Banks more popular than supermarket finance
High street banks are still more popular with consumers than non-bank brands offering financial products despite the banking crisis, new research has discovered.
Nearly two-thirds (65%) of consumers polled in a Marketing Week commissioned study said they wouldn’t consider a financial product, such as a bank account, personal loan, or credit card, from outside the traditional banking sector.
Tesco Personal Finance proved the most popular non-traditional brand, with 20% of those polled saying they’d consider taking out a Tesco account.
Other brands, including Sainsbury’s, M&S Money, ICICI, O2, B&Q, and Pizza Direct, proved less popular as a potential home for people’s money.
YouGov, who conducted the poll, said “conservatism” among banking customers makes the reluctant to move their finances, even in the aftermath of the credit crunch.
A recent study by Morgan Stanley found only 8% of consumers are planning to switch accounts due to the banking crisis.
Nearly a third (31%) said they would be very unlikely to switch.