22 February 2017
visit dh.com

New players beat traditional banks in public trust stakes

18 June 2010  |  10470 views  |  0 The cup

With traditional high street banks losing public confidence in the wake of the financial crisis, online provider first direct and P2P lender Zopa have taken advantage to emerge as the industry's most trusted players, according to research from Moneywise magazine.

The research, based on responses from over 10,000 people for the magazine's customer service awards, shows first direct is the most trusted overall service provider. It also comes out on top as a provider of travel insurance, credit cards and mortgages.

However, the surprise winner is Zopa, the social lending platform set up in 2005 to challenge the traditional banking model. It has been named the most trusted personal loan provider, beating off competition in the category from Alliance & Leicester, First Direct, Halifax, Lloyds TSB and Northern Rock.

Zopa's win was part of a wider trend that also saw other non-traditional financial service product providers such as John Lewis, Tesco and Marks & Spencer gaining recognition in a sign that trust is as much about brand as it is about product.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Co-op Bank tops UK sales site table

Co-op Bank tops UK sales site table

17 June 2010  |  12743 views  |  0 comments
First direct dares to share what customers think of it

First direct dares to share what customers think of it

13 October 2009  |  16820 views  |  1 comments
P2P lender Zopa reports soaring uptake as credit crunch bites

P2P lender Zopa reports soaring uptake as credit crunch bites

09 October 2008  |  12791 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comvisit dh.com

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
18731 views 11 comments | 56 tweets | 92 linkedin
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
9582 views comments | 49 tweets | 67 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8810 views comments | 19 tweets | 15 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
7516 views comments | 37 tweets | 33 linkedin
hands typing furiouslyBlockchain Technology
7224 views 0 | 5 tweets | 1 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job