Brand values in UK personal lending

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.

Report 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.
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Table 1: The top 10 global brand values, 2008 4
Table 2: The top 10 personal loan advertisers, 2007-08 8
Table 3: Personal loan gross advances and balances outstanding, January 2007-September 2008 20
Table 4: Total UK advertising expenditure by product line, 2004-08 21
Table 5: Total UK advertising expenditure in 2008, H1 2008-H2 2008 21
Figure 1: Unsecured personal loan advances have been falling while balances outstanding have grown, January 2007-September 2008 3
Figure 2: Total financial services advertising expenditure fell by 15.8% in 2008, 2004-08 6
Figure 3: Total advertising dropped by 22.4% throughout the second half of 2008 7
Figure 4: Recessionary consumers' behavior is affected by a number of basic drivers and inhibitors 10
Figure 5: Bank of Scotland's website provide a comprehensive source of information for borrowers, 2009 12
Figure 6: Online price comparison sites and banks are the most trusted financial institutions, 2008 13
Figure 7: First Direct's 'Enthuse' service explains products pure and simple, 2009 15
Figure 8: Virgin Money's homepage illustrates how the bank can help simplify financial services, 2009 16
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