The banking industry still suffers from reputational damage as a legacy of past (and some on-going) scandals. Consumers generally have a less positive view of the industry than they have of individual bank brands and the individual banks they use.
In terms of their view of the banking industry, consumers split into three groups:
- Promoters: they have a positive attitude towards banks.
- Detractors: they are the opposite of the Promoters. They have a negative attitude towards the banking industry (although around one-third trust the banks they personally use).
- Ambivalent: they hold mixed views towards the banking industry. They respect banks, more than they like them or see them as working in their own or societies best interests.
Similarly, in terms of their attitudes to the banks they use, consumers divide into three camps:
- Strongly Pro-Brand - consumers who associate positive words and phrases with their main bank and who would strongly recommend their bank to friends and relatives.
- Pro-Brand - like the above but less positive towards the brands they use but still overall having good feelings towards their main bank.
- Anti-Brand - consumers who associate more negative words and phrases with their main bank and who would not make a recommendation to friends and family.
The brands from the big four banks (except for HSBC) tend to have more Anti-Brand customers relative to Pro-Brand customers than is the case for their smaller bank counterparts.
The brands which have out-performed the banking market in the sense of having relatively more Pro-brand customers than banks as a whole, tend to be brands which have established a unique position for themselves in the market. Each of these brands has a market positioning which sets it apart from the run-of-the-mill bank brand. These brands are either building societies (Nationwide), former mutual/building societies (Santander), ethical banks (Co-operative) or online specialists (First Direct). The brands which have under-performed the banking market include the core brands of Lloyds Banking Group, Royal Bank of Scotland Group and Barclays.
Examples of other key findings to come from this research, based on interviews with 1,031 nationally representative consumers are:
- 77% of consumers think banks are economically essential and 55% think the industry offers high quality products and services
- Only 28% of consumers think the industry has high ethical standards and only 35% think it cares what people like them think of it
- 46% of consumers feel that high pay and bonuses to bank staff have worsened their view of the banking industry
- 46% of consumers feel mis-selling of financial products has worsened their view of the banking industry
- 70% of consumers trust staff working in bank branches, while only 31% trust senior management and 19% investment bankers
- 56% of consumers feel that senior management should face criminal charges in serious wrong doing cases and 52% feel they should lose their jobs/positions without financial compensation.
Key Topics Covered:
1. Executive Summary
3. Is The Banking Industry Bona Fides?
4. What Drives Perceptions of The Banking Industry?
5. What Can Improve The Public Perceptions of Banks?
6. Perceptions of Banking Brands
7. Perceptions of Banks Used
8. Drivers of Perceptions of The Banks You Use
9. How Do The Main Bank Brands Compare?
- Adam & Company
- AIB (Allied Irish Bank)
- Al Rayan Bank
- Aldermore Bank
- Bank of Ireland
- Bank of Scotland
- Clydesdale Bank
- Co-operative Bank
- Coventry Building Society
- Cumberland Building Society
- Danske Bank
- Drummonds Bank
- First Direct
- Leeds Building Society
- Lloyds Banking Group
- M&S Bank
- Metro Bank
- Nottingham Building Society
- Post Office
- Royal Bank of Scotland
- Sainsbury's Bank
- Skipton Building Society
- Tesco bank
- Ulster Bank
- Virgin Money
- Weatherbys Bank
- Williams & Glyn
- Yorkshire Bank
- Yorkshire Building Society
For more information about this report visit https://www.researchandmarkets.com/r/qdisnf