MESH Experience has just released its annual league table of retail banks in the UK. The annual league table is based on an evaluation of over 25 retail banks, utilising real-time and survey data from 5,000 people and analysing over 23,000 experiences collected in real-time.
Top of The League
Nationwide is shown to be the UK’s best performing retail bank brand. Nationwide delivered high levels of positivity, making each touchpoint experience count. Resultantly, it is the most considered brand. All this, despite its share of experience being lower than other banks.
Nationwide has a unique position – it’s positioned as a ‘building society’. Nationwide reinforces this advantage through experiences from campaigns through to in-branch experiences. Nationwide is best-in-class on several fronts – including owned experiences. Furthermore, Nationwide is one of the few players in the market seen as having a reason to exist beyond just making money.
Full League Table
*Note: reporting on the period directly before TSB’s IT system difficulties
Rankings are based on three 3 metrics:
- Share of Experience (captured in real-time via a diary)
- Experience Positivity (captured in real-time via a diary)
- Brand Consideration (captured via mobile survey)
The league table shows how each brand (with more than 100 experiences) performs on each metric.
The ranking on all 3 metrics creates an overall ranking (3), with Experience Positivity being used to to decide where rankings are tied.
In terms of ‘Share of Experience’, Nationwide scored well above its market share, coming in 4th place for ‘Share of Experience’ and with positivity of ‘Overall Brand Experience’ second only to TSB.
The combination of this plus overall brand consideration puts Nationwide top of the experience league table by a clear margin. And Nationwide is winning in terms of share of new accounts being opened and acquiring switchers from other banks.
Barclays generated the highest share of experience, partly through sheer market share, and partly through significant and generally well received always-on campaigns. Hot on its heels were Halifax and Lloyds. However, Barclays’ performance was marred by negative news and below average experiences in some of their owned and earned channels, meaning that – notwithstanding high levels of brand consideration. Barclays lands at only 5th place in the overall experience league table by its relatively poor showing for experience positivity.
More information can be found here: The MESH Experience Landscape League Table