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Wednesday, 20 January 2010

Would you move your Current Account to Tesco or Virgin Money?

There was an interesting video from Brand Republic (see below) of some consumer vox pops about what they thought of the new banks and whether they would move their current accounts.

Couple of things jumped out at me.

That these brands are not seen as knowing about running a bank, so it feels like a stretch too far.

That Tesco’s is seen as taking over – a brand that is dominating our lives – and we do know that when it comes to money, people don’t like having all their eggs in one basket. We actually like privacy with money so we don’t want one brand knowing too much about us.

The other thing that surprised me was there wasn’t more dissatisfaction with peoples’ existing banks – quite the opposite. And if good mortgage deals are only available to current account holders, especially with interest rate rises, then this is a huge barrier.

Obviously these are the reactions from a few and it’s much, much too early to call. We don’t know what the offer is yet – what will be different or better about the experience with Tesco or Virgin.

But fascinating times – can’t wait to see how it pans out.

Jo Parker

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