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Brand values in UK personal lending

Published by: Datamonitor

Published: Apr. 1, 2009 - 9 Pages


Table of Contents


DATAMONITOR VIEW
CATALYST
SUMMARY
ANALYSIS
The downturn has placed an emphasis on reducing advertising expenditure
The credit crunch has severely affected the personal loan market
Global brand strengths have fallen significantly in light of the worsening financial situation
A combination of changing market dynamics and lower liquidity levels have forced personal loan advertising expenditure downwards
In line with the weakened personal loan market, advertising has fallen across the board
The top 10 personal loan advertisers have cut their total expenditure by 69%
Lenders have been more affected in the secured market.
Only a relatively small number of lenders have exited the unsecured market
The secured market is characterized by only a handful of lenders
Innovative customer targeting will reap significant rewards despite the bleak outlook
To drive brand values at minimal costs banks need to appeal to consumers' recessionary mindsets
Following Datamonitor's Megatrends framework is vital for improving brand values
Targeting and promoting self-service products will appeal to the Financial Intelligence Complexity
Consumers demand greater control over their financial future
Effective advertising should focus on safety and functionality to lessen consumer worries
Personal loan campaigns should emphasize how credit can improve the short term position of a borrower
Services and products need to satisfy the Authenticity Megatrend
Despite these examples, few banks satisfy the Authenticity Megatrend
Adopting a more friendly advisory and assistance based approach to customers develops better customer relationships
Working with NGOs and charities will help improve reputation and trust
Marketing innovative loans for customers in difficulties will enhance a bank's reputation
A more personalized approach to product offerings is a win-win for banks
APPENDIX
Supplementary data
Definitions
Balances outstanding
CMGR
Gross advances
Secured personal loans
Unsecured personal loans
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Tables
Table 1: The top 10 global brand values, 2008
Table 2: The top 10 personal loan advertisers, 2007-08
Table 3: Personal loan gross advances and balances outstanding, January 2007-September 2008
Table 4: Total UK advertising expenditure by product line, 2004-08
Table 5: Total UK advertising expenditure in 2008, H1 2008-H2 2008
List of Figures
Figure 1: Unsecured personal loan advances have been falling while balances outstanding have grown, January 2007-September 2008
Figure 2: Total financial services advertising expenditure fell by 15.8% in 2008, 2004-08
Figure 3: Total advertising dropped by 22.4% throughout the second half of 2008
Figure 4: Recessionary consumers' behavior is affected by a number of basic drivers and inhibitors
Figure 5: Bank of Scotland's website provide a comprehensive source of information for borrowers, 2009
Figure 6: Online price comparison sites and banks are the most trusted financial institutions, 2008
Figure 7: First Direct's 'Enthuse' service explains products pure and simple, 2009
Figure 8: Virgin Money's homepage illustrates how the bank can help simplify financial services, 2009

Abstract

Introduction

The financial crisis in the UK has negatively affected many financial institution's reputations. However, despite the weakened state of the personal lending market, there still exists significant possibilities for banks to improve their brand message. Targeting consumers through Datamonitor's Megatrends framework will help banks improve their brand values through the most cost effective means.

Scope
  • Analyzes the most up-to-date advertising statistics determining how the industry is responding to the downturn.
  • Sizes the personal loan market by gross advances, balances outstanding and competitive environment.
  • Uses Datamonitor's Consumer Megatrends Framework to assess customer needs during this uncertain era.
  • Discusses ways to improve bank brands within the personal loan market.
Highlights

The top 10 personal loan advertisers have cut their total expenditure by 69% in 2008.

Banks need to focus more on the non-price specific aspects of products and services. During these testing times the onus is less on overall advertising expenditure and more on what a bank can do to improve the position of a borrower.

Customers in financial distress should rely heavily on help and assistance from their banks. This presents an opportunity for banks to rebuild their reputations by catering more for customers worried about their finances.

Reasons to Purchase
  • Benchmark personal loan advertising expenditure against other product lines against major lenders and brokers across the industry.
  • Relevant and topical analysis to how you can improve brand reputation during the global downturn.
  • Provides the reader with a comprehensive consumer framework identifying the key attitudes and behaviors of recessionary consumers.


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