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April 1, 2009

Lloyds and Nationwide most trusted financial institutions

by Richard Kilner

Story link: Lloyds and Nationwide most trusted financial institutions

The Reader’s Digest 9th annual survey of the most trusted brands in the country has revealed a number of interesting results for the banking sector, marketingweek.co.uk has reported.

Lloyds TSB has retained its crown as the most trusted bank/building society in the UK, as it has many times since the survey began.

The UK banking sector as a whole has been rocked by the recent financial crisis, with many big names (such as HBOS and RBS) requiring significant support from the taxpayer to remain afloat.

In the mortgage category Halifax reigned supreme, topping the list for the last eight years.

After the HBOS takeover by Lloyds TSB (now Lloyds Banking Group) Nationwide has scooped the award for the nation’s most trusted mortgage provider.

The Nationwide may be benefiting from a popular perception of its strength relative to other mortgage providers, most especially banks.

The firm recently took over parts of the ailing Dunfermline Building Society.

The most trusted credit card category has seen the title shift between sparring partners Barclaycard and Visa for several years, with Barclaycard emerging victorious this time.

Norwich Union had held the top spot for most trusted insurance provider for the last five years, but has been dislodged by Direct Line.

A possible reason for the firm’s shift downwards is because it is changing from the well-known Norwich Union brand to Aviva.

 

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