PRN: UK Banks Under Threat From Google and Apple

12/mar/2012 10.03.30 PR Newswire Turismo Contatta l'autore

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UK Banks Under Threat From Google and Apple

 
[12-March-2012]
 

LONDON, March 12, 2012 /PRNewswire/ --

UK bank customers could defect in droves to new rivals such as Google and Apple in future, according to a new study of 6,000 UK consumers from brand consultancy Clear.

Clear's CEO, James Osmond, said: "We are at the start of a revolution in how people interact with money.  Banks that fail to lead the agenda will struggle to survive.  Having a mobile app and a digital guru isn't enough - it's about reinventing the experience of how people manage their money.  The choice is simple: change now, or get left behind."

In a clear wake up call to the industry, just 13% of consumers said they'd love to use the UK's big 4 high street banks in future.  The big banks are seen as boring and very undesirable.

While the UK's big four - NatWest (211th ) Lloyds TSB (274th ) Barclays (279th ) HSBC (283rd),   languished near the bottom of the table, relative newcomer Paypal rocketed into the top 25 most desirable brands across all sectors in the UK, landing hundreds of places ahead of the banks, at number 21.

Even the UK's most desirable bank, First Direct, only managed to be placed 188, 4 places below Aldi and 73 behind Tampax.

There is a raft of credible competitors with the financial muscle and, crucially, much more desirable brands, who are well positioned to take advantage of the changing nature of money. Apple, ranked 2nd, Google, 5th, Amazon, 8th and John Lewis at 107th have the financial muscle and customer backing to threaten the big banks' monopoly.

Osmond continued: "Traditional banks resemble computer brands 20 years ago before Apple  revolutionised the PC market.  The big financial services brand of tomorrow is just as likely to be Google or Apple as HSBC or AmEx.

"Google Wallet, the smart virtual wallet for in-store and online shopping, was a warning shot to banks.  They need to act now if they want to retain their customers over the next 10 years.  If they fail to make banking sexy, fun and imaginative then the door is wide open for a new competitor to step in."

Please credit Clear's Brand Desire Study 2012

For full results of Clear's Brand Desire Study 2012, go to http://www.brand-desire.com

For further information and interview opportunities contact Tracey O'Connor at Pumpkin on +44(0)20-7287-2007 or tracey@pumpkin.uk.com


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