BrandVue’s Most Loved Financial Services Brands 2022
For the third year running we have looked into the UK’s Top 100 Most Loved Financial Services Brands, providing insight into which brands UK consumers have the closest emotional connection with.
Christina Beza, VP at Savanta, takes a look at which brands have made it to the Top 10 list this year and what they have in common.
Love is underpinned by trust and the ability to provide help on an emotional and functional level.
1. PayPal leads for the third year in a row
At the top end of our League Table we see a great degree of stability when comparing it to last year. Six out of ten brands have secured places in the Top 10 yet again, while PayPal, Apple Pay and Visa remain in the Top 3.
2. Apple Pay
6. Google Pay
7. Compare The Market
2. Payment platforms and aggregators are pushing traditional banks down the rankings
Payment platforms continue to dominate the arena, occupying seven places in the Top 10. Despite having experienced controversy earlier this year, buy-now-pay-later platform Klarna, has jumped four places year-on-year to no. 8, closely followed by Clearpay.
Aggregator Compare The Market has also been climbing the ranks moving from no. 15 in 2020, to no. 11 in 2021, and has now made its way into the Top 10 at an impressive no. 7. Monzo has risen four places to no. 9, the first and only neobank to enter the Top 10. Barclays has dropped three places to no. 11 and Nationwide and Post Office have both dropped five places, meaning there are no longer any banks in the Top 10.
Perhaps unsurprising considering the UK’s transition towards becoming a cashless society, making services such as cash withdrawals and deposits much less frequent. With widespread inflation making for turbulent times, many consumers are also welcoming the opportunity to defer payments and rely more on credit, whilst seeking out deals that help them save money.
3. The right offering can lead to increased popularity in an emotionally fertile environment
There is a high correlation between brand awareness and Brand Love, especially among the brands at the top end of our League Table – with the exception of Klarna and Clearpay. Both brands are known by less than three quarters of the UK, yet with a proposition that is particularly appealing when household income is on the decline, they’re gaining popularity at a rapid rate with both brands securing spots in the Top 10.
4. Love is underpinned by trust and the ability to provide help on an emotional and functional level
Consumers love brands they trust. In the current climate of political and financial turmoil, it’s even more fundamental for customers to have confidence in their financial services providers, as they simply can’t afford to put their money at risk.
Consumers also love what makes their lives simpler, and payment platforms do so very well by offering a seamless user experience, capitalising on speed and ease of use. Their tendency to act as one-stop shops for every-day financial needs means consumers see them as dependable and helpful in overcoming day-to-day challenges. Credit cards and buy-now-pay-later platforms are attracting customers by offering good deals, whilst banks are recognised for their expertise.
Download the free report for the Top 100 league table as well as more of the latest trends and insights.