of different financial products. The most loved sub-sectors are payment platforms and aggregators. Both sub- Touch points are frequent and reward sectors really enable consumers in their is tangible. A special shout-out to We have compiled a 'top 3' list across the following financial services sub-sectors, appearing in order of average love across the category: MoneySavingExpert • Payment platforms • Insurers One of the most loved brands on our It focuses entirely on what’s best for panel doesn’t fit into any category, but the customer, rather than commercial • Aggregators • Credit cards rather, forms a category of its own — gain, maintaining high scores in a MoneySavingExpert (MSE). league of their own for positive image • Banking • Credit check companies statements such as ‘on my side’. MSE — AKA Martin Lewis — employs rd • Neobanks • Investments & savings a no-nonsense, accessible approach to MoneySavingExpert is 3 in our financial information, discussion and overall top 100 most loved financial • Retailers guidance, underpinned by the “cutting brands, just behind the payment your costs, fighting your corner” strapline. platforms PayPal and Visa. savanta.com 09 Which brands are the top performers? CATEGORY MEDALLISTS Payment platforms Zoe Davies | Senior Executive Payment platforms top the leader board PayPal adds value for the with PayPal and Visa receiving the most customer in terms of reliability “love”. Both providers enable customers and security. It gives an additional by giving them an electronic alternative layer of protection by not sharing method of payment.
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