Brits Not In Favour Of Non Bank Finance

Tue, 18 Aug 2009

Britain’s banks are still more popular with consumers than other brands offering financial products, according to new research.

A survey by research and consulting organisation YouGov, carried out for Marketing Week, found that nearly two-thirds (65 per cent) of UK consumers would not consider a personal loan, bank account, credit card, or any other financial product from a non-bank brand, despite the turmoil in the banking sector .

Of the non-traditional finance brands on the market, Tesco Personal Finance proved the most popular, with one in five respondents saying they’d consider taking out an account with the supermarket giant.

However, other brands such as M&S Money, Sainsburys Finance, ICICI, O2, Pizza Direct and B&Q proved to be less popular among those polled.

YouGov said despite the impact of the credit crunch, most consumers still hold a conservative attitude when it comes to banking, which makes them reluctant to move their finances .

A recent study by Morgan Stanley found only 8 per cent of Britons are planning to switch bank accounts due to the banking crisis, while nearly a third (31 per cent) are highly unlikely to switch.
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