Global Reviews recently conducted a study amongst customers who were in-market for a new current account in the UK. As part of the Fruition study, customers were asked to recall current account providers in the UK market, unprompted.
Top 5 Current Account Providers – Recalled
- Santander 53%
- Lloyds 51%
- Barclays 50%
- Natwest 48%
- Halifax & HSBC 47%
However, it is interesting to note that after further online research in which customers were asked to shortlist current account providers based on finding the best current account to suit their needs, Nationwide features on top of the shortlisted brands. So somewhere along the customer journey online, Nationwide was found to better match products to needs and in turn was the brand that was shortlisted most in our study.
Top 5 Current Account Providers – Shortlisted
- Nationwide 40%
- Santander 33%
- Natwest 28%
- Barclays 25%
- Halifax 25%
The reasons why prospective current account holders shortlisted a provider was dependant on convenience and trust. The ‘convenience’ of online banking, coupled with the familiarity and trust in the brand were top of the list for current account customers in the UK.
These key findings from Global Reviews research reveal the factors which influence customer decision-making online and also provides some insight as to why some brands get selected over others.
What can other Current Account providers learn from Nationwide?
One key online section that the majority of current account providers miss out on is a well structured and informative “Why Choose Us”. Nationwide very clearly and cleverly provides customers with “6 good reasons” to bank with them.
Final tips to convert more current account customers online:
Current account providers could easily convert more of their ‘ideal customers’ online by simply adding some useful features and functions such as:
- Industry awards for their current account product
- A link to email the current account details to yourself or a friend
- A link to save the current account to a ‘wish list’ or similar in order to make returning visits easier
- A guide to choosing the best product for the customer, for example, choosing an account that matches your needs and avoid any excess charges
Simple online features and functions such as those listed above would go a long way in helping prospective customers select the current account that is right for them as well as significantly improving and enhancing the online banking customer experience.
Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, please contact:
Hannah-Rose Farrington – Commercial Director
T: +44 (0) 203725 8260
M: +353 (87) 1263043