Insurance and pension brands fare the worst in financial services, research from brand agency Uffindell has found.
As part of a general brand survey, the agency's first Index concentrated on brand loyalty and relationships in the financial services (FS) sector - referred to as the BrandLove Financial Services Index.
Its research amongst over 2000 members of the public revealed consumers love brands in the technology, fast food and food retail sectors far more than they do brands in the financial sector.
General insurer Churchill was at the top of a list of insurance and pension brands according to the quality of relationship they have with their customers.
But overall insurance and pension brands fared worst in the survey. Churchill, managed to make only 18th in the rankings, out of 29, with 7 out of the bottom 10 financial sevices brands coming from the insurance and pensions arena.
Although customers felt an affinity with Churchill, according to Uffindell, they are not excited by the brand and like most insurance brands, exhibit low levels of commitment to the brand.
Respondents rated Legal & General, which came second to last, with only Go Compare rated lower, as stable and responsible but few viewed the brand as clever, dynamic, innovative or growing.
According to the survey, almost half of its customers fall into the ‘non love' category, indicating lower levels of commitment and advocacy of the brand.
Uffindell said this overall picture suggests the brand needs to work harder to build emotional connection with its customers to complement its stable and safe image.
Insurance sector brand rankings
• Churchill (18 out of 29)
• Direct line (20th)
• Scottish Widows (21st)
• Aviva (22nd)
• Standard Life (24th)
• AXA (26th)
• Admiral (27th)
• Legal & General (28th)
The research concluded the financial services brands we have most fallen out of love with are Go Compare, Legal & General and Admiral. The financial services brands we love the most are First Direct, PayPal and Nationwide.
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