Introducing The Top 100 Most Loved Financial Services Brands
Our latest BrandVue report reveals the UK's most loved financial services brands, including payment platforms, highlighting the risers and fallers compared to 2020, whilst also shining light on the notable success stories.
Given that PayPal is steadily evolving to become a one-stop-shop for all our payment needs, it comes as no surprise that it has retained the top spot. It is a brand loved by all generations, in particular by Gen-Z and Millennials.
The financial services industry is built on the foundation of trust and, maybe for the first time in a number of years, the sector was seen as one of the ‘good guys’ during the pandemic, reflected in their understanding of customers’ needs and situations.
Our brand new report sees PayPal and Visa remaining in first and second place, with Apple Pay creeping up into a very close third. It is unsurprising to see these platforms dominate as they continue to support customers making secure, digital payments which are ever more important in an increasingly cashless world.
Given that PayPal is steadily evolving to become a one-stop-shop for all our payment needs, it comes as no surprise that it has retained the top spot. It is a brand loved by all generations, in particular by Gen-Z and Millennials. Right in time for Christmas in 2020 it launched its “Pay in 3” service, which rivals other buy-now-pay-later providers such as Klarna, which we demonstrated was loved by Millennials in our 2020 report.
More recently, the PayPal app has been launched, offering a range of financial tools to all PayPal users including direct deposits, bill pay, a digital wallet, peer-to-peer payments, shopping tools and even a high-yield savings account, PayPal Savings. PayPal is even venturing into cryptocurrency allowing UK customers to buy, hold and sell cryptocurrency, meaning it may become the ultimate E-Wallet.
Visa also remains strong in second position. Like PayPal, the brand is also seeing progression by increasingly harnessing financial technology to support merchants and consumers alike in an attempt to deliver a seamless service. The shift to a cashless society, which has been accelerated due to COVID-19 and the perception that handling cash is unhygienic, has benefitted Visa over the last few years. The rising contactless limit (from £45 to £100) will only ensure Visa becomes even more widely used for some of our larger in-store purchases.
Finally, our third most “loved” brand is Apple’s answer to mobile payment services, Apple Pay. It is a brand loved, particularly among Gen-Z, and it provides Apple iPhone and Apple Watch users with an alternative payment method to cards and cash. With the launch of Face ID technology on the most recent iPhone models, making payments has never been easier. For younger generations who might forget their keys or wallet at home but are rarely without their phone, this ease of payment is unmatched.
Download the report here to see the full list of the Top 100 Most Loved Financial Services Brands and find out what it means for a customer to be ‘in love’ with your brand.