Recent research conducted by ICM into public perceptions of the UK financial industry brought up some intriguing results. Unsurprisingly the public had little confidence or enthusiasm for the economy or the financial service industry as a whole. What was interesting though was that very few people (15%) were actually looking to act in anyway on this by changing bank accounts or switching providers. Indeed, as ICM Director Steve Ogborn says ’…despite mistrust and low opinions among consumers, most people are sitting on their hands and doing nothing about it.’
A further finding from the research was that the unfavourable opinion of the industry was not universal for all companies within it. Nationwide and the Co-op in particular being widely seen as the two companies to have come through the last few years relatively unscathed likely because, as Steve suggests, ‘Consumers associate the Co-op with ethical banking, and Nationwide is seen as a consumer champion.’
To find out more contact Steve Ogborn on 020 7845 8300 or email steve.ogborn@icmresearch.com
The survey was conducted online amongst a nationally representative sample of 2,033 UK adults. Fieldwork took place between the 31st August and the 2nd September.
Please click here for a full write up published in Marketing Week on the 31st October 2012.
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Financial Trends Survey – Safeguarding the customers interest (PDF)
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