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Post Office launches new Money brand to tackle big banks

Post Office launches new Money brand to tackle big banks
Date of Publication: Friday, 30 January 2015 15:59

The Post Office has set its stall on becoming one of the leading financial providers in the UK by launching a new brand to take forward its financial products.

 

The institution’s financial products, which include mortgages, current accounts, and savings accounts, will now be made available under the Post Office Money brand.

 

The Post Office says it wants to take on the big banks and become “a leading financial provider by 2020”.

 

The new brand, which will remain underpinned by the Post Office’s association with the Bank of Ireland, was launched at the London Islington branch.

 

It is now being rolled out to 300 branches alongside the expanded launch of its current account range, which was trialled across selected branches last year.

 

Choice of Access

The Post Office hopes that its expansive branch network will entice consumers in, as major banks continue to close branches in local communities.

 

In a statement, it said: “choice of access remains a big factor when choosing a financial provider, with 30 per cent of the population looking for convenient branch locations or a high street presence when choosing a financial provider.”

 

The Post Office’s findings are supported in part by TNS Global, which has been monitoring consumer choices since the seven-day current account switch service was released.

 

In a white paper made available in the New Year, TNS identified convenience as one of the three top reasons provided by consumers for choosing their new provider.

 

It added that while the pace of change was slow, the ‘monopoly’ of the traditional banks was starting to loosen.

 

The Post Office offers a full switch service through the Switch Guarantee, alongside a partial Switch Service, which allows customers to move some payments across and keep their old account open.

 

For more on the current account switching service, you can check out our guide here.

 

Current Account Switch System

 

Keith McDonald

Which4U Editor

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Friday, 30 January 2015 15:59
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